Expert Knowledge, Straight from Practitioners.

IGST levy in revised model GST Law

There will two type of transactions covered in GST namely intra state and inter state. On these two type of transaction three taxes will be levied, namely CGST, SGST and IGST. CGST and SGST will be levied on intra state transactions whereas IGST will be

Securities excluded from GST ambit in revised bill

In a significant relief for stock markets, brokers, banks, and mutual funds, the government has excluded securities from the definition of ‘goods’ in the revised draft Model Goods and Services Tax Law. After this modification securities will be excluded from GST. Section 2(49) of the

PCS Udit Dua

New Composition levy in revised Model GST Law

Salient features on new composition levy in revised Model GST draft Basic condition: Registered taxable person covered under the new composition levy will be subject to the provisions of section 8(3) that is the reverse charge. Aggregate turnover in preceding financial year did not increased

Changes in CGST/SGST levy in Model GST Law

Definition for CGST/SGST levy has been changed in the revised draft of Model GST Law. Erstwhile section 7 of CGST/SGST law has been shifted to section 8 in the revised draft. Some new provisions are inserted into the definition of basic levy. Some new kind

📋Income Tax Consultancy

Analysis of IDS scheme by CA Mahesh Bansal

Government has introduced the IDS scheme recently. This scheme will allow people to deposit their money in bank account and pay a fixed percentage as tax. Some people are thinking why the government has introduced the new tax rate of 50% on black money deposited

CA Mahesh Bansal

Draft Integrated Goods & Services Law, 2016

On 25.11.2016, Central Board of Excise and Custom has issued DRAFT IGST LAW. Draft Integrated goods and services Law contains Eleven Chapters and 24 Sections.Here I have drafted the important provisions of draft integrated Goods and services Law. Inter-State supply of goods and/or services.

CA Rishi Goyal

Revised Model GST law schedule III

Definition of supply in revised model GST draft provide covers the Schedule III and IV. Schedule III mentions the activities or transactions which shall be treated neither as a supply of goods nor services. In the earlier law these provisions were covered in the definition

Registration in revised Model GST law: PPT

This is the revised presentation on registration in Model GST Law. Revised Model GST law has been released on public domain. Provisions of registration under GST were earlier covered by section 19 of The model GST Law. In the revised law these provisions have been

Draft of revised Model IGST law

Here we have uploaded the New revised model IGST law. It is published by the government of India. It will replace the earlier law which was released in June . This new draft publish in November 2016 will be passed by the parliament of India.

Composite and mixed supply in revised GST law

Relevance of composite and mixed supply in revised draft of Model GST law: Composite and mixed supply both of these terms have been inserted into the definition of supply. Section 3 of the Model GST law covers the Composite and mixed supply in its sub

Supply in new model GST Law

Supply is the taxable event for the levy of GST. The definition of supply has been changed to include some more clarity and type of transactions. The new definition of supply in new model GST law is given in section 3. Meaning and scope of