CGST would be Levied on all intra-State supplies of goods and/or services (except on the supply of alcoholic liquor) on the value determined u/s 15 at such rates not exceeding 20%.
Article explains provisions relating to Levy and Supply under GST as given in (Draft) Model Goods and Services Act, 2016 (GST Act) been explained.
In this article, provisions relating to Registration under GST as given (Draft) Model Goods and Services Act, 2016 and Draft Registration Rules are presented.
In this article, below key changes / amendment under Service Tax Laws relevant for filing of Service Tax Returns (ST-3) for FY 2016-2017 are discussed:- 1. Krishi Kalyan Cess 2. Government Services under Reverse Charge Mechanism 3. CENVAT Credit Rules 4. Interest on late Payment of Service Tax 5. Form ST-3 Amendments
It is destination based taxation system i.e. goods or services are taxed in the place where they are received or consumed as the case may be. Due to this feature few States did not support the biggest ever indirect tax reform due to loss of revenue to State Government. Concept of Supply – It includes all forms of supply and/or services such as sale, transfer, barter, exchange, license, rental, lease or disposal made or agreed to be made for a consideration by a person in course of business. It also includes import of services with or without consideration and also includes supplies specified in Schedule I of GST Act.
1. POT for determination of KKC liability for Service Provider (SP): Rule 5 is applicable for determination of KKC liability for Service Provider (SP) due to the amendment in Budget 2016-17 and Notification No. 35/2016 also clarifies the applicability of KKC.
