Model IGST Law [ Nov 2016] THE INTEGRATED GOODS AND SERVICES TAX ACT, 2016 Section 1 Model IGST Law [ Nov 2016] CHAPTER– I PRELIMINARY Short title, extent and commencement (1) This Act may be called the Integrated Goods and Services Tax Act, 2016. (2) It extends to the whole of India. (3) It shall come into… Read More »
MODEL IGST LAW [ Nov 2016] THE INTEGRATED GOODS AND SERVICES TAX ACT, 2016 CHAPTER- I PRELIMINARY Short title, extent and commencement Definitions CHAPTER– II PRINCIPLES FOR DETERMINING SUPPLY OF GOODS AND/OR SERVICES IN THE COURSE OF INTER-STATE TRADE OR COMMERCE Supplies of goods and/or services in the course of inter-State trade or commerce Supplies of… Read More »
Existence of undisclosed bank deposits non-mandatory on date of PMGKY payment: CBDT Circular No 8 of 2017 Dated 14/03/2017 Clarification on the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana 2016 PMGKY scheme has commenced and it is open for declarations till March 31, 2017. Representations have been received from various stakeholders seeking… Read More »
Date : Mar 14, 2017 The Reserve Bank of India, in consultation with the Government of India, has issued six tranches of Sovereign Gold Bonds for a total value of ₹ 4145 crore till date. Investors in these bonds have been provided with the option of holding them in physical or dematerialized form. The requests… Read More »
Query: Whether transfer of right to use goods will be treated as supply of goods or supply of service? Answer: Transfer of right to use goods shall be treated as supply of service because there is no transfer of title in such supplies. Such transactions are specifically treated as supply of service in Schedule-II- Point 5(g) of… Read More »
Query: When to issue Tax Invoice in case of continuous supply of services under GST? Answer: Issue of Tax Invoice under GST in case of continuous supply of services will depend on three conditions :- Due date of payment is ascertainable from the contract : The invoice shall be issued before or after the payment is liable… Read More »
Q : In GST, is there nay time limit for taking the Input Tax Credit ? Answer: As per Section 16 (4) of the Revised Model GST Law, Input Tax Credit cannot be taken beyond the month of September of the following Financial Year to which invoice pertains or date of filing of annual return,… Read More »
Query: Is there any difference in the scope of “person” as per GST Act and Finance Act, 1994? Answer: The scope of definition of “Person” u/s 2(73) of Revised Model GST Law is proposed to include: Limited Liability Partenership Any Corporation established by or under any Central, State or Provincial Act or a government company as defined… Read More »
Can GST return once uploaded be revised or rectified? Answer: There is no provision for revision of any return under Revised Model GST Law. The return once filed and matched will become final. The transactions which need revision in any return already filed will be considered in the next month’
Query: What would be treatment of supply discount in calculation of Transaction Value under GST Law? Answer: According to Section 15 (3) – Value of taxable supply of Revised Model GST Law [ Nov 2016] – Discounts can be classified into two parts Discounts given before Supply – Discounts given before or at the time of the supply shall not… Read More »