GST Council Reveals Four-Tier Rate Structure: 5%, 12%, 18%, 28%; Some Goods Zero-Rated, Exempt from Tax.
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Indian Laws
Four-tier GST rate structure of 5, 12, 18, 28 percent has been announ
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Four-tier GST rate structure of 5, 12, 18, 28 percent has been announced by the GST Council in addition to zero rated goods
GST
Dated:- 3-11-2016
New Delhi: In the latest, four-tier GST rate structure of 5, 12, 18, 28 percent has been announced by the GST Council.
Zero-tax rate will be applied to 50 percent of items in CPI basket, including foodgrains used by common man, says Arun Jaitley.
5% duty will be levied on mass consumption items used by common people; 2 Standard Rates of 12%, 18% will be there in GST, said he.
Items taxed at 30-31 percent (excise plus VAT) will be taxed at 28 percent, said Jaitley. Furthermore, additional revenue from highest tax slab is to be used to keep essential use items at 5% and transferring
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Video on Input Tax Credit (Concept and Manner of taking Credit )
By: – Puneet Agrawal
Goods and Services Tax – GST
Dated:- 3-11-2016
Link to the video : https://www.youtube.com/watch?v=UnTX60ZfvnY
GST 10 point series on Input tax credit – concept
* One of the major reason for introducing GST is making the credit mechanism seamless so that there is no cascading effect of taxes.
* In the Model GST law provisions relating to input tax credit are majorly covered in Section 16, 16A, 17, 18, 28, 29 and 35 of the CGST Act/ SGST Act. Vide Section 27 of the IGST Act, provisions relating to input tax credit and utilization thereof, as applicable in CGST Act would apply even in respect of IGST.
* “Input tax credit” in relation to taxable person means credit of :
* {IGST and CGST}/{IGST and SGST}
* charged on
* any supply of goods and/or services to him (includes even importation)
* which are used, or are intended to be used, in the course or furtherance of his busi
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evance is kept minimum.
* Only a registered taxable person is allowed to take credit of input tax admissible to him. Thus registration is a pre-requisite for taking credit of input tax.
* The eligible input tax credit would be credited to the electronic credit ledger and it can be used for payment of taxes under the Act or Rules made thereunder.
* For newly registered person, ITC is allowed in respect of inputs held in stock and inputs contained in semi-finished or finished goods held in stock on the day preceding the date from which the person becomes liable to pay tax provided he applies for registration within 30 days of becoming liable to obtain registration.
* A taxable person shall not be entitled to take input tax credit in respect of any supply after the earlier of following two events
* filing of return under section 27 for the month of September following the end of financial year to with such invoice pertains; or
* filing of the relevant annual return
GST 10 Poi
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yer has no resources to track that such tax has been deposited by supplier in government treasury. This provision is defeating the very purpose of GST i.e. to ensure availability of credit of tax paid in a easy and convenient manner to taxpayers.
* Where the goods against an invoice are received in lots or installments, the registered taxable person shall be entitled to the credit upon receipt of the last lot or installment.
* Where the registered taxable person has claimed depreciation on the tax component of the cost of capital goods under the provisions of the Income Tax Act 1961, the input tax credit shall not be allowed on the said tax component.
* At first, taxable person is only allowed to take the credit of input tax, as self assessed in the his return, on a provisional basis and such amount shall be credited to the electronic credit ledger.
* The claim of input tax credit shall be finally accepted once
* the details of inward supplies furnished by the taxable person
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TIME AND VALUSE OF SUPPLY UNDER MODEL GST LAW
By: – DR.MARIAPPAN GOVINDARAJAN
Goods and Services Tax – GST
Dated:- 3-11-2016
Time of supply
The time of supply fixes the point when the liability to charge GST arises. Section 12 of the Act deals with the time of supply of goods and Section 13 of the Act deals with the time of supply of services.
Time of supply of goods
Section 12(2) provides that the time of supply of goods shall be the earliest of the following-
(a) (i) the date on which the goods are removed by the supplier for supply to the recipient, in a case where the goods are required to be removed; or
(ii) the date on which the goods are made available to the recipient, in a caswe where the goods are not required to be removed; or
Explanation 1 to this Section provides that the provisions contained in (ii) shall apply in cases where the goods-
* are physically not capable of being moved; or
* are supplied in assembled or installed form; or
* are supp
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ments of accounts of successive payment relates. If there is no such successive statements of account, then the time of supply shall be-
* the date of issue of invoice; or
* the date of receipt of payment
whichever is earlier.
Section 12(4) gives powers to the Central Government or a Statement to specify, by notification, on the recommendation of the Council, the supply of goods that shall be treated as continuous supply of goods.
Time of supply on reverse charge basis
Section 12(5) provides that in case of supplies in respect of which tax is paid or liable to be paid on reverse charge basis, the time of supply shall be the earliest of the following-
* the date of receipt of goods; or
* the date on which the payment is made;
* the date of receipt of invoice; or
* the date of debit in the books of accounts.
The explanation to this section provides that that 'the date on which the payment is made' shall be-
* the date on which the payment is entered in the books of acc
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ue of invoice or the date of receipt of the payment, whichever is earlier, if the invoice is issued within the prescribed period; or
(b) the date of completion of the provision of service or the date of receipt of payment, whichever is earlier, if the invoice is not issued within the prescribed period; or
(c) the date on which the recipient shows the receipt of services in his books of account in a case where the provisions of above two clauses do not apply.
Explanation 1 to this section provides that the supply shall be deemed to have been made to the extent it is covered by the invoice or payment.
Explanation 2 to this section provides that 'the date of receipt of payment' shall be-
* the date on which the payment is entered in the books of account of the supplier; or
* the date on which the payment is credited to his bank account,
whichever is earlier.
Continuous supply of services
Section 13(3) provides that in case of continued supply of services, the time of supply
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of receipt of services; or
* the date on which the payment is made; or
* the date of receipt of invoice; or
* the date of debit in the books of accounts.
Explanation to this section provides that 'the date on which the payment is made' shall be-
* the date on which the payment is entered in the books of account of the recipient; or
* the date on which the payment is debited in his bank account,
whichever is earlier.
Cessation of service
Section 13(6) provides that in a case where supply of services ceases under a contract before the completion of supply, such services shall be deemed to have been provided at the time when the supply ceases.
