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Input Tax Credit under Revised GST Law

  13 Dec 2016   1 comment
There is drastic change in Capital Goods definition under Revised GST Model Law from Model GST Law. Under GST law definition was very exhaustive though under Revised GST law It is quite simple....

Changes in Schedule IV & V of Revised Draft Model GST Law

  12 Dec 2016   0 comment
In previous GST Law, Schedule IV specified activities or transactions in respect of which Central / State Govt or any Local Authority shall not be regarded as a taxable person....

Changes Made in Schedule-III of Revised Draft Model GST Law

  11 Dec 2016   0 comment
In the first entry of new GST draft law, services provided by an employee to the employer in the course of or in relation to his employment is mentioned. This means that service provided by employee to his employer will not be considered as supply and no GST will be leviable....

Changes Made in Schedule-II of Revised Draft Model GST Law

  10 Dec 2016   0 comment
Schedule II prescribes such transactions which will be deemed to be supply of goods and services. There is not much change in this schedule....

GST-Input Tax Credit under Revised model GST Law

  10 Dec 2016   4 comments
Input tax in relation to a taxable person, means IGST, including that on import of goods, CGST and SGST charged on any supply of goods or services to him and includes tax payable under sub-section (3) of section 8, but does not include tax paid under section 9...

GST Registration Amendment, Cancellation & Revocation

  10 Dec 2016   0 comment
Every person whom schedule III is applicable is liable to register within 30 days. The registration is to be taken for every state, no centralized registration is available....

Changes Made in Schedule-I of Revised Draft Model GST Law

  10 Dec 2016   0 comment
As you are aware of the fact that revised draft GST law is published by the Government. Many changes have been made in the revised draft GST law in comparison to earlier draft GST law. If we compare the old draft GST law with the new revised draft GST law then we can study the changes which have been made and their impact on the trade and...

Model GST Law Decoding of Time and Value of supply

  07 Dec 2016   1 comment
Tax point or time of supply provided under revised Model GST Law is different from current scenario. In excise, time of supply is removal of goods. In service tax, point of taxation is date of invoice and date of payment subject to date of completion of service. However, in VAT Laws, tax point is date of invoice since sale cannot be made ...

Practical Approach needed in GST Law

  07 Dec 2016   0 comment
GST Law is in process of formation. There is need of removing laxity and absolute powers to authorities in respect of inspection, search, seizure, detention, suspicion etc....

Key Amendments in Place of Supply Rules under IGST Law

  06 Dec 2016   0 comment
GST Council has released revised draft of Model GST law on November 26, 2016 wherein key changes has been introduced in Place of Supply Rules.The earlier version of draft GST law was silent on place of supply rules related to Imports, Exports & SEZ units. The new version tries to clarify & brings in provisions of Imports & Exports separat...

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