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Section-wise Commentary on The Integrated Goods and Services Tax (Amendment) Act, 2018

Goods and Services Tax - GST - By: - AttnVivek Jalan - Dated:- 2-2-2019 - Section 1 :Short title, extent and commencement (1) This Act may be called the Integrated Goods and Services Tax (Amendment) Act, 2018. (2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint: Provided that different dates may be appointed for different provisions of this Act and any reference in any such provision to the commencement of this Act shall be co .....

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er of service in convertible foreign exchange; and clause 16 - Explanation.-For the purposes of this clause, the expression governmental authority means an authority or a board or any other body,- (i) set up by an Act of Parliament or a State Legislature; or (ii) established by any Government, with ninety per cent. or more participation by way of equity or control, to carry out any function entrusted to a Panchayat under article 243G or to a municipality under article 243W of the Constitution; P .....

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reaches out to a bank like Bank of Japan (say) and asks them to open a bank account in A s name, in Yen. On this, A can do all sorts of transactions as if they were themselves present in Japan and operating this account. Another way to look at it is: A s Yen Account in Bank of Japan is A s Nostro Account OR Bank of Japan has a Vostro account for Ain Yen with Bank of Japan When the situation is reversed, if Bank of Japan has an account with A in India in INR, then for A this would be Bank of Japa .....

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he objective to amend Section 5 of the Act empowering the Central Government is to notify classes of registered persons to pay tax on reverse charge basis in respect of receipt of supplies of certain specified Categories of goods or services or both from unregistered suppliers; As decided by the GST Council, Reverse Chanrge u/s 5(4) of IGST Act may be applicable only on certain class of persons, maybe with a Turnover beyond a threshold. Section 8 : Intra-State supply. Explanation 1.-For the purp .....

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goods. . Previously it was read as : (8) The place of supply of services by way of transportation of goods, including by mail or courier to,- (a) a registered person, shall be the location of such person; (b) a person other than a registered person, shall be the location at which such goods are handed over for their transportation. Commentary - The objective to amend Section 12 of the Act is to provide that if the transportation of goods is to a place outside India, the place of supply shall be .....

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being put to any use in India, other than that which is required for such repairs or treatment or process; . Previously it was read as : (3) The place of supply of the following services shall be the location where the services are actually performed, namely:- (a) services supplied in respect of goods which are required to be made physically available by the recipient of services to the supplier of services, or to a person acting on behalf of the supplier of services in order to provide the serv .....

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ns of the Council, be apportioned at the rate of fifty per cent. to the Central Government and fifty per cent. to the State Governments or the Union territories, as the case may be, on ad hoc basis and shall be adjusted against the amount apportioned under the said sub-sections. . Commentary - The objective to amend Section 17 of the Act is to make a provision for settlement of balance in the integrated tax account equally between the Central Government and the State Governments. Section 20 : Ap .....

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