Non possibility to determine the time of supply
Section 13(7) provides that where it is not possible to determine the time of supply of services as mentioned above, the time of supply shall-
* in a case where a periodical return has to be filed, be the date on which such return is to be filed; or
* in any other case, be the date
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the payment is also received after the change in effective rate of tax, the time of supply shall be the date of receipt of payment or the date of issue of invoice, whichever is earlier; or
* where the invoice has been issued prior to change in effective rate of tax but the payment is received after the change in effective rate of tax, the time of supply shall be the date of issue of invoice; or
* where the payment is received before the change in effective rate of tad, but the invoice for the same has been issued after the change in effective rate of tax, the time of supply shall be the date of receipt of payment.
The time of supply, in case that taxable service has been provided after the change in effective rate of tax, shall be determined in the following manner-
* where the payment is received after the change in effective rate of tax but the invoice has been issued prior to the change in effective rate of tax, the time of supply shall be the date of receipt of the payment;
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e value of a supply of goods and/or services shall be the transaction value, that is the price actually paid or payable for the said supply of goods and/or services where the supplier and the recipient of supply are not related and the price is the sole consideration of the supply.
Inclusion in transaction value
Section 15(2) provides that the transaction value shall include-
* any amount that the supplier is liable to pay in relation to such supply but which has been incurred by the recipient of the supply and not included in the price actually paid or payable for the goods and/or services;
* the value, apportioned as appropriate, of such goods and/or services as are supplied directly or indirectly by the recipient of the supply free of charge or at reduced cost for use in connection with the supply of goods and/or services being valued, to the extent that such value has not been included in the price actually paid or payable;
* any taxes, duties, fees and charges levied under
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he transaction value shall not include any discount allowed before or at the time of supply provided such discount is allowed in the course of normal trade practice and has been duly recorded in the invoice issued in respect of the supply.
Determination of valuation that cannot be made
Section 13(4) provides that the value of supply of goods and/or services in the following situations which cannot be valued, shall be determined in such manner as may be prescribed in the rules-
* the consideration, whether paid or payable, is not money, wholly or partly;
* the supplier and the recipient of the supply are related;
* there is reason to doubt the truth or accuracy of the transaction value declared by the supplier;
* business transactions undertaken by a pure agent, money changer, insurer, air travel agent and distributor or selling agent of lottery;
* such other supplies as may be notified by the Central or a State Government in this behalf on the recommendation of the Council.
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GST Law Broadens 'Supply' Definition to Include All Goods and Services Transactions, Expanding Tax Base for Consistency.
Articles
GST
MEANING AND SCOPE OF ‘SUPPLY’ UNDER MODEL GST LAW – G
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Understanding 'Supply' in GST: Definition, Types, and Tax Implications Explained in 10 Points.
Articles
GST
GST : 10 POINT SERIES ON SUPPLY – Goods and Services Tax – GST
TMI Updates – Hi
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MEANING AND SCOPE OF ‘SUPPLY’ UNDER MODEL GST LAW
By: – DR.MARIAPPAN GOVINDARAJAN
Goods and Services Tax – GST
Dated:- 2-11-2016
Taxable event
The taxable event in respect of services is for the services provided or to be provided. The taxable event also depends upon the place of provision of service and point of taxation. Likewise the taxable event in excise duty is the removal of excisable goods manufactured or produced. In VAT the taxable event is the time of sale of goods. The taxable events under the existing indirect laws shall stand subsumed in the taxable event known as 'supply' in the model GST law.
Meaning and Scope of 'Supply'
Section 2(92) of the Act defines the term 'supply' as having the meaning as assigned in Section 3. Section 3(1) provides that 'supply' includes-
* 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
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monetary value of any act or forbearance, whether or not voluntary, in respect of, in response to, or for the inducement of, the supply of goods and/or services, whether by the said person or by any other person.
Deposit – consideration?
The proviso to Section 2(28) provides that a deposit, whether refundable or not, given in respect of the supply of goods and/or services shall not be considered as payment made for the supply unless the supplies applies the deposit as consideration of the supply. Under service tax provisions the deposit is not liable to pay tax but the advance payment received for any service to be provided will be liable for taxation under service tax provisions. Litigation may arise for interpretation of the term 'deposit' unless it is clearly defined.
Supply without consideration
Schedule I to the Act gives the list of matters to be treated as supply without consideration-
* Permanent transfer/disposal of business assets;
* Temporary application of business
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subject to Section 3(2), the Central or the State Government may, upon recommendation of the Council, specify, by notification, the transactions that are to be treated as-
* a supply of services and not as a supply of goods; or
* neither a supply of goods nor a supply of services.
Essential ingredients to supply
In order to constitute a 'supply' the following element are required to be satisfied-
* supply of goods and/or services;
* supply is for a consideration;
* supply is made in the course of furtherance of business;
* supply is made in the taxable territory;
* supply is a taxable supply;
* supply is made by a taxable person.
Under certain circumstances such as importation of service or supplies made without consideration, where one or more ingredients are not satisfied, it shall be treated as supply.
Inter-state self supplies such as stock transfer will be taxable as a taxable person has to take state wise registration. Such transactions have been made taxable
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ation to a person, shall mean supply of goods and/or services, whether by sale, transfer, barter, exchange, licence, rental, lease or disposal made or agreed to be made by such person in the course of furtherance of business except in case of such supplies where the tax is payable on reverse charge basis.
Continuous supply of goods
Section 2(30) defines the term 'continuous supply of goods' as a supply of goods which is provided, or agreed to be provided, continuously or on recurrent basis, under a contract, whether or not by means of a wire, cable, pipeline or other conduit, and for which the supplier invoices the recipient on a regular or period basis.
Continuous supply of services
Section 2(31) defines the term 'continuous supply of services' as a supply of services which is provided or agreed to be provided, continuously or on recurrent basis, under contract, for a period exceeding three months with periodic payment obligations and includes supply of such service as the Central
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e amplitude in the Act. It finds place in many of the definitions of the Act and also in other provisions of the Act. Some important definitions may be seen.
Export of service
Section 2(44) provides that the supply of any service shall be treated as 'export of service' when-
(a) the supplier of service is located in India;
(b) the recipient of service is located outside India;
(c) the place of supply of service is outside India;
(d) the payment of such service has been received by the supplier of service in convertible foreign exchange; and
(e) the supplier of service and recipient of service are not merely establishment of a distinct person.
The explanation to this section provides that for the purposes of clause (e) an establishment of a person in India and any of his establishment outside India shall be treated as establishments of distinct persons.
