♠ ‘Non Taxable’ turnover deleted from the definition of ‘Aggregate turnover’, but as exempt supply definition covers supply not taxable under the act it means non-taxable turnover still be the part of aggregate turnover.
♠ To avoid the confusion of whether to follow AS 17 or Ind AS to understand business vertical. AS-17 definition of ‘business vertical’ is incorporated under the revised Draft act.
♠ Scope of ‘Business’ widened as word ‘activity’ added in the definition of the definition of business. However, activity is not defined anywhere under the new act.
♠ No Concept of ‘Capital Asset’. It was relevant only in terms of inclusion of its value as part of supply when undertaken at the inception or closure of the business.
♠ ‘Capital Goods’ simplified now, anything capitalized in the books of accounts are & used or intended to be used for furtherance of business is Capital goods.
♠ ‘Composite Supply’ concept of bundled supply is discussed now with the illustration. The tax liability will be determined based on the rate and other provisions applicable to the principal supply.
♠ Much needed concept of Mixed Supply & its taxability introduced now under revised draft law.
♠ Subsidies received from Central/State government will not be part of ‘Consideration’. Such subsidies also excluded from TV(Sec 15).
♠ ‘Electronic Commerce & Electronic Commerce Operators’defined now, aggregator concept introduces on specific services which are yet to be notified, further on such services E com operators will not be liable to collect TCS.
♠ Existing excise definition of ‘First stage/second stage dealer’ is introduced in revised draft law. Transition provision for such dealer also introduced now.
♠ Actionable Claims is now specifically included in the definition of ‘Goods’,& same is excluded from the definition of ‘Services’.
♠ ‘Securities’ now excluded from the definition of Goods as well services; hence No GST shall be levied on securities transaction.
♠ The words “any such similar instrument” used in the definition of ‘money’ has been replaced with “any other instrument recognized by RBI”.
♠ Maintaining books of accounts at ‘principal place of business’ is removed now.
♠ As ‘SEZ’ will be taxable under IGST only, definition of same has now moved to revised draft IGST act.
♠ Scope of Input, input services is widened now.
♠ Intermediary has been deleted from the definition of the term ‘Agent’ and thus, such category of persons shall no longer be included as agents. It is important to mention that there is no specific definition of the term intermediary in the new CGST/SGST law, the term has been defined in existing Service Tax law (Finance Act, 1994) and same definition has been considered under revised draft IGST Act.
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