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Levy and Exemption under GST - supply of goods or services or both

Goods and Services Tax - GST - By: - CA Akash Phophalia - Dated:- 17-6-2016 - 1. Background GST is a comprehensive VAT on the supply of goods or services or both. All goods and services will be subject to GST unless specifically exempted i.e. operating on negative concept. It is a tax on supply of goods or services or both except taxes on supply of the alcoholic liquor for human consumption . Draft Goods and Service Tax Act 2016 was released few days ago. The relevant provisions related to levy .....

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ion 7] 3. Compound levy In the erstwhile law related to indirect taxation the system of compound levy was available in State laws only. In the central indirect tax law compound levy was restricted to a very limited extent and applicable on the limited products say one or two. In this model GST law the compound levy scheme is proposed to be introduced for all the persons in general. The proposed compound levy scheme provides the that all assessee subject to assessees liable to pay tax under rever .....

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Assessee would also not be eligible for input credit. 4. Taxable person Unlike earlier law, there is a separate section defining the meaning of the term taxable person . Taxable person means a person who carries on any business at any place in India or respective state and who is required to be registered under Schedule III of this Act. Following are the persons who are required to be compulsorily registered under this act:- (a) Persons making inter-state supply, irrespective of any threshold l .....

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