Supply : the taxable event in GST Determination of the taxable event in any tax law is of utmost significance as the levy of tax is based on occurrence of that event. In the Model GST Law, a uniform and single taxable event ‘supply’ would
A detailed analysis of Section 12 for time of supply in GST As per Section 12 (1) of Model GST law the liability to pay CGST / SGST on the goods or services shall arise at the time of supply . The time of supply shall
INSOLVENCY AND BANKRUPTCY CODE 2016 In India, there was no single law which could deal with Insolvency and Bankruptcy laws. Under the previous law i.e. Sick Industrial Companies (Special Provision) Act, 1985, the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act,
Basic flow for filing of returns in GST: Although there are various returns in GST. Formats for the returns in GST are already on public domain.Broadly the entire exercise of filing of returns in GST can be segregated into five parts: Filing of return Matching
How Distinct person in GST will change the way we look at a business entity: In all the central indirect taxes we pay a business entity is seen as consolidated. Untill the introduction of GST the taxable events were different activities. Which tax you need
Individual, Hindu undivided family, association of persons, body of individuals, artificial juridical person. (i) The rates of income-tax in the case of every individual The tax rates for individuals and Hindu undivided family or every association of persons or body of individuals, whether incorporated or not,
Background why clarity on Indirect transfer provisions required: Section 9 of the Act deals with cases of income which are deemed to accrue or arise in India. Sub-section (1) of the said section creates a legal fiction that certain incomes shall be deemed to accrue
Circular 41 of CBDT: Indirect Transfer provisions Clarifications on Indirect Transfer provisions under the lncome Tax Act. 1961 Under the indirect transfer provisions contained in section 9(1)(i) of the Income Tax Act, 1961 (.Act’), all income accruing or arising, whether directly or indirectly, -through or
Why we need to analyse transaction value Transaction value is accepted as basic valuation to tax supply in GST. Taxation under any tax law pass through a small journey. There are some important components to it. To levy any tax we need to determine the following
Works contracts background: Works contracts were always been a debatable issue.It is expected that works contracts in GST will be simplified. Since its inception it has suffered a lot of litigation. More of the concepts in works contracts are developed through court cases rather than
