Daily Archives: March 12, 2017

20 Taking input tax credit in respect of inputs sent for job work – Revised Model GST Law ( Nov 2016)

By | March 12, 2017

Revised Model GST Law ( Nov 2016) Taking input tax credit in respect of inputs sent for job work (1) The “principal” referred to in section 55 shall, subject to such conditions and restrictions as may be prescribed, be allowed input tax credit on inputs sent to a job-worker for job-work. (2) Notwithstanding anything contained… Read More »

18 Availability of credit in special circumstances – Revised Model GST Law ( Nov 2016)

By | March 12, 2017

Revised Model GST Law ( Nov 2016) Availability of credit in special circumstances (1) A person who has applied for registration under the Act within thirty days from the date on which he becomes liable to registration and has been granted such registration shall, subject to such conditions and restrictions as may be prescribed, be… Read More »

17 Apportionment of credit and blocked credits – Revised Model GST Law ( Nov 2016)

By | March 12, 2017

Revised Model GST Law ( Nov 2016) Apportionment of credit and blocked credits  (1) Where the goods and/or services are used by the registered taxable person partly for the purpose of any business and partly for other purposes, the amount of credit shall be restricted to so much of the input tax as is attributable… Read More »

16 Eligibility and conditions for taking input tax credit -Revised Model GST Law ( Nov 2016)

By | March 12, 2017

 Revised Model GST Law ( Nov 2016) CHAPTER V INPUT TAX CREDIT Eligibility and conditions for taking input tax credit (1) Every registered taxable person shall, subject to such conditions and restrictions as may be prescribed and within the time and manner specified in section 44, be entitled to take credit of input tax… Read More »

14 Change in rate of tax in respect of supply of goods or services -Revised Model GST Law ( Nov 2016)

By | March 12, 2017

Revised Model GST Law ( Nov 2016) Change in rate of tax in respect of supply of goods or services  Notwithstanding anything contained in section 12 or section 13, the time of supply, in cases where there is a change in the rate of tax in respect of goods or services, shall be determined in… Read More »

11 Power to grant exemption from tax – Revised Model GST Law ( Nov 2016)

By | March 12, 2017

Revised Model GST Law ( Nov 2016) Power to grant exemption from tax  (1) If the Central or a State Government is satisfied that it is necessary in the public interest so to do, it may, on the recommendation of the Council, by notification, exempt generally either absolutely or subject to such conditions as may… Read More »