Revised provisions covering import and export of Goods and /or services There are major changes in the revised draft of Model GST law meaning of import and export of Goods. Section 3 and section 4 of IGST Act have been modified to cover the import
GST migration is nothing but transfer of existing client data from older system to the new system (GST system). The objective is to help existing clients to do business without any hassle, sort out inconsistencies and get ready for smooth transition towards the implementation on
Place of supply in revised IGST law CHAPTER– IV of revised IGST law provide for the place of supply in detail. There are four section in this Chapter. Revised IGST Law also provide for the place of supply in case of import and export of
What is an aggregate turnover in GST? Aggregate turnover is the criterion for many compliances. It is the limit we check for various thresholds in GST. It is defined in Section 2(6) of CGST Act. “(6) “aggregate turnover” means the aggregate value of all taxable supplies
Meaning of zero rated supply: Section 16 of revised IGST Act provide for the Zero rated supply. This section will cover the provisions related to the benefit provided to the exporters. “zero rated supply” means any of the following taxable supply of goods and/or services, namely
Section of the revised draft of Model GST law provide for the availability of ITC in special cases. We can sum up all of them in the following table. Download PDF here Following is the brief table on availability of ITC in special Cases. Special
No output in Fifth meeting of GST council There is no go though in the fifth meeting of GST council today. Collusion between the center and state is no coming to an end. Main point of contention was the jurisdiction over the service tax assesses.
In my last my take I wrote GST is good economics but demonetization was perhaps not. Today, I repeat the same thing. If GST is deferred the “differential advantage” that the Union Government wanted to possess, is simply gone. States also must realize this. Today’
Dear GST migrants process for registration has been already started by GSTIN. The most important thing you will need to know is the list of documents Required For GST Registration. This is advisable to keep the list of documents Required For GST Registration in mind
GST was introduced in India as a resource for free flow of credit in India. Input tax credit availability in revised Model GST draft law is somehow more restricted then the earlier draft. In this article we will discuss the availability of ITC and what