Import of service
Section 2(52) provides that the supply of any service shall be treated as 'import of service', if-
(
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GST : 10 POINT SERIES ON SUPPLY
By: – Puneet Agrawal
Goods and Services Tax – GST
Dated:- 2-11-2016
* In the GST Regime, tax whether CGST, SGST or IGST is chargeable only when there is a supply of goods and/ or services. Thus it is imperative to understand the meaning of the term “supply”.
* Meaning and scope of “supply” is defined in Section 3 of the Central Goods and Services Tax Act/ State Goods and Services Tax Act.
* Meaning of Supply is defined in an inclusive manner that means the transaction which are covers within the definition are only illustrative.
* As per the definition, “supply” includes all forms of supply of goods and/ or services such as: Sale, transfer, barter, exchange, license, rental, lease, dispo
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e Section 3(1)(c) read with Schedule 1, following transactions even without consideration are covered within the four corners of “supply”:
* Permanent transfer/ disposal of business asset;
* Temporary application of business asset to a private or non-business use: Example Use of Car owned by Business for personal travel.
* Services put to private or non-business use – Example where a CA prepares his own tax return
* Supply of goods and/ or services by a taxable person to another person in the course of furtherance of business – this is a very dangerous inclusion as this implies below.
All transactions that are made by a taxable person to another person in the course of furtherance of business even when made without consideration a
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Hike GST rate by 1-2%, don't levy cess: Assocham
GST
Dated:- 2-11-2016
Industry chamber Assocham has made a pitch to Finance Minister Arun Jaitley not to levy cess, but hike GST rate by 1-2 per cent to garner additional resources to compensate states for any revenue loss on rollout of the new regime from April next year.
At the GST Council meeting last month, the Centre had proposed a four-tier GST rate structure of 8 per cent, 12 per cent, 18 per cent and a peak rate of 26 per cent, which will mostly apply to FMCG and consumer durables. Besides, a cess is also likely to be levied on demerit or sin goods and polluting items.
In a letter to Jaitley, Assocham Secretary General D S Rawat said that even if multiple rates are acc
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ion like fruits, vegetables, grains etc should be taxed at zero rate. Processed food products for mass consumption like dairy products, rice, edible oil, biscuits should attract 6 per cent duty.
It further suggested that mobile phones, computers, fruit juices, pet foods be taxed at 12 per cent and other items at 18 per cent. Luxury cars, tobacco and pan masala should be taxed at 26 per cent, it said.
Under the proposed 4-slab structure, the items which are currently taxed between 3-9 per cent will fall in the 6 per cent bracket; those in 9-15 per cent range will come under 12 per cent rate.
Those products which are currently taxed between 15-21 per cent will attract 18 per cent levy while those above 21 per cent will be taxed at the peak
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GSTN signs MoU with DGFT for sharing of foreign exchange realisation data
GST
Dated:- 28-10-2016
The Goods and Services Network(GSTN) has signed a Memorandum of Understanding (MoU) with Director General of Foreign Trade (DGFT) for sharing of foreign exchange realisation and Import Export code data, a move that is expected to strengthen processing of export transactions of taxpayers under GST, increase transparency and reduce human interface.
The Memorandum of Understanding was signed by Shri Ajay K Bhalla, Director General of Foreign Trade and Shri Prakash Kumar, CEO, GSTN in New Delhi on 27.10.16. An electronic bank realisation certificate (eBRC) captures transaction level details of foreign exchange realised in India. The e
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Trade Policy. Its is also used by state government departments for refund of VAT. In addition, it is an important economic indicator as it quantifies transaction level export earnings.
2. DGFT has signed MOUs with 14 state governments and 2 central government agencies for sharing of the data.
3. At the state level, Commercial Tax Departments of 14 states have signed MoU with DGFT for receiving e-BRC data for VAT refund purposes. These are: (i) Maharashtra, (ii) Delhi, (iii) Andhra Pradesh,(iv) Odisha, (v) Chhattisgarh, (vi) Haryana, (vii) Tamil Nadu, (viii) Karnataka, (ix) Gujarat, (x) Uttar Pradesh, (xi) Madhya Pradesh, (xii) Kerala, (xiii) Goa, (xiv) Bihar.
In addition, Ministry of Finance, Enforcement Directorate and Agricultural & Pr
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LIABILITY TO PAY TAX IN CERTAIN CASES – PART-3
By: – Dr. Sanjiv Agarwal
Goods and Services Tax – GST
Dated:- 28-10-2016
Chapter XXII of the Model Law contains Chapter XXII comprising of sections 108 to 115 which deal with liability to pay GST in eight special cases as follows:
Section
Liability
108
Liability in case of transfer of business
109
Liability in case of amalgamation / merger of companies
110
Liability in case of company in liquidation
111
Liability of partners of firm to pay tax
112
Liability of guardians, trustees etc
113
Liability of Court of Wards etc.
114
Special provision regarding liability to pay tax in certain cases (death, discontinued business, hindu undivided family or association of persons, on partition, dissolution of firm, termination of guardianship or trust etc).
115
Liability in other cases (discontinued business of HUF, firm, AOP; change in constitution of firm or AOP etc.)
This part covers sections 113 to 115 of the m
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le –
* Court of Wards
* Administrator general
* Official trustee
* Any receiver or manager
* Any other person by whatever name and the designation called, who in fact actually manages the business
Liability to pay tax in certain cases
Death
Where a person liable to pay tax dies, then, if the business is continued by his legal representative or any other person, such legal or any other person shall be liable to pay tax, interest or penalty due from such person. If the business is discontinued whether before or after his death, his legal representative shall be liable to pay out of the estate of the deceased to the extent to which the capable of meeting the charge, tax, penalty or interest due from such person, whether such dues have been determined before his death but has remained as unpaid or is determined after his death. Taxable persons would include individuals and proprietorship concerns.
In following cases, recovery can not be made from the legal representative of
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s remained unpaid or is determined after dissolution firm would include a LLP.
Guardian / Trustee
Where a taxable person liable to pay tax is the guardian of a ward on whose behalf the business is carried on by the guardian or a trustee who carries on the business under a trust for a beneficiary, if the guardianship or trust is terminated, the ward or, as the case may be, the beneficiary shall be liable to pay the tax, interest or penalty due from the taxable person up to the time the termination of the guardianship or trust whether such dues have been determined before the termination of the guardianship or trust but has remained as unpaid or is determined after such termination.
