15 June 2016
The taxable event for levy of Goods and Services Tax (GST) is ‘supply’ and hence Section 3 of the Model GST Act, released by the Finance Ministry yesterday (14th June 2016), covers the meaning and scope of ‘supply’.
The specific inclusions under the term ‘supply’ are as under: ...
3 November, 2015
The Joint Committees on Business Processes for Goods & Services Tax (GST), set up by the Ministry of Finance, have given their reports providing a broad outline of the processes to be followed in respect of registration, payments, refunds and in case of filing of returns under the proposed GST regime by the assessees.
23 December, 2014
India took its first major step on GST when the 122nd Constitutional Amendment Bill, 2014 was introduced in Lok Sabha (House of People) on 19-12-2014. The amendments proposed in the Indian Constitution relate to introduction of Goods and Services Tax across the country.
The Bill is likely to be taken up for detailed discussions in the Budget Session of the Indian Parliamen...
By Amutha Balasubramanian
The new Goods and Services Tax (GST) is a comprehensive indirect tax on manufacture, sale and consumption of goods and services across India. GST is a destination-based, value added taxation system. GST will be a dual levy in India and the eligible transactions will be subject to levy of both CGST and SGST in the case of...
By V. Sivasubramanian
A Goods and Services Tax (GST) is on the anvil. From the kind of discussions I see around in the media and Government circles, the only issues which are holding back its rollout is the lack of consensus on the compensation mechanism for the expected loss of some States on account of its implementation, inclusion or exclusion of specific products from scope of GST and the...
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