The document provides information about Goods and Services Tax (GST) in India. Some key points:
1. GST is an indirect tax that will apply uniformly across India, replacing multiple taxes levied by the central and state governments. It is levied as a single tax on the supply of goods and services.
2. Under GST, tax credits can be claimed for taxes paid on previous stages of production and distribution, making it essentially a tax only on value addition. The final consumer will bear only the GST charged by the last dealer.
3. GST aims to remove the inefficiencies of India's current indirect tax system by introducing a simpler, uniform tax structure.
'Supply' under proposed Indian GST - Model GST lawAmitabh Khemka
The document discusses the concept of "supply" as a taxable event under the proposed Indian GST regime. It analyzes how supply is defined and treated as a taxable event in other jurisdictions like the EU, Canada, UK, Singapore, Malaysia, and Australia. The document notes that supply is broadly defined in most jurisdictions to include all forms of supply. Based on court precedents, supply usually includes any transfer of goods or provision of services that results in a tax consequence. The proposed Indian GST law is likely to define supply broadly to encompass supplies as widely as possible and not restrict its meaning for tax purposes.
Section 7 defines the scope of supply under GST. It includes all forms of supply of goods or services for consideration, import of services, activities specified in Schedule I without consideration, and activities in Schedule II. Certain activities specified in Schedule III are excluded from supply. The government may specify if certain transactions are to be treated as supply of goods or services. Schedule I lists activities without consideration as supply. Schedule II specifies what constitutes supply of goods or services. Section 8 deals with composite and mixed supplies, treating them as supply of the principal or highest taxed goods or services.
Analysis of "Supply" in CGST ACT,2017 and taxation of NGO,Government and Clubs.Amit Kumar
Decoding term "supply" define in GST ACT,2017 and other important concept of GST. Whether one person can supply himself. Discuss deemed supply given in schedule I of CGST ACT,2017.Taxation of NGO, Government and club also discussed.
This document summarizes key sections of the GST law regarding input tax credit (ITC). It provides an overview of sections 16-21 which govern ITC eligibility, conditions for claiming ITC, blocked credits, and special circumstances. The summary covers concepts like eligible inputs/capital goods, tax invoices, payment to suppliers, reversals, ITC attribution, and distribution by Input Service Distributors. It also defines important terms and summarizes rules regarding ITC claims, reversals, and transfers.
Decoding term 'consideration' in GST Bill 2017Amit Kumar
Analysis of term consideration in GST BILL 2017 and the term consideration define in sec 2(31) of CGST Bill. There is ambiguity in relation to security deposit forfeited for non performance of contract.
The key elements necessary to constitute a taxable supply under GST are: 1) the supply must occur within a taxable territory, 2) the supply must be made by a registered taxable person, 3) the supply must involve goods or services, and 4) the supply must be made for consideration in the course or furtherance of business. A taxable supply is defined as a supply of goods or services that is chargeable to GST. For a supply to be considered a taxable supply, it must meet the requirements outlined in the document.
VAT on transfer of right to use goods is one of the grey area in indirect taxation. In this presentation, we have included the meaning, definition, concept and point of complexity in detail. We have discussed the issue with the help of case laws as well.
'Supply' under proposed Indian GST - Model GST lawAmitabh Khemka
The document discusses the concept of "supply" as a taxable event under the proposed Indian GST regime. It analyzes how supply is defined and treated as a taxable event in other jurisdictions like the EU, Canada, UK, Singapore, Malaysia, and Australia. The document notes that supply is broadly defined in most jurisdictions to include all forms of supply. Based on court precedents, supply usually includes any transfer of goods or provision of services that results in a tax consequence. The proposed Indian GST law is likely to define supply broadly to encompass supplies as widely as possible and not restrict its meaning for tax purposes.
Section 7 defines the scope of supply under GST. It includes all forms of supply of goods or services for consideration, import of services, activities specified in Schedule I without consideration, and activities in Schedule II. Certain activities specified in Schedule III are excluded from supply. The government may specify if certain transactions are to be treated as supply of goods or services. Schedule I lists activities without consideration as supply. Schedule II specifies what constitutes supply of goods or services. Section 8 deals with composite and mixed supplies, treating them as supply of the principal or highest taxed goods or services.
Analysis of "Supply" in CGST ACT,2017 and taxation of NGO,Government and Clubs.Amit Kumar
Decoding term "supply" define in GST ACT,2017 and other important concept of GST. Whether one person can supply himself. Discuss deemed supply given in schedule I of CGST ACT,2017.Taxation of NGO, Government and club also discussed.
This document summarizes key sections of the GST law regarding input tax credit (ITC). It provides an overview of sections 16-21 which govern ITC eligibility, conditions for claiming ITC, blocked credits, and special circumstances. The summary covers concepts like eligible inputs/capital goods, tax invoices, payment to suppliers, reversals, ITC attribution, and distribution by Input Service Distributors. It also defines important terms and summarizes rules regarding ITC claims, reversals, and transfers.
Decoding term 'consideration' in GST Bill 2017Amit Kumar
Analysis of term consideration in GST BILL 2017 and the term consideration define in sec 2(31) of CGST Bill. There is ambiguity in relation to security deposit forfeited for non performance of contract.
