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This update seeks to highlight the changes made in the Revised GST Law as compared to the old GST Draft with respect to provisions relating to input tax credit as follows:- A list of exclusions has been provided wherein it is specified that the credit shall not be available for motor vehicles and other conveyances … Read more
This update seeks to highlight the changes made in the Revised GST Law as compared to the old GST Draft with respect to provisions relating to input tax credit as follows:- A new proviso in section 16(1) specifying the manner of credit availment in case of pipelines and telecommunication tower fixed to Earth has been … Read more
New Draft Model GST Law is published on 25/11/2016 in the public domain. It has undergone too many changes as compared to earlier Draft Model GST Law published in June 2016. In many places, basic definitions also have undergone changes. Though there is complete change if seen word by word in the whole 2 draft … Read more
We have till now discussed the definition of supply along with provisions described in schedule I, schedule II and schedule III, and in this update, we will discuss the changes and consequences in schedule IV and V. Schedule IV:- In the previous GST Law, Schedule IV specified the activities or transactions in respect of which … Read more
We have till now discussed the definition of supply along with provisions described in schedule I and schedule II, and in this update, we will discuss the changes and consequences in schedule III. In the previous GST draft law, the persons to be registered were specified in schedule III but in revised GST law, those … Read more
As you are aware of the fact that revised draft GST law is published by the Government. Many changes have been made in the revised draft GST law in comparison to earlier draft GST law. If we compare the old draft GST law with the new revised draft GST law then we can study the … Read more
PRELIMINARY 1. Short title, extent and commencement (1) This Act may be called the Central / State Goods and Services Tax Act, 2016. (2) It extends to the whole of India / State’s name. (3) It shall come into force on such date as the Central or a State Government may, by notification in the … Read more
Committee headed by the Chief Economic Adviser Dr. Arvind Subramanian on Possible Tax rates under GST submitted its Report to the Finance Minister here today. The Committee in its concluding observations has stated that this is a historic opportunity for India to implement a game-changing tax reform. Domestically, it will help improve governance, strengthen tax institutions, facilitate … Read more
Introduction Goods and Services Tax (GST) is said to be the most awaited indirect tax reform of India since independence. Due to much hyped advantages, the industry is eager to welcome GST and so is the Government. On the way forward to GST, government has issued the ‘Report of The Joint Committee on Business Processes … Read more
Introduction- ‘Report of The Joint Committee on Business Processes for GST’ has already been circulated and views have been sought from people at large for suggesting improvements thereupon. This report is divided into three parts namely GST Registration, GST payment process and GST refund process. In this article, some benefits of the proposed payment process … Read more