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Draft GST- Meaning and Scope of Supply

Draft GST- Meaning and Scope of Supply

Courtesy : CA Pradeep Sharma SECTION-3 Meaning and scope of supply Supply includes all forms of supply of goods and/or services such as sale, transfer, barter, exchange, license, rental, lease or disposal made or agreed to be made for a consideration by a person in the course or furtherance of business importation of service, whether or not for a consideration and whether or not in the course or furtherance of business, and a …

GST Impact on Financial Services Sector

GST Impact on Financial Services Sector

Courtesy : CA Mradul Gupta FROM the Indian Indirect Tax perspective, the most awaited year of the decade i.e. year 2017 is within a touching distance marking the implementation of a complete indirect tax revolution viz GST. After almost three decades from the time MODVAT was first introduced in India back in 1986 followed by gradual steps taken by government to facilitate seamless flow of CENVAT across excise and service tax that followed by …

GST: Litmus Test For Indian Economy

GST: Litmus Test For Indian Economy

BINAYAK  DATTA THE GST is finally coming,  so it seems! However, I am not quite sure as to why the model GST bill should have waited till the eleventh hour.  This could have been done a year back,  as repeatedly pressed by the Industry. Albeit late; kudos to the government for bringing in  this bill and for asking for suggestions. I went through  the bill carefully and found some loose ends  in the bill. Examining …

How Should ‘Securities’ Be Treated Under the Draft Model of GST?

How Should ‘Securities’ Be Treated Under the Draft Model of GST?

With ‘securities’ being included in the definition of ‘goods’ under Section 2(48) of the draft model of Goods and Services Tax Act, 2016 (GST), the industry circles especially stock markets, brokers, banks and mutual funds are in a tizzy on the question whether transaction in securities would be brought within the ambit of GST. Securities in GST Unreasonable? If one looks at the history of indirect tax legislation …

Potential impact of model GST law

Potential impact of model GST law

It’s important to underline that this is a draft law which is a work in progress and still has miles to cover before it addresses all issues under the new regime The model goods and services tax (GST) law released for stakeholder consultations is an important milestone in our GST journey. For the first time, industry received an insight into what the GST framework will be like. It’s important to underline that this is a draft law …

Model GST – Not a curse but a lesser boon

Model GST – Not a curse but a lesser boon

Under the existing federal structure of the country and the applicable tax laws, Service Tax is charged on the services provided by one person to other. Service Tax is governed and collected by the central government of India. Similarly, Excise Duty on the manufacture of goods and Customs Duty on the import of goods are charged and collected by the central government. Then, there is a Value Added Tax (VAT) charged by the state governments on the …

Model GST laws — Not at all rosy for the real estate sector

Model GST laws — Not at all rosy for the real estate sector

The real estate sector looks upon the Goods and Services Tax (GST) Bill to be a harbinger of change as the sector is currently plagued with a myriad of indirect tax issues both at the Centre and state level. Even though the GST Constitution Amendment Bill awaits approval from the Upper House of Parliament, with the release of the Model GST Laws, the much-awaited GST regime in India has attained a certain degree of tangibility. From a home …

Indusrty Economy and Policy

Politics The drama unfolds

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