Liability in other cases
Discontinued Business
Where a firm or AOP or HUF has discontinued the business, the tax payable by such entity up to the date of discontinuance may be determined as if no such discontinuance has taken place. Every person who was at the time of discontinuance, a partner of firm
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GST – (1) The Multi Rate Structure and (2) Compensation Payable Through Cess
GST
Dated:- 27-10-2016
From the facebook page of Mr. Arun Jaitley
Two Important Issues before the GST Council
The GST Council comprising of the Finance Ministers' of the Union and the State Governments has had three detailed meetings spread over several days. Two more meetings are proposed post Deepawali. The meetings have witnessed an intense debate on several issues, which has been an excellent example of 'deliberative democracy'. Opposing viewpoints have ended up in convergence and so far all issues have been decided by a consensus. Some critical issues are pending before the GST Council for a final decision. Comments have been made in the public space with regard to two of these issues. Even though the final decision with regard to these two issues is yet to be taken by the GST Council, the rationale behind the proposals placed before the Council needs to be explained.
(1) The Multi R
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ould neutralise some of the advantages of a uniform tax structure. The reality is that a multiple tax rate in India is inevitable for several reasons.
Different items used by different segments of society have to be taxed differently. Otherwise the GST would be regressive. Air conditioners and hawai chappals cannot be taxed at the same rate. Total tax eventually collected has to be revenue neutral. The Government should not lose money necessary for expenditure nor make a windfall gain. The tax on some products in a narrow slab regime will substantially increase. This would be highly inflationary. A commodity being taxed by the Centre and the State at 11% at present will be taxed at 12%. If it's taxation is suddenly raised on standard rate of 18%, it would disrupt the market and would be highly inflationary.
There are presently several items mainly used by the more affluent which are currently taxed at a VAT of 14.5% and an excise of 12.5%. If the cascading effect of these taxes a
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be felt over a longer period of time once the implementation glitches are all resolved. Hopefully with higher compliances and more revenue after the initial period, the GST Council would continue to have a look at the expenditure requirement and the tax likely to be collected and rationalise the tax rates and the structures in future.
It may be noted that some developed countries which do not have any section of the population below the poverty levels and where economic standards are high, have fewer tax slabs but many of them have 3-4 slabs. I am annexing to this blog an illustrative list of some of the countries which fall in this category.
(2) Compensation Payable Through Cess
The GST will result in the consuming States increasing their revenues from the very first year onwards. The GST Council has fixed a 14% revenue growth as a uniform, secular growth rate for all States. The revenue loss, if any, of a State has to be calculated on this basis. Some producing States may lose ma
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he Central Government and 42% more would go to the States as devolution. So out of every 100 rupees collected in GST only 29% remains with the centre. The tax impact of this levy would be exorbitantly high and almost unbearable. The alternative proposal is to have a cess account and continue same existing levies as cess for a period of five years before subsuming them as tax. This would include clean energy cess and cesses on luxury items and tobacco products, which in any case, presently also pay levy higher than 26%. This would ensure no additional burden on the tax payer and yet be able to compensate the losing States. It may further be noticed that benefitting States are not compensating the losing states. The Centre, as a non-beneficiary, has to compensate and the proposal for continuing existing cesses for five years to the extent of compensation required is the more benign way of compensating the losing States without burdening the tax payer.
These are only at the proposal stag
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Examples of Goods under GST regime
Query (Issue) Started By: – SANDESH SHINDE Dated:- 27-10-2016 Last Reply Date:- 27-10-2016 Goods and Services Tax – GST
Got 2 Replies
GST
Dear Sir,
Please advise on the type of Goods are made available to the recipient (for goods not required to be removed) under time of supply of goods in GST regime.Thanks and regards.
Reply By Rajagopalan Ranganathan:
The Reply:
Sir,
According to Section 2 (48) of Model GST Law ' “goods'' means every kind
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Benefits of GST to home buyers – In the next lifetime!
By: – Puneet Agrawal
Goods and Services Tax – GST
Dated:- 27-10-2016
The GST structure as it stands today shall only result in higher property costs for the home buyers. Non‑exclusion of land value from GST net, non-availability of ITC to developers and irrational Valuation Mechanism shall lead to such an anomaly.
The Model GST law which has been shared with the stakeholders shall only add up to the woes of homebuyers unless necessary amendments are brought in. The much promoted and discussed benefit of GST i.e., reduction in costs is not extended to the real estate sector. The ill effects would be equally felt by the industry as well as home buyers.
It is a gl
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shall be paid twice on the same material i.e. – once at the time of purchase by the developer and second when the same shall be included by the contractor for discharging GST which he shall charge from the developers.
Same shall be the fate of various services such as architects and engineers arranged by the developer and they shall also be included in the transaction value of the contractor for the computation of GST liability.
These would cumulatively add up to result into very high GST because of the cascading effect and would thus be a matter of serious concern, for the homebuyers, for after all developers would pass on his cost to them.
The situation is further frustrated by non-exclusion of value of land from the transaction value.
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ario, sum total of service tax and VAT shall be roughly 12.5% of construction value, which totals to ₹ 1,87,500 [12.5% of 15lacs].
* Whereas under GST, assuming a tax rate of 18%, tax liability shall be ₹ 9lacs [18% of price of flat- Please note that land is not excluded], which is way too higher than the current tax liability.
This is apart from the cost of input taxes, which builder would bear, since unlike in present scenario, he would not be eligible to claim input tax credit on tax paid by his contractors.
In other terms, one buying a house worth 50lacs should be ready to dole out another more than 7 lacs as tax, purely due to the structuring of law which could have been avoided. This can be avoided even now in case app
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Amidst GST, a nightmare for Hospitality Sector
By: – Anish Goyal
Cenvat Credit
Dated:- 27-10-2016
Service Tax on renting of hotels, inns, guest houses, clubs, campsites or other commercial places meant for residential or lodging purposes has to be charged at the rate of 60% ( i.e. abatement 40%) as per Sr. No. 6 of the Abatement Notification No. 26/2012-ST dt. 20.06.2012. The condition provided for granting an abatement of 40% is written as “same as above”. The relevant extract of Sr. No. 6 of Notification No. 26/2012-ST dt. 20.06.2012, reads as under:
Sl.
No.
Description of taxable
service
Percentage
Conditions
6
Renting of hotels, inns, guest houses, clubs, campsites or other commercial places meant for resident
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ithout accompanied belongings, by air, embarking from or terminating in a Regional Connectivity Scheme Airport.
