Transitional Provisions-Part-II

Unavailed cenvat credit on capital goods, not carried forward in a return, to be allowed in certain situations The changed section 168 (old section 144) reads as follows: A registered taxable person, other than a person opting to pay tax under section 9, shall be entitled to take, in his electronic credit ledger, credit of … Read more

Section 16 Zero Rated Supply (IGST ACT)

A new Chapter VIII has been introduced in the IGST Act wherein the concept of zero rated supply has been framed. The provisions contained in the section 16 are discussed as follows:- Zero rated supply means any of the following taxable supply of goods and/or services, namely- Export of goods and/or services; or Supply of … Read more

Section 15 Value of Taxable Supply under Revised GST Law

There is material departure in the valuation provisions of a taxable supply in the revised GST Law. A comparative analysis of the changes made with respect to present laws is made as follows:- The valuation of taxable supply has been specified to be transaction value provided that supplier and recipient are not related and price … Read more

Job Work under Revised GST Law

The amendments made in the provisions pertaining to job work and their comparision with respect to earlier GST law and in present scenario is summarised as follows:- Earlier GST law provided that Commissioner may be special order and subject to conditions, permit a registered taxable person to send taxable goods without payment of tax to … Read more

New Concepts of Supply in Revised GST Law

The revised GST Law introduces three new concepts of supply which are discussed in this update.  COMPOSITE SUPPLY Section 2(27) defines this term as “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 … Read more