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...
Earlier GST law provided that Commissioner may be special order and subject to conditions, permit a registered taxable person to send taxable goods without payment of tax to a job worker for job work.
As contrast to the above definition, the definition of capital goods under earlier GST law was similar to that given under Cenvat Credit Rules, 2004. The earlier definition was very specific as compared to the present definition which has a very wide scope.
Section 2(27) defines this term as “composite supply” means a supply made by a taxable person to a recipient comprising two or more supplies of goods or services, or any combination thereof, which are naturally bundled and supplied in conjunction with each other in the ordinary course of business, one of which is a principal supply.
A new sub-section 13 has been added in section 48 which states that refund of advance tax deposited by casual or non-resident taxable person shall not be allowed unless they have furnished all returns during their period of registration.
Earlier old GST Law, the limitation of two years for filing refund claim was not applicable for amount paid under protest. This provision has been deleted in the revised GST Law thereby meaning that there will be no mechanism for paying tax under protest.
A list of exclusions has been provided wherein it is specified that the credit shall not be available for motor vehicles and other conveyances except when used for making taxable supplies like supply of such conveyances, transportation of passengers, imparting training or driving or for transportation of goods.
This update seeks to highlight the changes made in the Revised GST Law as compared to the old GST Draft with respect to provisions relating to input tax credit as follows:-
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.
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.
Schedule II prescribes such transactions which will be deemed to be supply of goods and services. There is not much change in this schedule.