10
CENVAT credit on inputs, capital goods and input services, used for providing the taxable service, has not been taken by the service provider under the provisions of the CENVAT Credit Rules, 2004.”
The condition mentioned in Sr. No. 5A, stated supra stipulates that CENVAT credit on inputs, capital goods and input services, used for providing the taxable service, has not been taken by the service provider under the provisions of the CENVAT Credit Rules, 2004. However, the condition mentioned in Sr. 6 granting the accommodation service providers to pay service tax on 60% remains unchanged, it still reads, “same as above”. Thus
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GST IMPACT ON EDUCATION SECTOR
By: – Dr. Sanjiv Agarwal
Goods and Services Tax – GST
Dated:- 27-10-2016
Present Taxation of Education
Education in India is presently covered as one of the priorities of the Government and as such is allowed tax relief both in direct and indirect taxes. So far as indirect taxes are concerned, education is considered as a service and as such it is subject to levy of service tax. No other indirect tax is levied. For the purpose of service tax, education has been distinguished from coaching or training which facilitates the education.
Presently, educational services are excluded from the levy of Service Tax and are in 'Negative List' under section 66D(i) which are related to delivery of education as 'a part' of the curriculum that has been prescribed for obtaining a qualification prescribed by law. Conduct of degree courses by colleges, universities or institutions which lead to grant of qualifications recognized by law are also
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vernment of India;
(ii) a Sector Skill Council approved by the National Skill Development Corporation;
(iii) an assessment agency approved by the Sector Skill Council or the National Skill Development Corporation;
(iv) a training partner approved by the National Skill Development Corporation or the Sector Skill Council in relation to –
(a) the National Skill Development Programme implemented by the National Skill Development Corporation; or
(b) a vocational skill development course under the National Skill Certification and Monetary Reward Scheme; or
(c) any other Scheme implemented by the National Skill Development Corporation."
The present rate of service tax is 15% including cesses viz Swachh Bharat Cess (SBC) and Krishi Kalyan Cess (KKC).
Proposed GST Law
According to the Model law on GST which neither contains the exemptions nor the rates of taxation as of now, it appears that all services in relation to coaching and training would be subject to levy of GST as
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qualification recognized by any law for the time being in force; or
* Education as a part of an approved vocational education course.
Hence, the exemption may be restricted to activities or transactions done by Central Government, State Government or any Local Authority.
It, therefore, appears that education services provided by Government will not be taxable. There is no specific provisions for inclusions or exclusions of coaching and training services or any other activity related to education elsewhere in the proposed law.
Likely Impact in GST Regime
Based on the provisions of Model Law, it can be said that education sector shall be impacted both positively and negatively under the GST regime.
* The rate of tax is likely to go up by 3-5% as it is expected that GST may be levied @18-20%. If coaching is considered as an essential service, a lower GST rate is not ruled out.
* There are likely to be concerns in valuation of coaching services in view of the industry practice of
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nclusion
In the present scenario, while Cenvat Credit on all inputs / input services is not available, once the GST would be implemented, tax component will also increase by 3-5% resulting in an increase of cost of services to the end user i.e., students.
In fact, education / coaching institutions play an important role in fulfilling the objectives of various students as well as parents, thus should be zero-rated and be exempted from Goods and Services Tax to lessen the financial burden on parents as well as students. Doing so will not only help improve the quality of education, students and life but also facilitate India to leap frog in the trajectory of top economic powers of the world as India is poised to be so by 2030, given its demographic strength.
In order to provide real benefit to the education sector, seamless credit should be allowed across the supply chain so that even if GST comes into force, the total cost of education will be lower that what it is today. The idea of
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High Court Rules Contract Value Cannot Be Taxable Turnover Under TNGST and Additional Sales Tax Acts.
Case-Laws
VAT and Sales Tax
The claim for additional sales tax by treating the contract v
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Video Presentation on Supply, Time of Supply & Place of Supply of Goods and/or Services under GST
By: – Bimal jain
Goods and Services Tax – GST
Dated:- 26-10-2016
Dear Professional Colleague,
Video Presentation on Supply, Time of Supply & Place of Supply of Goods and/or Services under GST
Goods and Services Tax (“GST”) is a destination based consumption tax levied at multiple stages of production and distribution of goods and services, with taxes on inputs credited against taxes on output. GST is going to be big game changer and under proposed GST regime, all the major taxes levied under the indirect taxation i.e. Central Excise, Service tax, VAT/CST etc., would be brought under the ambit of GST. Hence, the prevailing concepts of manufacturing of goods/ provision of services/ sale of goods would no longer be relevant as tax would be levied on 'supply' of goods and/or services and common base has to be arrived at for levy & collection of GST in all cases.
Closely link
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pter-IV of Model CGST/SGST Act, 2016 (“Model CGST/SGST Act”), applicable to levy of IGST vide Section 27 of Chapter-IX of the ModeI IGST Act, 2016 (“ModeI IGST Act”).
I: Time of supply of goods
* For normal supply: CGST/SGST and IGST on the goods shall be payable at the earliest of the following dates on which:
* Goods are removed for supply to the recipient (for goods required to be removed);
Goods are made available to the recipient (for goods not required to be removed);
Invoice is issued by supplier;
Payment is received by supplier;
Recipient shows receipt of goods in his books of account.
For continuous supply of goods:
Situation
Time of supply
Successive statements of accounts or successive payments are involved
Date of expiry of the period to which such successive statements of accounts or successive payments relate
No successive statements of account
Date of issue of invoice (or any other document)
or
Date of receipt of payment
Whichever is earlier
Fo
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he supplier
Where due date of payment is not ascertainable from the contract
Each such time when the supplier of service-
Receives the payment
or
Issues an invoice
Whichever is earlier
Where the payment is linked to the completion of an event
Time of completion of that event
Supply of services under reverse charge: Time of supply shall be determined in same manner as in case of goods discussed supra.
Understanding Place of supply of goods and/ or services
At first place, the importance of determination of place of supply, lies in identification of nature of supply as 'Inter-State' or 'Intra-State', based on which CGST & SGST/ IGST would be applicable. Similarly, principles of place of supply hold importance for determining imports and exports of goods and/or services, for which one of the condition is that place of supply should be in India (for imports) and out of India (for exports).
