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Meaning and Scope of Supply Comparative view under Revised Model GST Law vis- -vis Earlier Model GST Law

Goods and Services Tax - GST - By: - Bimal jain - Dated:- 3-12-2016 - Meaning and Scope of Supply - Comparative view under Revised Model GST Law vis-à-vis Earlier Model GST Law Whilst the Government is keen to make Goods and Services Tax ( GST ) a reality by envisaged April 1, 2017 deadline, efforts put in by the Government to look into the voluminous suggestions submitted by various stakeholders, on First cut Model GST Law (put on public domain on June 14, 2016), is indeed commendable. H .....

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ost supplies. In our series of newsletters, we would be highlighting the changes made in each component of the Model GST Law along with decoding the changes brought in along with their implications, for easy digest. To start this journey of rendezvous with the Revised Model GST Law, the first part of the newsletter, deciphers the meaning of the taxable event i.e. Supply under GST. Supply - the taxable event in GST Determination of the taxable event in any tax law is of utmost significance as the .....

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ility of all transactions, whether commercial or otherwise under GST regime. Like the Earlier Model GST Law, definition of term supply is contained in Section 3 of the Model CGST/SGST Act, 2016. A comparative view of the provisions is given hereunder for easy digest: Section Sub Earlier Model GST Law Revised Model GST Law 3 (1) Supply includes 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 agre .....

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ance of business importation of services, for a consideration whether or not in the course or furtherance of business, and Corresponding provision in Schedule I Following inserted in Schedule I - Para 4: Importation of services by a taxable person from a related person or from any of his other establishments outside India, in the course or furtherance of business Gist of the changes Importation of services without consideration out of taxable net, except for following specified scenarios: Import .....

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changes Concept of supply without consideration still continues but Schedule I revamped to done away with nightmare situations like Business Assets/ services put to private or non-business use, Assets retained after deregistration, FOC Supplies, etc. (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 Schedule II, in respect of matters mentioned therein, shall apply for determining what is .....

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ods- (a) by a principal to his agent where the agent undertakes to supply such goods on behalf of the principal, or (b) by an agent to his principal where the agent undertakes to receive such goods on behalf of the principal Gist of the changes Taxability of Principal-Agent transactions has been shifted from the definition of supply to Schedule I. But there are following important changes underlying this shift: FOC Principal-Agent transaction also covered under taxable net Taxability restricted .....

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xable net. Schedule IV dealing with activities or transactions undertaken by the Central Government, a State Government or any Local Authority in which they are engaged as public authorities, which shall neither be treated as supply of goods nor supply of services, was also present in earlier Model GST Law. Schedule III has been now newly added which covers activities or transactions which shall neither be treated as supply of goods nor supply of services like services by an employee to employer .....

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State Government may, upon recommendation of the Council, specify, by notification, the transactions that are to be treated as- (a) a supply of goods and not as a supply of services; or (b) a supply of services and not as a supply of goods; or (c) neither a supply of goods nor a supply of services No Changes Powers of the Central or a State Government to notify transactions either as supply of goods or supply of services or neither of them, continues as such (4) Notwithstanding anything contain .....

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