The key elements necessary to constitute a taxable supply under GST are: 1) the supply must occur within a taxable territory, 2) the supply must be made by a registered taxable person, 3) the supply must involve goods or services, and 4) the supply must be made for consideration in the course or furtherance of business. A taxable supply is defined as a supply of goods or services that is chargeable to GST. For a supply to be considered a taxable supply, it must meet the requirements outlined in the document.
VAT on transfer of right to use goods is one of the grey area in indirect taxation. In this presentation, we have included the meaning, definition, concept and point of complexity in detail. We have discussed the issue with the help of case laws as well.
Meaning of supply under gst model law indiaDeepak Vachher
The document provides an overview and analysis of Section 3 of the Indian Goods and Services Tax (GST) Act, which defines the meaning and scope of supply. Key points include:
1) Section 3(1) defines "supply" to include all forms of supply of goods/services for consideration, import of services, and supplies specified in Schedule I without consideration.
2) Section 3(2) states that Schedule II applies to determine what constitutes supply of goods or services. It includes matters like transfer of business assets.
3) Section 3(2A) deems transactions between a principal and agent to be a supply.
4) Section 3(3) allows the central/state government
The document discusses the concept of supply under the GST law. It defines supply under Section 7 of the CGST Act to include all forms of supply of goods or services such as sale, transfer, license etc. made for a consideration in the course of business. It also includes import of services for consideration and activities listed in Schedule I without consideration. The key activities that constitute supply are discussed along with relevant definitions.
The document discusses payment of Goods and Service Tax (GST) in India, including input tax credit, output tax, electronic ledgers for payment of taxes, interest on delayed payments, tax deduction at source, and refund of GST. It explains the process by which a taxpayer pays GST, including using input tax credits to offset output tax liability and depositing any remaining amount due. It also summarizes provisions around refunds of GST paid.
This document discusses various transactions between employers and employees and analyzes whether they would constitute a supply under GST law. It summarizes the key judgements of the Authority for Advance Rulings, Kerala in the Caltech Polymers case. According to the summary, services provided by an employee to the employer in the course of employment are excluded from GST as per Schedule III. However, recovery of food expenses from employees would be taxable as consideration is involved. Transactions like transport allowance and uniform allowance would not attract GST.
Objectives & Agenda :
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. Before levying any tax, taxable events needs to be ascertained. Under GST, taxable event arises on "supply of goods or services or both". In this webinar, we shall analyse and understand the provisions related to definition of supply.
IMPORTANT DEFINITIONS of terms UNDER CGST LAWSundar B N
This document provides definitions for key terms under the Central Goods and Services Tax (CGST) law in India. It defines aggregate turnover, business, casual taxable person, composite supply, consideration, continuous supply of goods/services, electronic commerce operator, fixed establishment, goods, India, input tax, non-taxable supply, person, principal supply, recipient, reverse charge, services, supplier, taxable person, and taxable supply. The definitions clarify the scope and applicability of these important concepts under the CGST law.
The document provides an overview of export refunds under GST. It discusses key concepts like zero rated supplies, which include exports and supplies to SEZ. It outlines the different types of export refunds available under GST such as export of goods/services upon payment of IGST or under bond/LUT. The document then analyzes section 54 of the CGST Act regarding refund procedures. It discusses refund eligibility for zero rated supplies and supplies with an inverted tax structure. Key points like time limits for refund claims and restrictions are also summarized.
Place of supply in GST- export import ca amit kumarAmit Kumar
The document summarizes key provisions related to place of supply under the IGST Act, 2017. It discusses scenarios for determining place of supply for goods imported/exported from India as well as for domestic and international supply of services. For goods imported into India, place of supply is location of importer. For exported goods, place of supply is location outside India. For domestic service transactions, place of supply rules are based on location of supplier and recipient. For international transactions, general rule is location of recipient, with certain exceptions specified based on nature of service.
Meaning of the term "Service" in Service tax as per Finance Act, 1994Abhinav Chhabra
A comprehensive analysis of the definition of the term "Service" as per Finance Act, 1994. This presentation will guide about what all are the services that can be liable to service tax subject to other provisions of the Finance Act, 1994.
The document provides information on supply under GST including:
- Supply is defined broadly under GST and includes all forms of supply of goods/services for consideration including sale, transfer, barter etc.
- Certain activities such as permanent transfer of business assets are treated as supply even without consideration.
- Schedule II lists various transactions that are treated as supply of goods or services like renting of property, transfer of business assets etc.
- Time of supply determines when the tax liability arises and this is the earliest date among invoice issue, removal of goods or receipt of payment.
This document discusses various aspects of service tax in India as it relates to employers and employees, director fees, the reverse charge mechanism, and manpower supply. Some key points include:
1. Services provided by an employer to an employee are taxable if there is consideration. Examples of taxable services are transportation or guesthouse services provided for a fee.
2. Director fees paid to individuals are taxable, while fees paid to entities appointing the director are taxed to the entity.
3. The reverse charge mechanism applies when non-corporate entities provide services to corporate entities. The corporate entity accounts for the tax on a reverse charge basis.
4. Legal and arbitral services provided to individuals
LEVY AND COLLECTION OF GST – Scope of Supply - Schedule I, II & IIISundar B N
Under the old tax regime in India, different taxes like excise, VAT/CST, and service tax had different taxable events. GST unified these various taxes and introduced a single taxable event of "supply". Supply includes all forms of supply of goods or services for a consideration in the course of business. Certain activities specified in Schedules I, II and III of the GST acts are treated as supply. For a transaction to qualify as supply under GST, it must be a supply of goods or services, for a consideration, in the course of business, by a taxable person, and be a taxable supply.
