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TAXABLE EVENT UNDER GST

Goods and Services Tax - GST - By: - chandan jha - Dated:- 24-8-2016 - . What is Taxable Event.? (a) Taxable:- Liable to be taxed; subject to tax. (b )Event: - A thing that happens or takes place, especially one of importance. (Source :- Oxford Dictionary) Taxable event: - A taxable event is any event or occurrence that results in a tax liability. Normally taxable event means occurrence creates or attracts the liability to be fixed. Tax can be imposed only on taxable event. . Tax will be levied .....

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by which the seller transfers the title or ownership of the goods to the buyer or makes an agreement to transfer it against a fixed price. Section 3 of GST Act, 2016 Meaning and Scope of supply Supply includes (a) 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, (b) Importation of service, whether or not for a consideration a .....

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en such principal and agent shall be deemed to be a supply. (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. (4) Notwithstanding anything contained in sub-section (1), the supply of any branded ser .....

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r recently suggestion module issued by ICAI. It is suggested that the words Except as provided otherwise, supply includes…… be used in place of the words Supply includes Instead of having different class of supplies like supplies by agents, aggregator services under section 3, all the forms of deemed supplies be included in a single Schedule say Schedule. The supply of capital goods (whether to own depot or to the customer) be kept outside the purview of GST, and only the leasing/ .....

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erwise without consideration. Temporary application of business assets to a private or non-business use :- Such as Business car, plant, building use for personal, partner, director, etc. Services put to a private or non-business use :- such as telephone, other services provided to proprietor, partner, director, etc. Assets retained after deregistration: - if taxable person de-registered, he will be liable to pay GST. But if transfer of business as a going concern, then it will not be supply. As .....

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oods 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, licence 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 who .....

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e, 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 recove .....

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ness is carried on by a personal representative who is deemed to be a taxable person. 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 occupat .....

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stitution 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; (c) Temporary transfer or permitting the use or enjoyment of any intellectual property right; (d) Development, design, programming, customisation, adaptation, up gradation, enhancement, implementation of information .....

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