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.
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
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
Proposed Salient Features of New Income Disclosure Scheme for disclosing black money held as cash. This new income disclosure scheme is proposed to be passed in parliament. 1.This income disclosure scheme will be applicable for undisclosed income in the form of Cash or deposits (including
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
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
Schedule IV of revised Model GST draft law has been mentioned by the definition of supply. Schedule IV covers the activities or transactions by the CG,SG or any local authority which shall be treated neither as a supply of Goods nor as services. These transactions
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
Revised model GST law has inserted Schedule II into the definition of term Supply which covers the matters to be treated as supply of goods or services.Here we will provide the text of Schedule II as given in revised draft of Model GST law. An
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