CASE STUDY PAPER - GST- INTRICATE ISSUES IN ENTERTAINMENT & HOSPITALITY SEC...Ramandeep Bhatia
The document discusses various GST related issues for amusement parks and charity events. For the amusement park case study, it analyzes whether input tax credit will be available for various construction activities and components. It also examines how different ticketing options would be taxed under GST. For the charity marathon event case study, it questions whether donations collected by the trust organizing the event will be exempt from GST. Key discussion points include whether the activities can be considered charitable, and how reducing donation amounts could impact exemptions.
This document provides an overview of the scope of taxation of services under the new service tax regime in India. It discusses key aspects such as the definition of "service", exclusions and inclinations, charge of service tax, declared services, and bundled services. The presentation covers topics like the meaning of service, consideration, persons, activities that constitute a service, negative list of services, exemptions, and taxability of various services and transactions.
This document provides an overview of key concepts related to the Goods and Services Tax (GST) regime in India, including the concept of supply, nature of supply, GST rates and exemptions, input tax credit, returns, documentation, and tax deducted at source. It defines supply, explains the dual GST structure of CGST and SGST/IGST, and clarifies whether transactions constitute intra-state or inter-state supply. Schedules are referenced that specify activities treated as supply and clarify supply of goods versus services. The time of supply is also summarized based on the type of transaction.
Meaning of supply under gst model law indiaDeepak Vachher
The document provides an overview and analysis of Section 3 of the Indian Goods and Services Tax (GST) Act, which defines the meaning and scope of supply. Key points include:
1) Section 3(1) defines "supply" to include all forms of supply of goods/services for consideration, import of services, and supplies specified in Schedule I without consideration.
2) Section 3(2) states that Schedule II applies to determine what constitutes supply of goods or services. It includes matters like transfer of business assets.
3) Section 3(2A) deems transactions between a principal and agent to be a supply.
4) Section 3(3) allows the central/state government
Levy and collection of GST - Scope of supplySundar B N
Levy
Levy and collection of Tax
Scope of supply
Commentary
Schedules under GST
Transfer
Land and building
Treatment or process
Transfer business assets
Supply of services
Meaning of supply under gst model law indiaDeepak Vachher
The document provides an overview and analysis of Section 3 of the Indian Goods and Services Tax (GST) Act, which defines the meaning and scope of supply. Key points include:
1) Section 3(1) defines "supply" to include all forms of supply of goods/services for consideration, import of services, and supplies specified in Schedule I without consideration.
2) Section 3(2) states that Schedule II applies to determine what constitutes supply of goods or services. It includes matters like transfer of business assets.
3) Section 3(2A) deems transactions between a principal and agent to be a supply.
4) Section 3(3) allows the central/state government
The document discusses the concept of supply under the GST law. It defines supply under Section 7 of the CGST Act to include all forms of supply of goods or services such as sale, transfer, license etc. made for a consideration in the course of business. It also includes import of services for consideration and activities listed in Schedule I without consideration. The key activities that constitute supply are discussed along with relevant definitions.
The document discusses payment of Goods and Service Tax (GST) in India, including input tax credit, output tax, electronic ledgers for payment of taxes, interest on delayed payments, tax deduction at source, and refund of GST. It explains the process by which a taxpayer pays GST, including using input tax credits to offset output tax liability and depositing any remaining amount due. It also summarizes provisions around refunds of GST paid.
This document discusses various transactions between employers and employees and analyzes whether they would constitute a supply under GST law. It summarizes the key judgements of the Authority for Advance Rulings, Kerala in the Caltech Polymers case. According to the summary, services provided by an employee to the employer in the course of employment are excluded from GST as per Schedule III. However, recovery of food expenses from employees would be taxable as consideration is involved. Transactions like transport allowance and uniform allowance would not attract GST.
Objectives & Agenda :
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July 2017 which was one of the most important reforms in the Indian Economy. Before levying any tax, taxable events needs to be ascertained. Under GST, taxable event arises on "supply of goods or services or both". In this webinar, we shall analyse and understand the provisions related to definition of supply.
IMPORTANT DEFINITIONS of terms UNDER CGST LAWSundar B N
This document provides definitions for key terms under the Central Goods and Services Tax (CGST) law in India. It defines aggregate turnover, business, casual taxable person, composite supply, consideration, continuous supply of goods/services, electronic commerce operator, fixed establishment, goods, India, input tax, non-taxable supply, person, principal supply, recipient, reverse charge, services, supplier, taxable person, and taxable supply. The definitions clarify the scope and applicability of these important concepts under the CGST law.
The document provides an overview of export refunds under GST. It discusses key concepts like zero rated supplies, which include exports and supplies to SEZ. It outlines the different types of export refunds available under GST such as export of goods/services upon payment of IGST or under bond/LUT. The document then analyzes section 54 of the CGST Act regarding refund procedures. It discusses refund eligibility for zero rated supplies and supplies with an inverted tax structure. Key points like time limits for refund claims and restrictions are also summarized.