Principles for determining place of supply of goods:
Section 5 of the Model IGST
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ce of supply of services are different for B2B and B2C Supplies for certain specified services
The principles of place of supply for services are tabulated hereinbelow for ease understanding:
S. No.
Services
Place of supply of services
1
General Rule
B2B supplies: location of recipient
B2C supplies: location of recipient where address on record exists,
If not, then the location of supplier of services
Specific Rules for identified situations & different treatment for certain B2B and B2C of specified services
1.
Immovable property related services
Location of immovable property
Where property / vessel located in more than one state- proportionate allocation amongst states as per the contract or on reasonable basis
2
Performance based services
Place of actual performance > Specific services covered such as supply of restaurant and catering services, health service etc.- place of performance
Services in relation to training and performance appraisal-
B2B supply: locati
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elecommunication services including data transfer, broadcasting, cable and DTH services, Banking and other financial services, Insurance services, Advertisement services to the Central Government, a State Government, a statutory body or a local authority.
Apparently, there are numerous parameters given under the Model GST Law, for determining 'time of supply' and 'place of supply' for goods &services, which may be a major challenge initially for successful transition.
Watch the video to understand the intricacies of taxable event i.e. Supply under GST along with principles of time of supply and place of supply of goods and/or services.
With the intention of throwing light on key areas under the principles of time of supply and place of supply of goods and/or services under GST, and the related areas to be worked upon under the Draft Model GST Laws – CGST, SGST and IGST, this video presentation made by Mr. Bimal Jain on “Supply, Time of Supply(POT) and Place of Supply for Goods and S
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Input Tax Credit under the GST Law
By: – Sanjeev Singhal
Goods and Services Tax – GST
Dated:- 26-10-2016
Input Tax Credit under GST Law
Before understanding the Input tax credit under GST Law it is essential to understand the changes made in earlier Law i.e. CENVAT under Rule , 2004 to the new law. After giving the due consideration, it is clear from the given table below that except few minor changes, Capital Goods under Rule 2(a) and Section 2(20) are same.
As per Section 2(20) of GST Law
As per 2(a) of CCR 2004
“capital goods” means: –
(A) the following goods, namely:-
(i) all goods falling within Chapter 82, Chapter 84, Chapter 85, Chapter 90, heading 6805, grinding wheels and the like, and parts thereof falling under heading 6804 of the Schedule to this Act;
(ii) pollution control equipment;
(iii) components, spares and accessories of the goods specified at (i) and (ii);
(iv) moulds and dies, jigs and fixtures;
(v) refractories and refractory mater
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cle; or
(iii) imparting motor driving skills;
(D) Components, spares and accessories of motor vehicles which are capital goods for the taxable person.
"capital goods" means:- definition of “capital goods” is amended by notification no. 28/2012 dated 20.6.2012.
(A) the following goods, namely:-
(i) all goods falling under Chapter 82, Chapter 84, Chapter 85, Chapter 90, heading no. 6805, grinding wheels and the like, and parts thereof falling under heading 6804 of the First Schedule to the Excise Tariff Act;
(ii) pollution control equipment;
(iii) components, spares and accessories of the goods specified at (i) and (ii);
(iv) moulds and dies, jigs and fixtures;
(v) refractories and refractory materials;
(vi) tubes and pipes and fittings thereof;
(vii) storage tank; and
(viii) motor vehicles other than those falling under tariff headings 8702, 8703, 8704, 8711 and their chassis but including dumpers and tippers have been inserted w.e.f. 1.7.2012 used-
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tor vehicles which are capital goods for the assessee
After the comparison of both the definition of capital goods and under earlier law and new law it is very clear that both the definition at the most are same except few words here and there but it is copy of definition of Rule 2(a) of CCR,2004.
Capital Good covered in Clause (A)(i)
Chapter 82 : tools hand tools Knives etc
Chapter 84 : machinery
Chapter 85 : Electrical Machinery
Chapter 90 : Measuring, Checking and testing machine
Sub heading 6804 : Grinding wheel and the like and parts thereof
Sub heading 6805 : Abrasive powder or grain on base of textile material, of paper, of paper board, or other material
Description of tariff heading discussed in hereinbefore is given as under.
****
Tariff Heading Type of vehicle
8702 Motor vehicle for the transport of ten or more person, including the driver
of persons (other than those specified in heading 8702) including station wagon and racing cars.
8704 Motor veh
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.
Definition of Input and Input Services under GST Law
Sec. 2(54) “input” means any goods other than capital goods, subject to exceptions as may be provided under this Act or the rules made there under, used or intended to be used by a supplier for making an outward supply in the course or furtherance of business;
Sec.2 (55) “input service” means any service, subject to exceptions as may be provided under this Act or the rules made there under, used or intended to be used by a supplier for making an outward supply in the course or furtherance of business;
Yes, there are drastic changes in the definition of “input” and “Input Services” under GST law than the earlier law.
Now, we will discuss the Input tax provision under the GST Law
How to take input tax credit – Sec. 16
* All RTP [ registered taxable person ] shall take credit of input tax admissible and the said shall be credited to his ECL [ electronic credit ledger ].
* Person who voluntarily get registeredshall be
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constitution of RTP on account of sale, merger, demerger, amalgamation, leased or transfer of business , the unutilised ITC in these cases shall be allowed to transfer to the new unit after the said change of constitution.
* Under the following situation ITC shall not allowed [ Sub Section -9]
* Motor vehicle except when they are used for the following purpose
* > transportation of passenger
* > transportation of goods
* > imparting training on motor driving skill
* Goods and services provided for food and beverage , outdoor catering , beauty treatment, health services, cosmetic and plastic surgery, membership of club , health and fitness centre , life insurance , health insurance, travel benefit extended to employees on vacation, when such goods or services are used primarily for personal use and consumption of employee.
* Goods and services acquired by principal in execution of work contract for when such contract relates to construction of immovable property other than
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f supply of capital goods on which ITC has been claimed , RTP shall pay amount of tax availed on such goods reduced by the percentage point as prescribed or the tax on transaction value of such capital goods which ever is higher.
* RTP shall not allowed to take ITC after the filing of return u/s 27 for the month of September following the end ofFinancial year or filing the Annual Return , whichever is earlier.
* Where credit is taken wrongly shall be recovered as prescribed.
Input Tax Credit in case of Input sent for job work [ Section- 16A]
* Principal as referred in Sec. 43A , shall take the credit of input sent for job work provided the input after job work has been received back within 180 days from the date of sent out. ITC can be claimed even if the goods directly sent to job worker. 180 days shall be computed from the date of receipt of material by Job worker.
