Goods and Services Tax : The GST Council at its meeting on May 18, 19 has evolved a consensus on GST rates for goods and services, leading us closer to Jul...
Goods and Services Tax : As per Section 12(6) of CGST Act, 2017 relating to Time of Supply of Goods states that time of supply to the extent it relates to ...
Goods and Services Tax : Since the assessee has the option to take single registration for business verticals within a State, it will be imperative for the...
Goods and Services Tax : At present, the manufacturers/dealers registered under the Central Excise Act, 1944 have the option to surrender their registratio...
Goods and Services Tax : Generally place of supply will be the place of recipient of service, if it is not available then place of supplier of service exce...
Another point of probable litigation is that the definition states that consideration can be voluntary or non voluntary. Although the main phrase uses the term ‘any act or forbearance’, but it does not limits the scope of the involuntary considerations.
Common working days in respect of a State shall mean such days in succession which are not declared as a gazetted holiday by the Central Government or the concerned State Government;
Business vertical means a distinguishable component of an enterprise that is engaged in supplying an individual product or service or a group of related products or services and that is subject to risks and returns that are different from those of other business verticals;
Term ‘deemed exports’ is often referred in the context of Foreign Trade Policy but it is observed that the proposed GST regime seeks to provide definition of deemed exports separately.
Taking further to our discussion, we are continuing our discussion the definitions given under Section 2 of revised GST law and comparing the same with old model GST law to know the changes made in revised 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.
Input service distributor means an office of the supplier of goods and/or services which receives tax invoices issued under section 28 towards receipt of input services and issues a prescribed document for the purposes of distributing the credit of CGST (SGST in State Acts) and / or IGST paid on the said services to a supplier of taxable goods and / or services having same PAN as that of the office referred to above;
Taking further to our discussion, we are continuing our discussion the definitions given under Section 2 of revised GST law and comparing the same with old model GST law to know the changes made in revised law
The exclusive definition of Agriculture brings into tax ambit the activities of dairy farming, poultry farming, and stock breeding into GST net. Similarly for claiming exemption from agriculture activity the Agriculturist is required to cultivate land PERONSNALLY.
Article analyses definition of aggregate turnover and changes brought in by Revised GST Draft Law. The definition of aggregate turnover under revised GST Draft Law is under section 2(6) which states that the aggregate turnover shall include all taxable supplies, exempt supplies, exports of goods and/or services and inter-State supplies of a person having the same PAN.
