Analysis of Model GST Law of India Analysis of Model GST Law : General Points Need for GST Taxes Subsumed in GST Model GST Law Empowered Committee of State Finance Ministers has released the ‘Model Goods and Services (GST) Law’ on 14th June 2016 The GST would extend to whole of India The concepts of… Read More »
Composition Scheme under GST Key Points about Composition Scheme under GST [ Read Composition Scheme under GST Analysis after CGST act 2017 ] Coverage : Section 8 of Model GST Law cover Composition Scheme. Eligibility :- Composition Scheme under GST can be availed by Registered taxable person and Does not effects inter-State supply (i.e both, output &… Read More »
Time of Supply under GST of India Time of Supply under Model GST Law (MGL) Section 12 of Model GST Law deals with Supply of Goods section 13 of Model GST Law & 14 deals with Supply of Services. A solds goods to B for Rs.100000/-. Various events of sale transactions are as under:… Read More »
Casual Taxable Person Casual Taxable Person as per Model GST Law (section 2(21) (21) “casual taxable person” means a person who occasionally undertakes transactions involving supply of goods and/or services in the course or furtherance of business whether as principal, agent or in any other capacity, in a taxable territory where he has no fixed… Read More »
Section – 31D COPYRIGHT ACT 1957 Statutory licence for broadcasting of literary and musical works and sound recording 31D. (1) Any broadcasting organisation desirous of communicating to the public by way of a broadcast or by way of performance of a literary or musical work and sound recording which has already been published may do… Read More »
Service Tax Late Payment Interest Rate 2016-17 Service Tax Late Payment Interest Rate from 14.05.2016 Interest payable for delayed payment of Service Tax is 15%. However, if assessee has collected service tax but did not deposit it with Government, interest rate will be 24% – Notification No. 13/2016-ST dated 1-3-2016 effective from 14th May, 2016.… Read More »
Service Tax Registration Who are the persons liable to pay service tax and take Service Tax Registration Service Tax (Registration of Special Category of Persons) Rules, 2005 have been issued under these provisions. Following will require registration as per the Rules – (a) Input Service Distributors (b) Service provider who is exempt but whose aggregate… Read More »
Service Tax Interest Rate Service Tax Interest Rate: From 14.05.2016 Interest payable for delayed payment of Service Tax is 15%. However, if assessee has collected service tax but did not deposit it with Government, interest rate will be 24% – Notification No. 13/2016-ST dated 1-3-2016 effective from 14th May, 2016. In case of small service… Read More »
Held In view of this, the provisions of the section 194(3)(v) of the Income-tax Act have been amended so as to expressly provide that the exemption provided from deduction of tax from payment of interest to members by a co-operative society under Section 194A(3)(v) of the Income-tax Act shall not apply to the payment of… Read More »
New Delhi: The central board of excise and customs (CBEC) has warned its employees of disciplinary action if they indulge in criticism of the government GST policies. The move comes after Indian Revenue Service (Customs and Central Excise) officers and All India Association of Central Excise Gazetted Executive Officers among others suggested changes in Goods… Read More »