Goods and Services Tax – GST – By: – Pradeep Jain – Dated:- 14-12-2016 – DAILY DOSE OF GST UPDATE BY CA PRADEEP JAIN:- CHANGES MADE IN SCHEDULE-II OF REVISED GST LAW:- Continuing the series of updates on the revised GST draft law, we had discussed on changes made in schedule I after amendments in the definition of Supply and the consequences of the same. Today we will discuss the changes in schedule II and implications of the same. Schedule II prescribes such transactions which will be deemed to be supply of goods and services. There is not much change in this schedule. But it is worth noting that as per our previous discussion on supply and schedule I, the transactions without consideration have been removed from the list. But the schedul
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etained will also be termed as supply and GST was payable on the same. In the revised draft, this entry was removed from the schedule I due to which it seemed that no GST shall be payable on it. But again this entry has been retained in the schedule II resulting in taxability on this transaction. The entry 4(c) states that if a person ceases to be a taxable person, then retention of business assets will be termed as supply. This rule will be subject to the fact that the business is transferred as a going concern or a personal representative runs the business. In remaining all cases, such retention will be supply and GST will be payable on the same. Another change made in the schedule II is that entry 4(3) of the previous draft has been dele
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