Place of supply in GST- export import ca amit kumarAmit Kumar
The document summarizes key provisions related to place of supply under the IGST Act, 2017. It discusses scenarios for determining place of supply for goods imported/exported from India as well as for domestic and international supply of services. For goods imported into India, place of supply is location of importer. For exported goods, place of supply is location outside India. For domestic service transactions, place of supply rules are based on location of supplier and recipient. For international transactions, general rule is location of recipient, with certain exceptions specified based on nature of service.
Meaning of the term "Service" in Service tax as per Finance Act, 1994Abhinav Chhabra
A comprehensive analysis of the definition of the term "Service" as per Finance Act, 1994. This presentation will guide about what all are the services that can be liable to service tax subject to other provisions of the Finance Act, 1994.
The document provides information on supply under GST including:
- Supply is defined broadly under GST and includes all forms of supply of goods/services for consideration including sale, transfer, barter etc.
- Certain activities such as permanent transfer of business assets are treated as supply even without consideration.
- Schedule II lists various transactions that are treated as supply of goods or services like renting of property, transfer of business assets etc.
- Time of supply determines when the tax liability arises and this is the earliest date among invoice issue, removal of goods or receipt of payment.
This document discusses various aspects of service tax in India as it relates to employers and employees, director fees, the reverse charge mechanism, and manpower supply. Some key points include:
1. Services provided by an employer to an employee are taxable if there is consideration. Examples of taxable services are transportation or guesthouse services provided for a fee.
2. Director fees paid to individuals are taxable, while fees paid to entities appointing the director are taxed to the entity.
3. The reverse charge mechanism applies when non-corporate entities provide services to corporate entities. The corporate entity accounts for the tax on a reverse charge basis.
4. Legal and arbitral services provided to individuals
LEVY AND COLLECTION OF GST – Scope of Supply - Schedule I, II & IIISundar B N
Under the old tax regime in India, different taxes like excise, VAT/CST, and service tax had different taxable events. GST unified these various taxes and introduced a single taxable event of "supply". Supply includes all forms of supply of goods or services for a consideration in the course of business. Certain activities specified in Schedules I, II and III of the GST acts are treated as supply. For a transaction to qualify as supply under GST, it must be a supply of goods or services, for a consideration, in the course of business, by a taxable person, and be a taxable supply.
CASE STUDY PAPER - GST- INTRICATE ISSUES IN ENTERTAINMENT & HOSPITALITY SEC...Ramandeep Bhatia
The document discusses various GST related issues for amusement parks and charity events. For the amusement park case study, it analyzes whether input tax credit will be available for various construction activities and components. It also examines how different ticketing options would be taxed under GST. For the charity marathon event case study, it questions whether donations collected by the trust organizing the event will be exempt from GST. Key discussion points include whether the activities can be considered charitable, and how reducing donation amounts could impact exemptions.
This document provides an overview of the scope of taxation of services under the new service tax regime in India. It discusses key aspects such as the definition of "service", exclusions and inclinations, charge of service tax, declared services, and bundled services. The presentation covers topics like the meaning of service, consideration, persons, activities that constitute a service, negative list of services, exemptions, and taxability of various services and transactions.
This document provides an overview of key concepts related to the Goods and Services Tax (GST) regime in India, including the concept of supply, nature of supply, GST rates and exemptions, input tax credit, returns, documentation, and tax deducted at source. It defines supply, explains the dual GST structure of CGST and SGST/IGST, and clarifies whether transactions constitute intra-state or inter-state supply. Schedules are referenced that specify activities treated as supply and clarify supply of goods versus services. The time of supply is also summarized based on the type of transaction.
Meaning of supply under gst model law indiaDeepak Vachher
The document provides an overview and analysis of Section 3 of the Indian Goods and Services Tax (GST) Act, which defines the meaning and scope of supply. Key points include:
1) Section 3(1) defines "supply" to include all forms of supply of goods/services for consideration, import of services, and supplies specified in Schedule I without consideration.
2) Section 3(2) states that Schedule II applies to determine what constitutes supply of goods or services. It includes matters like transfer of business assets.
3) Section 3(2A) deems transactions between a principal and agent to be a supply.
4) Section 3(3) allows the central/state government
Levy and collection of GST - Scope of supplySundar B N
Levy
Levy and collection of Tax
Scope of supply
Commentary
Schedules under GST
Transfer
Land and building
Treatment or process
Transfer business assets
Supply of services
The document discusses key aspects of the Goods and Services Tax (GST) in India, including:
1. It defines the scope of supply under GST to include all forms of supply of goods and services for consideration in the course of business. It also covers import of certain services.
2. It outlines various types of supplies - taxable supplies, exempt supplies, non-taxable supplies, deemed exports and import of goods/services.
3. It provides details around composition scheme under GST for small businesses with turnover up to Rs. 50 lakhs, including lower tax rates, exemption from maintaining detailed records and paying tax under reverse charge.
The document discusses key aspects of the Goods and Services Tax (GST) in India, including:
1. It defines the scope of supply under GST to include all forms of supply of goods and services for consideration in the course of business. It also covers import of certain services.
2. It outlines various taxable, exempt and non-taxable supplies. Exempt supplies include basic food items and petroleum products.
3. It provides details around composition scheme for small businesses with turnover up to Rs. 50 lakhs, which allows payment of tax at concessional rates and simplified compliance.