* If the input or capital goods have not been received by principal in the period mentioned above, he shall pa
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* ISD can distribute the ITC subject to the following :
* only on prescribed document containing the details as prescribed.
* The amount of credit distributed can not exceed the amount of credit
* ITC can be distributed only to that supplier eligible.
* Can be distributed to attributable supplier. If more than one supplier , it shall be on pro rata based on the turnover of the state, of the relevant period. Supplier should be operational in that relevant period.
Manner of recovery of credit Distributed in excess [ Section-18]
* Where the credit distributed by ISD is more than he credit available , same shall be recovered from ISD along with the interest as per Sec.51 of the Act.
* Where ISD distribute the credit in contravention of Sec.17 and distribute the same in excess of proportion of Supplier as discussed above , shall be recover from Supplier along with interest.
* Explanation of relevant period as per Section -17
* If the recipient has turnover during the proce
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GST : 10 POINT SERIES ON LEVY
By: – Puneet Agrawal
Goods and Services Tax – GST
Dated:- 25-10-2016
LEVY OF GST
* Article 265 of the Constitution of India mandates that no tax shall be levied or collected except by authority of law. Charging section is a must in any taxing statute for the purpose of levy and collection of tax.”
* Article 246A of the Constitution 101st Amendment Act empowers Parliament and the legislature of every state, to make laws with respect to Goods and Services Tax imposed by the Union or by such State.
* Article 269A of the Constitution 101st Amendment Act empowers the Parliament to levy and collect Goods and Services tax on supplies in the course of inter-State trade or Commerce.
* It has been
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s
* of goods and services
* at the rate specified in schedule
* and collected in such manner as may be prescribed.
Thus, in case of intra-state supplies of goods and/ or services following taxes would be imposed simultaneously:
* CGST by Union Parliament; and
* SGST by State Government.
Meaning of intra-State supplies of goods and/ or services is explained in Section 3A of the IGST Act. As per the said section, intra-state supply means a supply where location of the supplier and place of supply are in the same state.
On the other hand Section 4 of the IGST Act is the charging Section for levy of tax (called the Integrated Goods and Services Tax) on all supplies of goods and/ or services, made in the course of Inter-State tra
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GST : 10 POINT SERIES ON COMPULSORY REGISTRATION
By: – Puneet Agrawal
Goods and Services Tax – GST
Dated:- 25-10-2016
Compulsory Registration
1. Schedule III of the CGST Act/ SGST Act list out the person who are compulsorily required to get themselves registered. In the following paras we are analyzing the said list.
2. Every supplier is liable to be registered in the state from where he makes a taxable supply of goods and/or services if his aggregate turnover in a financial year exceeds ₹ 20 lakh (Rs 10 Lakh in case of business in North East India).
3. “Aggregate turnover” means the aggregate value of all :
· taxable supplies, non-taxable supplies, exempt supplies and exports of goods and/or services
· of a person having the same PAN, to be computed on all India basis and excludes taxes, if any, charged under the CGST Act, SGST Act and the IGST Act.
· Aggregate turnover does not include the value of supplies on which tax is levied on re
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to apply for registration. “Not liable to tax” means that the supplies are outside the levy itself. This phrase will not cover the supplies, which are otherwise taxable but declared as exempt by way of schedule or exemption notification issued under Section 10 of SGST Act/ CGST Act.
7. Every person who, on the day immediately preceding appointed day, is registered or holds a license under an earlier law, then he is liable to obtain registration with effect from appointed date. In the draft Act, definition of earlier law is left blank.
8. Where a business carried on by a taxable person registered under this Act is transferred, to another person as a going concern Transferee/Successor is be liable to be registered with effect from the date of such transfer.
9. Following persons are liable obtain registration irrespective of the threshold limit specified above:
– persons making any inter-State taxable supply;
– casual taxable persons (“casual taxable person” means a person who occa
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his brand name or his trade name such as Ola, Airbnb;
– persons who are required to deduct tax under Section 37;
– input service distributor (“ISD”)
10. Once a person is registered, he is required to undertake various compliances such as filing of returns and statements, maintaining of records, etc. as prescribed in the Act.
Reply By Sanjeev Singhal as =
Person who has taxable turnover in two states under same PAN . Is he required to take registration in both the states and he has to file the return , maintain books in both the states. Can he maintain the books on centralized basis and file common return.
Dated: 26-10-2016
Reply By Puneet Agrawal (Athena Law Associates) as =
A supplier of taxable goods/ services is required to obtain registration in the states from which taxable supplies are made. The registrations are PAN based. In case there are two states from where taxable supply is made, registration shall be required at both the places. Similarly, filing of return, main
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GST: 10 POINT SERIES ON REGISTRATION
By: – Puneet Agrawal
Goods and Services Tax – GST
Dated:- 25-10-2016
* In any tax system, registration is a fundamental requirement as it grants unique identity to the business and facilitates undertaking prescribed compliances.
* Provisions related to registration are contained in Chapter-VI of the Central Goods and Services Tax Act (“CGST Act”)/ State Goods and Services Tax Act (“SGST Act”). Even the Integrated Goods and Services Tax Act (“IGST Act”) vide Section 27 borrows the provisions relating to registration as contained in CGST Act.
* A person may apply for registration under following two scenarios:
* Compulsory registration: Schedule III of the CGST Act/ SGST Act prescribe
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ition of earlier law is left blank in the Act. Thus as of now it is not clear that what all acts would be covered within the ambit of earlier law.
Person having multiple business verticals in a State may apply for separate registration for each vertical. However it is not clear that whether the separate registration awarded to different verticals would be treated as separate taxable person for the purpose of composition scheme also.
Tax payer applied for registration would be allotted 15 digits PAN based Goods and Services Tax Identification Number (“GSTIN”). various digits in GSTIN will denote:
State Code
Entity code
*
Check digit
*
In case of failure to obtain registration, without prejudice to other actions, there is a lia
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LIABILITY TO PAY TAX IN CERTAIN CASES – PART-2
By: – Dr. Sanjiv Agarwal
Goods and Services Tax – GST
Dated:- 22-10-2016
Chapter XXII of the Model Law contains Chapter XXII comprising of sections 108 to 115 which deal with liability to pay GST in eight special cases as follows :
Section
Liability
108
Liability in case of transfer of business
109
Liability in case of amalgamation / merger of companies
110
Liability in case of company in liquidation
111
Liability of partners of firm to pay tax
112
Liability of guardians, trustees etc
113
Liability of Court of Wards etc.
