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Petroleum products to be under GST soon
GST council is expected to take up a proposal to tax petroleum products including crude.At present petroleum is under preview of GST but it is in zero rated goods barring the free flow of input tax credit of GST. Petroleum industry is expected to suffer
GST Glossary: Meaning and impact of “Aggregate Turnover” under GST Model Law
GST has redefined many concepts in direct and indirect tax law. We have here started this series to introduce them to you one by one. First term we have chosen is aggregate turnover. This term has been used at so many places in GST. This
CA Shafaly GirdharwalProvision Related to Job Work U/S 43A of Model GST Law
1) Registered Taxable Person Can send taxable goods to Job Worker without Payment of Tax, provided a permission is taken In advance from the Commissioner. 2) One Job Worker can further send the good to another job worker without payment of Tax. 3) The Good
ROC FilingsNATIONAL COMPANY LAW TRIBUNAL (NCLT) – A step towards ease of doing business in India
The National Company Law Tribunal (NCLT) is a quasi-judicial body in India that adjudicates issues relating to Companies in India. The National Company Law Tribunal was formed or established under the Companies Act, 2013 which was constituted with effect from 1st June, 2016. The Ministry of Corporate
What is Supply as Per Section 3 of Model GST Law
1) General Meaning- (ST-BEL-RLD) Sale, Transfer, Barter, Exchange, Licence, Rental, Lease, Disposal A) Supplies Should be made by supplier who is engaged in Business (Defined U/S 2(17)) B) Should Involve Delivery of Goods or services to another Person C) Supplier should get something in return
GST ComplianceComposition Levy:Analysis of section 8 of GST model Law
Section 8 of Model GST law provide for levy of composition scheme. The section read as “Notwithstanding anything to the contrary contained in the Act but subject to subsection (3) of section 7 on the recommendation of the Council, the proper officer of the Central
CA Shafaly GirdharwalSteps by Center and states for implementation of GST
For the implementation of GST in the country the Central and State Governments have jointly registered Goods and Services Tax Network (GSTN) as a not-for-profit, non-Government Company to provide shared IT infrastructure and services to Central and State Governments, tax payers and other stakeholders. The
How GST will Help the Poor Population In India
Most of the poor states are those which are not industrialized. The examples are UP, Bihar, West Bengal, MP, Rajasthan etc. These states are only the consumers of goods and services rather than the producers/manufacturer. GST is a destination based tax. This means that tax
GST ComplianceCritical analysis of provision for registration under GST Model Law
Section 9 of CGST/SGST Act speaks about the registration. (Although it belongs to taxable person). It reads as “Taxable Person means a person who carries on any business at any place in India /State of ____ and who is registered or required to be registered under Schedule III of this
CA Shafaly Girdharwal
GST ComplianceEligibility on Input tax credit under GST on inputs held in stock
Section 16 of Model GST law provide for the input tax credit under GST. Manner to utilize input tax credit is given under section 35 of Model GST Law. Section 16 also provide for eligibility of input tax credit on inputs held in stock and
CA Shafaly GirdharwalIn Case of Import IGST to be Charged at What Value?
As per the Model GST Law, the GST should be payable on the transaction value of imported goods plus any duties/ taxes, etc, levied under any statute other than the GST laws. This should mean that while paying IGST on the imported goods, basic customs
GST ComplianceInput tax credit under GST: Chapter V of model GST Law
Chapter V of CGST/SGST Act covers the provision of input tax credit under GST. Section 16 provide for the basic provisions for ITC. Credit to electronic ledger: As per section 16(1) every taxpayer is eligible to take the credit of taxes paid subject to provisions
CA Shafaly Girdharwal