GST Compensation Cess Government of India has come out with GST (Compensation to the States for loss of revenue) bill, 2016 on 25th day of November, 2016. Let us understand the GST Compensation Cess introduced in this bill :- Background of GST Compensation Cess: Since GST is a destination cum consumption based tax. Hence the revenue from these… Read More »
Value of taxable supply – Section 15 of Revised Draft Model GST Law Section 15 of Revised Draft Model GST Law [ released by CBEC on 25th Nov 2016 ] Value of taxable supply (1) The value of a supply of goods and/or services shall be the transaction value, that is the price actually paid… Read More »
Services -Section 2(92) of Revised Draft Model GST Law Services – Section 2(92) of Revised Draft Model GST Law [ Nov 2016] Key Point Draft Model GST Law Revised Draft Model Month of Release June 2016 November 2016 Services “services’’ means anything other than goods; Explanation: Services include intangible property and actionable claim but… Read More »
Mixed supply -Section 2(66) of Revised Draft Model GST Law Section 2(66) of Revised Draft Model GST Law [ Nov 2016] (66) “mixed supply” means two or more individual supplies of goods or services, or any combination thereof, made in conjunction with each other by a taxable person for a single price where such supply does… Read More »
Composite supply -Section 2(27) of Revised Draft Model GST Law Section 2(27) of Revised Draft Model GST Law [ Nov 2016] (27) “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… Read More »
Goods Definition changed under Revised Draft Model GST Law Section 2(49) of the revised draft model and Section 2(48) of Old Model GST Law Key Point Draft Model GST Law June 2016 Revised Draft Model Nov 2016 Goods “goods’’ means every kind of movable property other than actionable claim and money but includes securities, growing… Read More »
Draft GST laws address concerns on credit The finance ministry on Saturday released three draft laws for the proposed Goods and Service Tax (GST), addressing most of the industry’s concerns on the efficiency of input tax credit mechanism, but said the final settlement of compensation for states would be subject to CAG vetting the states’ claims… Read More »