The document defines key terms under the GST law of India. It defines "aggregate turnover" as the total value of taxable, non-taxable, exempt supplies and exports by a person with the same PAN number, excluding taxes charged under CGST, SGST and IGST Acts. It then goes on to define various other terms related to business, supply, taxation points, and types of supplies under GST.
This document discusses the meaning and scope of supply under the Goods and Services Tax (GST) in India. It defines supply broadly to include all forms of supply of goods or services made for a consideration in the course of business. Various schedules outline transactions that are treated as supply, including sales, transfers, barter, rental, and disposal of goods and services. The point of taxation has shifted from manufacturing or sale of goods to supply under GST.
The key elements necessary to constitute a taxable supply under GST are: 1) the supply must occur within a taxable territory, 2) the supply must be made by a registered taxable person, 3) the supply must involve goods or services, and 4) the supply must be made for consideration in the course or furtherance of business. A supply is defined broadly under GST to include all forms of supply of goods or services for consideration by a person in the course of business. Certain supplies specified in Schedules such as permanent transfers of business assets are also considered supplies even if made without consideration.
The document defines key terms from the Model GST Law and CGST Act related to aggregate turnover, adjudicating authority, agent, business, capital goods, casual taxable person, composite supply, exempt supply, goods, input service distributor, input tax, job work, manufacture, mixed supply, non-resident taxable person, outward supply, person, place of business, place of supply, principal supply, reverse charge, supplier, works contract. It provides concise definitions for these important GST concepts in 2-3 sentences each.
Goods and Service Tax #GST comes as India's biggest reform that will lead to the creation of a common national market, currently fragmented along state boundaries.
The document provides an overview of the Goods and Services Tax (GST) in India. It discusses the existing indirect tax structure, the taxes that will be subsumed under GST, key features of GST including benefits, tax rates, and timelines for implementation. Important concepts under GST like supply, consideration, location of supplier and receiver, and time and place of supply are also summarized.
The document discusses Goods and Services Tax (GST) in India. It explains the need for GST, key features of GST like taxes subsumed, rates, registration process, time and place of supply. It also summarizes important aspects like input tax credit including set off, invoice matching, exclusion from ITC and time limit for claiming ITC. GST aims to simplify indirect taxation system by introducing a single tax to replace multiple taxes, while ensuring a seamless credit mechanism across the supply chain.
GST Supply and Place of Supply - By Venkanna settyvenkanna setty
The document discusses key definitions and concepts related to supply and place of supply under the Goods and Services Tax (GST) in India. It defines supply, person, goods, composite supply, and place of supply of goods and services. Supply is broadly defined and includes all forms of supply of goods/services for consideration as well as activities specified in Schedules I and II. Place of supply of goods is generally where the goods are located at the time of delivery to the recipient. Place of supply of services rules consider location of both supplier and recipient.
This document discusses valuation rules under the Goods and Services Tax (GST) in India. It begins by defining consideration and outlining what should be included in the transaction value under section 15 of the GST Act, such as taxes and incidental expenses. It then explains the valuation rules, noting that the transaction value between unrelated parties is the primary basis, but related party transactions and those without consideration are also covered. The document reviews rules for valuation when consideration is not wholly in money, through agents, and residual valuation methods.
The document discusses the scope of supply and tax liability on composite and mixed supplies under the GST Act. It provides details on:
1. Section 7 which defines the scope of supply broadly covering all transactions made for consideration in the course of business. It also lists certain activities to be treated as supply as per Schedule II.
2. Section 8 deals with tax liability on composite and mixed supplies. A composite supply is treated as the supply of its principal supply, while a mixed supply is taxed at the highest tax rate applicable to the supplies.
3. Clarifications are provided through GST circulars on classifying certain supplies such as healthcare with advised food as composite supply.
The document summarizes key aspects of India's proposed Goods and Services Tax (GST) model law. It outlines 18 essential features of the law, including that it will levy tax on the supply of goods and services, define taxable persons and businesses, determine the time and value of taxable supplies, provide for input tax credits, registration requirements, tax returns, payments, and transitional provisions for existing taxes. The model law aims to simplify India's tax regime by introducing uniform GST across states to replace existing indirect taxes.
This document discusses valuation rules under the GST regime. It explains key concepts like consideration, transaction value, and open market value. Consideration includes payments made for a supply as well as certain other amounts like taxes and commissions. Transaction value is the price actually paid if the parties are unrelated. If transaction value cannot be determined, the valuation rules provide sequential methods like comparable price, cost plus 10%, and residual valuation. The rules aim to provide clarity on valuing related party and non-monetary consideration supplies under GST.
1. The document discusses the scope of supply under the Goods and Services Tax (GST) regime in India. It defines key terms like supply, taxable event, and provides examples of transactions that would constitute a supply.
2. Supply is defined broadly under GST and includes all forms of supply of goods and services made for a consideration in the course of business. Schedules I and II of the document outline the types of transactions treated as supply of goods or services.
3. The necessary elements for a transaction to be considered a supply are that it involves supply of goods/services, for consideration, in the course of business, within the taxable territory, and by a taxable person. Certain transactions
Matthew Professional CV experienced Government LiaisonMattGardner52
As an experienced Government Liaison, I have demonstrated expertise in Corporate Governance. My skill set includes senior-level management in Contract Management, Legal Support, and Diplomatic Relations. I have also gained proficiency as a Corporate Liaison, utilizing my strong background in accounting, finance, and legal, with a Bachelor's degree (B.A.) from California State University. My Administrative Skills further strengthen my ability to contribute to the growth and success of any organization.
