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 »
Revised Model GST Law ( 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 or payable for the said supply of goods and/or services where the supplier and the recipient of the supply are not related and… Read More »
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 »
Revised Model GST Law ( Nov 2016) Time of supply of services (1) The liability to pay CGST/SGST on services shall arise at the time of supply, as determined in terms of the provisions of this section. (2) The time of supply of services shall be the earlier of the following dates, namely:- (a) the… Read More »
Revised Model GST Law ( Nov 2016) CHAPTER IV TIME AND VALUE OF SUPPLY Time of supply of goods (1) The liability to pay CGST / SGST on the goods shall arise at the time of supply as determined in terms of the provisions of this section. (2) The time of supply of goods shall… Read More »
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 »
Revised Model GST Law ( Nov 2016) Taxable person (1) Taxable Person means a person who is registered or liable to be registered under Schedule V of this Act. (2) A person who has obtained or is required to obtain more than one registration, whether in one State or more than one State, shall, in… Read More »
Revised Model GST Law ( Nov 2016) Composition Levy (1) Notwithstanding anything to the contrary contained in the Act but subject to subsection (3) of section 8, on the recommendation of the Council, the proper officer of the Central or a State Government may, subject to such conditions and restrictions as may be prescribed, permit… Read More »
Revised Model GST Law ( Nov 2016) CHAPTER III LEVY OF, AND EXEMPTION FROM, TAX Levy and Collection of Central/State Goods and Services Tax (1) There shall be levied a tax called the Central/State Goods and Services Tax (CGST/SGST) on all intra-State supplies of goods and/or services on the value determined under section 15 and… Read More »
Revised Model GST Law ( Nov 2016) [Powers of SGST/CGST officers under the Act (Draft I) (1) Notwithstanding anything contained in this Act, the proper officers for the purposes of any one or more sections (……………………….) of the {SGST/CGST Act}, shall be deemed to be the proper officers for the purposes of the corresponding section… Read More »