Goods and Services Tax – GST – By: – Pradeep Jain – Dated:- 14-12-2016 – As you are aware of the fact that revised draft GST law is published by the Government. Many changes have been made in the revised draft GST law in comparison to earlier draft GST law. If we compare the old draft GST law with the new revised draft GST law then we can study the changes which have been made and their impact on the trade and industry. To start with we are discussing about the definition of supply given under revised GST draft law. The definition of supply given under section 3(a) of draft GST law. The first part of definition of revised GST law is inclusive as well as is similarly worded as given under earlier draft GST law. Further import of service for
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sideration then only it will be covered under GST. Second entry in schedule I is a new entry wherein supply of goods or services to related person without consideration will be termed as supply . Also, if you have separate registration under section 10 then also supply without consideration will be termed as supply . GST provides that every person has to take separate registration in each state. Hence, this entry intends to cover those transaction between separate registration though they are same person. The supply will be without consideration as he is same legal person but since separate registration is taken, hence it will be termed as deemed supply and GST is payable. Further supply between principal and agent and agent and principal w
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