Lifting the Corporate Veil. Power Point Presentationseri bangash
"Lifting the Corporate Veil" is a legal concept that refers to the judicial act of disregarding the separate legal personality of a corporation or limited liability company (LLC). Normally, a corporation is considered a legal entity separate from its shareholders or members, meaning that the personal assets of shareholders or members are protected from the liabilities of the corporation. However, there are certain situations where courts may decide to "pierce" or "lift" the corporate veil, holding shareholders or members personally liable for the debts or actions of the corporation.
Here are some common scenarios in which courts might lift the corporate veil:
Fraud or Illegality: If shareholders or members use the corporate structure to perpetrate fraud, evade legal obligations, or engage in illegal activities, courts may disregard the corporate entity and hold those individuals personally liable.
Undercapitalization: If a corporation is formed with insufficient capital to conduct its intended business and meet its foreseeable liabilities, and this lack of capitalization results in harm to creditors or other parties, courts may lift the corporate veil to hold shareholders or members liable.
Failure to Observe Corporate Formalities: Corporations and LLCs are required to observe certain formalities, such as holding regular meetings, maintaining separate financial records, and avoiding commingling of personal and corporate assets. If these formalities are not observed and the corporate structure is used as a mere façade, courts may disregard the corporate entity.
Alter Ego: If there is such a unity of interest and ownership between the corporation and its shareholders or members that the separate personalities of the corporation and the individuals no longer exist, courts may treat the corporation as the alter ego of its owners and hold them personally liable.
Group Enterprises: In some cases, where multiple corporations are closely related or form part of a single economic unit, courts may pierce the corporate veil to achieve equity, particularly if one corporation's actions harm creditors or other stakeholders and the corporate structure is being used to shield culpable parties from liability.
सुप्रीम कोर्ट ने यह भी माना था कि मजिस्ट्रेट का यह कर्तव्य है कि वह सुनिश्चित करे कि अधिकारी पीएमएलए के तहत निर्धारित प्रक्रिया के साथ-साथ संवैधानिक सुरक्षा उपायों का भी उचित रूप से पालन करें।
Defending Weapons Offence Charges: Role of Mississauga Criminal Defence LawyersHarpreetSaini48
Discover how Mississauga criminal defence lawyers defend clients facing weapon offence charges with expert legal guidance and courtroom representation.
To know more visit: https://www.saini-law.com/
Guide on the use of Artificial Intelligence-based tools by lawyers and law fi...Massimo Talia
This guide aims to provide information on how lawyers will be able to use the opportunities provided by AI tools and how such tools could help the business processes of small firms. Its objective is to provide lawyers with some background to understand what they can and cannot realistically expect from these products. This guide aims to give a reference point for small law practices in the EU
against which they can evaluate those classes of AI applications that are probably the most relevant for them.
What are the common challenges faced by women lawyers working in the legal pr...lawyersonia
The legal profession, which has historically been male-dominated, has experienced a significant increase in the number of women entering the field over the past few decades. Despite this progress, women lawyers continue to encounter various challenges as they strive for top positions.
Genocide in International Criminal Law.pptxMasoudZamani13
Excited to share insights from my recent presentation on genocide! 💡 In light of ongoing debates, it's crucial to delve into the nuances of this grave crime.
Synopsis On Annual General Meeting/Extra Ordinary General Meeting With Ordinary And Special Businesses And Ordinary And Special Resolutions with Companies (Postal Ballot) Regulations, 2018
2. Goods and Services Tax (GST) in India
GST is one indirect tax for the whole nation, which will make India one unified common market.
GST is a single tax on the supply of goods and services, right from the manufacturer to the
consumer. Credits of input taxes paid at each stage will be available in the subsequent stage
of value addition, which makes GST essentially a tax only on value addition at each stage. The
final consumer will thus bear only the GST charged by the last dealer in the supply chain, with
setoff benefits at all the previous stages.
Indian system of taxation of goods and services is characterized by cascading, distortionary tax
on production of goods and services which leads to miss-allocation of resources, hampering
productivity and slower economic growth. To remove this hurdle, a pure and simple tax system
like GST (Goods and Service Tax) is need of the hour in the country.
Which taxes at the Centre and State level are being subsumed into GST?
At the Central level, Central Excise Duty, Additional Excise Duty, Service Tax, Additional
Customs Duty and Special Additional Duty of Customs will be subsumed.
At the State level, Value Added Tax/Sales Tax, Entertainment Tax (other than the taxes levied
by the local bodies), Central Sales Tax (levied by the Centre and collected by the States),
Octroi and Entry tax, Purchase Tax, Luxury tax, and Taxes on lottery, betting and gambling will
be subsumed.
3. Roadmap of GST in India
122nd Constitutional Amendment Bill has been passed by Rajya sabha
and Lok Sabha.
122nd Constitutional Amendment Bill to be ratified by atleast 50% of the
State Legislatures under Article 368 of the Constitution.
Assent by President of India to the 122nd Constitutional Amendment Bill.
After Constitutional amendment, GST Council (GSTC) to be constituted
within 60 days under Section 279A of the amended Constitution.
GSTC to recommend GST Law and procedure. IGST and CGST bill for
parliament/Centre and Model SGST bill for State Legislature.
