Goods and Services Tax - Page 1081

Impacts of decentralization of registration under GST

As per Rule 4(2) of the Service Tax Rules, 1994,a facility is provided to the provider of output service to opt for a centralized service tax registration instead of having of a separate registration of all premises located in different states....

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POPS vs POS- full form- readers should understand

Section 66B of finance Act provides for levy of service tax on value of all services provided or agreed to be provided in the taxable territory by one person to another unless they are covered in negative list....

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Decoding Definitions of Goods and Services under Revised Model GST Law

Statutes generally contain a definitions section that sets forth and defines the key terms used in the statute. You might find these definitions either in the section of the statute you are analyzing, or more likely, in one of the first sections of the act viz. Section 2 of the Model GST Law....

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GST: From now onwards !!

GST Council's 9th meeting was held recently on 16th January, 2017 for the ninth time, second time in 2017, for deciding upon the unresolved issues, mainly about the cross empowerment and territorial jurisdiction of states. This meeting was considered significant for timing of GST as the last attempt to reconcile and make the states agree...

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Intra state or Inter state supply in case of EX works contracts under Revised GST Law

An order is received from customer based in a different state for supply of goods on Ex- works basis ie delivery will be taken by customer at factory premises of supplier for their onward movement to intended destination....

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‘Supply’ Under The Revised Model GST Law

In the GST Law, the taxable event would be SUPPLY. Under the existing laws there were multiple taxable events, i.e. manufacturing, provision of services, sales, etc. Under the GST law a single taxable event ‘supply’ will replace the multiple taxable events. ...

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Action Points before GST implementation

GST would become a reality and the nation could witness changes in the traditional ways of doing business. Businesses right now have the option to proactively embrace this reform, understand its intricacies and take a business advantage out of this change by acting immediately....

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Taxable event under GST- Supply and its scope

Taxable event is very important matter in every tax law. Its determination is most crucial for proper implementation of any tax law. Taxable event is that on happening of which charge is fixed. ...

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Definition of Principal place of business, Proper Officer & Services under Revised Model GST Law

Principal place of business will be place mentioned in registration certificate irrespective of the location of books and accounts. However, definition of place of business defined section 2(74) clears that it can be place where books of accounts are being kept....

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Job work under Revised GST Law if Job worker add his own material

Sec.55 of revised GST Act lays down procedure for removal of goods for job work. It states that a registered taxable personmay, under intimation and subject to conditions as may be prescribed , send any inputs and / or capital goods , without payment of tax , to a job worker for job-work. ...

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Goods and Services Tax India

The Goods and Services Tax or better known as GST is a Value added Tax and is a comprehensive indirect tax which is levied on the manufacture, consumption, and sale of goods and services. The Goods and Services Tax in India would replace all the indirect taxes which are levied today on goods and services by the Central and the State governments. GST is intended to be comprehensive for most of the goods and services. Goods and Services Tax is a single indirect tax for the entire nation, which would make India a unified market. It is proposed to be a single tax on supply of goods and services, from a manufacturer to the end consumer. The credit of all the input taxes which are paid at each and every stage would be allowed in the following stages of value addition that makes GST basically a tax on value addition only at every stage. The end consumer would have to bear only the Goods and Service Tax which is charged by the final dealer within the supply chain, together with all the set-off benefits availed at previous stages.

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