114
Special provision regarding liability to pay tax in certain cases (death, discontinued business, hindu undivided family or association of persons, on partition, dissolution of firm, termination of guardianship or trust etc).
115
Liability in other cases (discontinued business of HUF, firm, AOP; change in constitution of firm or AOP etc.)
This part covers sections 110 to 112 of th
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dation, every person appointed by an order of the Court/Tribunal as receiver of any assets of a company (liquidator) shall within thirty days of his appointment, give intimation of his appointment to the Commissioner. Commissioner to notify the liquidator within 3 months from the date on which he receives intimation of the appointment of the liquidator, the amount of tax, interest or penalty which is payable by the company.
While every person who was a director of company during the period of liability, independent directors who are not involved in affairs of the company and are able to prove that non-recovery can not be attributed to gross neglect, misfeasance or breach of duty on their part, may not be liable for recovery from them.
Liability of Partners of the Firm
All the partners of any firm shall jointly and severally liable for payment of any tax, interest or penalty. Firm or partner shall intimate the retirement of any partner to the Commissioner by a notice in writing. Liab
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e business in respect of which any tax is payable is carried on by any guardian / trustee / agent of a minor or other incapacitated person on behalf of and for the benefit of such minor/incapacitated person, the tax, interest or penalty shall be levied upon and recoverable from such guardian or trustee or agent, as the case may be.
Following persons shall liable to pay tax in respect of such business –
* guardian
* trustee
* agent
The amount of the tax, interest, penalty or any other dues which are recoverable from the minor or any such incapacitated person are the amounts –
* levied / assessed in the hands of guardian, trustee or agent.
* collected from the guardian, trustee or agent.
The term 'incapacitated person' is not defined in GST law. It may include persons of unsound mind or terminally ill persons, one who is incapable of or prevented from normal working / functioning.
According to Advanced Law Lexicon, 'incapacitated person' is any person who is
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GST: DISTORTIONS TO BE COUNTER PRODUCTIVE
By: – Dr. Sanjiv Agarwal
Goods and Services Tax – GST
Dated:- 21-10-2016
The three day meeting of GST Council scheduled from 18th to 20th October, 2016 ended in two days only with a resolve to meet again on 3-4 November and then on 9-10 November, 2016 to discuss rate stricture and draft GST law respectively. The winter session of Parliament has already been convened from 16th November, 2016.
As reported in media, there is no major breakthrough in two days meeting except that all agree for the compensation to be made or received but how ? The answer to that 'how' is the pocket of milking cow, i.e., the ultimate tax payer or customer. India is already adopting a GST Model which is distorted because of the federal structure we have. More than that it is because of the stand taken by State Governments to retain taxing powers. Instead of unified single tax, we will have three taxes – CGST, IGST and SGST administered by diff
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evenue loss. It is not understood and is not convincing.
All these leaders ought to stop playing this game and come out with a conceptually clear white paper on GST indicating their intentions. Let the GST be deferred for some time till clarity is there and everyone understands what GST will be imposed on Indian public. The GST Council and the Government can not make fool of taxpayers any more in the garb of compensation to states and GST.
It is now increasingly becoming clear that Government as well as GST Council is not concerned about citizens and tax payers when it comes to GST. It seems that they are not taking this seriously and one point agenda of the so called reform is to increase the tax base and tax revenue.
GST Council is deliberating on four rate GST structure:
* lower slab of 6 % on about 50% consumer basket – including food items
* two stand rates of 12 and 18%
* 26% on white goods and luxury items
Apart from this, there will be three more rates :
* for jewel
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ountable for public spending for taxes too. What are Chambers of Commerce / trade bodies doing ? Simply holding Seminars would not do. Educate yourself, understand and make Government understand what India wants and expects. GST must facilitate growth and development of businesses and the country.
Reply By Ganeshan Kalyani as =
There is need of simple taxing mechanism. Already the compliance part has raised a concern amongst the dealer. A dedicated tax executive will need to be recruited by big corporates where the transactions are voluminous. Over that if the ordered to cater to different taxing authority it will add to the proposed increased compliance.
There was no talk on exempted goods in the meeting, in my knowledge, which again raised a query in dealers mind. What will be impact of the goods that are not taxed now. More clarity is expected on these aspects .
Dated: 21-10-2016
Reply By bhart b sharma as =
a new tax is already bringing 'fear of unknown' in the mind
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LIABILITY TO PAY TAX IN CERTAIN CASES – PART-1
By: – Dr. Sanjiv Agarwal
Goods and Services Tax – GST
Dated:- 20-10-2016
Chapter XXII of the Model Law contains Chapter XXII comprising of sections 108 to 115 which deal with liability to pay GST in eight special cases as follows :
Section
Liability
108
Liability in case of transfer of business
109
Liability in case of amalgamation / merger of companies
110
Liability in case of company in liquidation
111
Liability of partners of firm to pay tax
112
Liability of guardians, trustees etc
113
Liability of Court of Wards etc.
114
Special provision regarding liability to pay tax in certain cases (death, discontinued business, hindu undivided family or association of
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irrespective of :
* Consideration
* Mode and manner of transfer
* Transfer in whole or part
* Determination or not of liability
The only pre-requisite is that such tax liability should have remained unpaid or is determined after such transfer.
The transferee or lessee shall be jointly and severally liable to pay –
* Tax
* Interest
* Penalty
due from or payable by such payable person (transferor)
The transferee may carry on business in his own name or some other name. He shall-
* get his certificate of registration amended appropriately within prescribed time.
* pay GST w.e.f. date of transfer on taxable supply of goods and / or services
Business transfers covered under section 109 would inter alia include –
* Sale,
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supplied or received any goods and/or services to or from each other during the period commencing on the date from which the order takes effect till the date of the order, then such transactions of supply and receipt shall be included in the turnover of supply or receipt of the respective companies and shall be liable to tax accordingly. Thus, till the date of order of merger or amalgamation is pronounced, companies under the scheme shall be treated as distinct companies and shall be liable to discharge respective tax liabilities.
In case of merger and amalgamation, the scheme may fix an 'appointed date' for such merger or amalgamation and the Court / Tribunal order may be on a different date. The actual date of order and effective
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