CGST and IGST Laws to be introduced in Parliament and to be passed
by simple majority.
SGST Laws to be passed by concerned state legislatures.
Once Approval from Parliament and States, GSTN (GST network a
Section 8 Company) will launch the IT Platform for implementation of
GST.
4. Relevance of term ‘Supply’ in GST
The taxable event for levy of Goods and Services Tax (GST) is ‘supply’ and hence
Section 3 of the Model GST Law, released by the Finance Ministry on 14th June
2016, covers the meaning and scope of ‘supply’.
As GST will be applicable on ‘supply’, erstwhile taxable events such as
‘manufacture’, ‘sale’, ‘provision of services’ will lose their relevance.
Certain supplies, even if made without consideration, such as permanent transfer
of business assets, self-supply of goods or services, assets retained after
deregistration, will attract GST. Even ‘barter’ of goods transaction which were
hitherto un-taxed in the VAT regime, will attract GST.
The liability to pay GST will arise at the time of supply as determined for goods
and services.
Taxable Event
Under GST
Supply
Provision of Services
Under Todays Regime
Sales
Manufacturing
5. Meaning and scope of supply
Sec 2(92) “Supply” shall have the meaning as assigned to it in section 3
Sec 3 Meaning & scope of supply
Sub-
section 1
Supply includes
all forms of supply of goods [sec. 2(48)] and/or services [sec. 2(88)]
such as sale, transfer, barter, exchange, license, rental, lease or
disposal made or agreed to be made
for a consideration [sec. 2(28)]
by a person [sec. 2(74)]
in the course or furtherance of business, [sec. 2(17)]
Supply includes
importation of service, [sec. 2(52)]
whether or not for a consideration and
whether or not in the course or furtherance of business, and
Supply includes
a supply specified in Schedule I,
made or agreed to be made
without a consideration.
6. Section 3 Meaning & scope of supply
Sub-
Section 2
Schedule II,
in respect of matters mentioned therein,
Shall apply for determining what is, or is to be treated as a supply of
goods or a supply of services.
Sub-
section 2A
Where a person acting as an agent [sec. 2(5)] who,
for an agreed commission or brokerage,
either supplies or receives any goods and/or services
on behalf of any principal [sec. 2(77)],
The transaction between such principal and agent
shall be deemed to be a supply.
Sub-
section 3
Subject to sub-section (2),
the Central or a State Government may,
upon recommendation of the Council,
specify, by notification,
the transactions that are to be treated as—
(i) a supply of goods and not as a supply of services; or
(ii) a supply of services and not as a supply of goods; or
(iii) Neither a supply of goods nor a supply of services.
7. Section 3 Meaning & scope of supply
Sub
section 4
Notwithstanding anything contained in sub-section (1),
the supply of any branded service
by an aggregator, as defined in section 43B,
under a brand name or trade name owned by him
shall be deemed to be a supply of the said service by the said
aggregator
8. SCHEDULE I
MATTERS TO BE TREATED AS SUPPLY WITHOUT CONSIDERATION
1 Permanent transfer/disposal of business assets.
2 Temporary application of business assets to a private or non-business
use.
3 Services put to a private or non-business use.
4 Assets retained after deregistration.
5 Supply of goods and / or services by a taxable person to another
taxable or nontaxable person in the course or furtherance of business.
Provided that the supply of goods by a registered taxable person to a
job-worker in terms of section 43A shall not be treated as supply of
goods.
9. SCHEDULE II
MATTERS TO BE TREATED AS SUPPLY OF GOODS OR SERVICES
1 Transfer
1. Any transfer of the title in goods is a supply of goods.
2. Any transfer of goods or of right in goods or of undivided share in goods
without the transfer of title thereof, is a supply of services.
3. Any transfer of title in goods under an agreement which stipulates that
property in goods will pass at a future date upon payment of full
consideration as agreed, is a supply of goods.
2 Land and Building
1. Any lease, tenancy, easement, license to occupy land is a supply of
services.
2. Any lease or letting out of the building including a commercial, industrial
or Residential complex for business or commerce, either wholly or partly, is
a supply of services.
3 Treatment or process
1. Any treatment or process which is being applied to another person’s
goods is a supply of services.
10. SCHEDULE II
MATTERS TO BE TREATED AS SUPPLY OF GOODS OR SERVICES
4 Transfer of business assets
1. Where goods forming part of the assets of a business are transferred or disposed
of by or under the directions of the person carrying on the business so as no
longer to form part of those assets, whether or not for a consideration, such
transfer or disposal is a supply of goods by the person.
2. Where, by or under the direction of a person carrying on a business, goods held
or used for the purposes of the business are put to any private use or are used, or
made available to any person for use, for any purpose other than a purpose of
the business, whether or not for a consideration, the usage or making available
of such goods is a supply of services.
3. Where any goods, forming part of the business assets of a taxable person, are
sold by any other person who has the power to do so to recover any debt owed
by the taxable person, the goods shall be deemed to be supplied by the
taxable person in the course or furtherance of his business.
4. Where any person ceases to be a taxable person, any goods forming part of the
assets of any business carried on by him shall be deemed to be supplied by him
in the course or furtherance of his business immediately before he ceases to be
a taxable person, unless—
a) the business is transferred as a going concern to another person; or
b) the business is carried on by a personal representative who is deemed to
be a taxable person.
