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TMI BlogMODEL GST LAW: A NEW BEGINNINGX X X X Extracts X X X X X X X X Extracts X X X X ..... MODEL GST LAW: A NEW BEGINNING X X X X Extracts X X X X X X X X Extracts X X X X ..... gislation, viz, * Goods and Service Tax Act, 2016 (year may change) * Integrated Goods and Services Tax Act, 2016 (year may change) GST Act The model GST Act comprises of - * 25 Chapters * 178 Sections (including numeric - alpha section) * 4 Schedules * GST Valuation (Determination of Value of Supply of Goods and Services), Rules 2016 * 109 definitions in section 2 IGST Act The M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... odel IGST Act comprises of - * 11 Chapters * 33 Sections * 8 Definitions It may be noted that EC had already issued four reports on different business processes in October 2015 which pertains to registration, payment, returns and refund under the GST regime. These business processes in fact lay down the procedural aspects in relation to such activities. (may take shape of Rules on finalizat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion). The model of GST law envisages certain concepts or provisions which were not in vogue earlier, either in Service Tax or Central Excise or Value Added Tax. Some of these are as follows : * Address of delivery and address on record * Taxable person * Non-resident taxable person * Time of supply of goods * Time of supply of services * Taxable supply * First return * Tax deducti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on at source * Collection of tax at source * GST compliance rating * Business vertical principal place of business casual taxable person * Zero rated supply, etc However, provisions relating to registration, threshold exemption, taxability, point of taxation, valuation principles etc still shall continue and are guided by extant provisions. The dealer is required to take registration und ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er this law if his aggregate turnover in a financial year exceeds ₹ 9 lakhs. However, dealers conducting business in any North Eastern State are required to take registration if their turnover exceeds ₹ 4 lakhs. The dealer has to take registration in the State from where taxable goods or services are supplied. Every person already registered under extant law will be issued a certifica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te of registration on a provisional basis. This certificate shall be valid for period of 6 months. Such person will have to furnish the requisite information within 6 months and on furnishing of such information, final registration certificate shall be granted by the Central/State Government. It may be noted that the person registered is liable to pay tax if his aggregate turnover in a financial ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... year exceeds ₹ 10 lakhs. However, a dealer conducting business in any of the North Eastern region will be required to pay tax if his aggregate turnover exceeds ₹ 5 lakhs. A negative list has also been prescribed for transactions and activities of Government and Local Authorities which shall be exempt from GST levy, like activities of issuance of passport, visa, driving license, birth ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... certificate or death certificate, etc.
The taxable event under GST regime will be supply of goods or services. 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. It also includes importation of service, whether or not for a consideration. X X X X Extracts X X X X X X X X Extracts X X X X ..... knowledge sharing by authors, experts, professionals ..... X X X X Extracts X X X X X X X X Extracts X X X X
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