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FAQs on Compounding Option Under GST Law

  01 Jul 2016   0 comment
Quick understanding of Composition levy under section 8: Who is eligible: Registered Taxable person whose aggregate turnover as defined by section 2(6) of Draft Model GST Law, 2016 which includes both taxable and non-taxable supplies, exempt supplies and exports in a financial year does not exceed Rs. 50 Lakhs. ...

Life Without Water, Economy Without GST

  01 Jul 2016   0 comment
GST is one of the widely accepted indirect taxation system & prevalent in more than 150 countries across the globe. GST is a tax on goods and services with comprehensive and continuous chain of set-off benefits from the producer’s point and service provider’s point up to the retailer’s level. ...

GST Law- Agents overlap intermediary

  01 Jul 2016   1 comment
The new GST Bill clubs all intermediaries as 'agents' who carries on the business of supply or receipt of goods and/or services on behalf of another and clubs these entities together with commission agents, brokers, etc....

Model GST Law, 2016: Levy and Time & Place of Supply

  26 Jun 2016   4 comments
Finance Ministry of India has placed Model GST Law, 2016 for public comments/suggestions on its website with aiming to GST roll out w.e.f. April, 2017. Goods and Services Act, 2016 (GST Act), is divided into 25 chapters and having 162 sections and 4 schedules....

MVAT TDS in New Automation System

  26 Jun 2016   2 comments
Tax deducted at Source (TDS) is governed under Section 31 of MVAT Act,2002 read with Rule 40 of MVAT Rules, 2005, is a form of deduction which shall be made by the Employer (dealer) at the time of making payment to the Contractor (supplier) for execution of works contract awarded within the state of Maharashtra, at the rates prescribed....

Deep Analysis of Section-16 -INPUT TAX CREDIT under GST

  25 Jun 2016   1 comment
Section 9 says about taxable person, if Supply exceeds Rs.10 Lacs except in North East states including Sikkim where threshold limit is 5 Lacs a) Person registered under GST may only claim ITC...

Analysis of Model GST Law

  23 Jun 2016   0 comment
Model GST Laws: The Government of India has released a Model GST Law in Public Domain. We are sharing an important and path breaking analysis of Model GST Law. We have tried to analyze the GST law in brief and hope the same will be helpful to readers. We have tried to do the same […]...

Model GST Law 2016 : Clause-wise Analysis

  22 Jun 2016   1 comment
The Institute of Cost Accountants of India released Clause-wise Analysis of Model GST Law 2016 on its website on 21.06.2016 and link for the same are as follows :- 1. Final GST Analysis 2. Valuation Rules 3. IGST 4. Annexures Annexures A Annexures B Annexures C Annexures D Source- http://icmai.in/icmai/news/Model-GST-Law-2016.php click he...

Registration requirements under Model GST Law, 2016

  21 Jun 2016   0 comment
1. Registration requirement under GST is linked to aggregate turnover. 2. Aggregate turnover means aggregate value of all taxable , non taxable, exempt supplies and exports of goods and services of a person having same PAN to be computed on all India basis. ...

Valuation as per GST Valuation Rules 2016

  20 Jun 2016   0 comment
As per Section 15 of the Model GST Law the supply of goods and services shall be taxable to GST at the transaction value subject to Rule 7 of GST Valuation Rules 2016. Section 15(4) provides for various situations where the valuation rules shall be applied: (i) the consideration, whether paid or payable, is not money, wholly or partly; ...

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