11. SCHEDULE II
MATTERS TO BE TREATED AS SUPPLY OF GOODS OR SERVICES
5 The following shall be treated as “supply of service”
a) Renting of immovable property;
b) Construction of a complex, building, civil structure or a part thereof, including a
Complex or building intended for sale to a buyer, wholly or partly, except
where the entire consideration has been received after issuance of
completion certificate, where required, by the competent authority or before
its first occupation, whichever is earlier.
Explanation- For the purposes of this clause-
1. The expression "competent authority" means the Government or any
authority authorized to issue completion certificate under any law for the
time being in force and in case of non-requirement of such certificate from
such authority, from any of the following, namely:–
i. An architect registered with the Council of Architecture constituted
under the Architects Act, 1972; or
ii. a chartered engineer registered with the Institution of Engineers
(India); or
iii. a licensed surveyor of the respective local body of the city or town or
village or development or planning authority.
2. The expression "construction" includes additions, alterations, replacements or
remodeling of any existing civil structure;
12. SCHEDULE II
MATTERS TO BE TREATED AS SUPPLY OF GOODS OR SERVICES
5 c) temporary transfer or permitting the use or enjoyment of any intellectual property
right;
d) Development, design, programming, customization, adaptation, up gradation,
enhancement, implementation of information technology software;
e) Agreeing to the obligation to refrain from an act, or to tolerate an act or a
situation, or to do an act;
f) Works contract including transfer of property in goods (whether as goods or in
some other form) involved in the execution of a works contract;
g) Transfer of the right to use any goods for any purpose (whether or not for a
specified period) for cash, deferred payment or other valuable consideration; and
h) Supply, by way of or as part of any service or in any other manner whatsoever, of
goods, being food or any other article for human consumption or any drink (other
than alcoholic liquor for human consumption), where such supply or service is for
cash, deferred payment other valuable consideration.
6 The following shall be treated as supply of goods
a) supply of goods by any unincorporated association or body of persons to a member
thereof for cash, deferred payment or other valuable consideration.
13. Sec-7 levy and Collection of CGST/SGST
Sub Section 1 Sub Section 2 Sub Section 3
CGST and SGST shall
be levied on all Intra-
State supply of goods
& services.
CGST and SGST shall be
paid by every taxable
person [Sec(9)]
CG /SG may specify categories of
supple of Goods & Services on
which tax will be payable under
reverse charge mechanism.
At the rate specified in
relevant schedule
and collected in the
prescribed manner
14. Section-9:-Taxable Person means
Sub-Section 1 Sub-Section 2 Sub-Section 3
Person who carry on business at
any place in India or any state
and who is:
Registered or
Required to be reg. under
Sch. III
Exceptions:
An Agriculturist[Sec 2(8)]
A person required to be
registered under Para I of
Sch. III, If aggregate
turnover ≤ Rs. 10 lakhs
A person required to be
registered under Para I of
Sch. III, If aggregate
turnover ≤ Rs. 5 lakhs and
conduct business in any of
the North East States
including Sikkim.
CG, SG and Local
authority in respect of
activities/ transactions
in which they are
engaged as public
authorities other than
activities/ transaction
mentioned in
Schedule-IV.
Persons excluded:
Providing services as
employee to his employer.
Exclusively supplying Goods/
Services not taxable under
this Act.
Person under section 7(3)
receiving services for
personal use not exceeding
a specified limit, other than
for use in the course or
furtherance of his business.
15. SECTION-8: COMPOSITION LEVY
Sub-Section 1 Sub-Section 2 Sub-Section 3
Notwithstanding anything to the
contrary contained in the Act But
Subject to reverse charge
provision[Sec7(3)].
Such taxable
person shall neither
collect any tax nor
be entitled to take
any credit of input
tax to discharge
liability under
composition
scheme.
If proper officer has
reasons to believe that a
person is not eligible to
opt this scheme, such
person shall, in addition
to differential tax, be
liable to penalty
equivalent to the amount
of differential tax payable
as aforesaid.
Show cause notice shall
be given before levy of
penalty.
On the recommendation of GST Council,
Proper officer of SG/CG with Prescribed
condition & restriction may permit-
A Reg. Taxable Person to pay amount
calculated at rate prescribed not less
than 1% if
Aggregate turnover[Section 2(46)] in a
F.Y.≤ Rs 50 Lacs.
Provided that:
No such permission to a person
affecting Inter-State Supply of Goods &
services.
No such permission unless the all reg.
taxable persons having same PAN opt
for this scheme.
16. SECTION-10: POWER TO GRANT EXEMPTION FROM TAX
Sub-
Section 1
CG/SG may exempt any goods & services from whole or any part of the
tax leviable by notification either :
absolutely or,
subject to such conditions as may be prescribed
If it is in public interest to do so, on the recommendation of GST council.
Sub-
Section 2
CG/SG may exempt any goods & services from tax leviable by Special
Order:
Under circumstances of exceptional nature.
If it is in public interest to do so, on the recommendation of GST council.
Sub-
Section 3
CG/SG may issue explanation within one year from date of issue of
notification under sub-section (1) or order issued under sub-section (2) for
clarifying:
the scope or
applicability of any notification or order.
Every such explanation shall have effect as if it had always been the part
of the first such notification or order, as the case may be