Goods and Services Tax – GST – By: – Pradeep Jain – Dated:- 25-1-2017 Last Replied Date:- 25-1-2017 – DAILY DOSE OF GST UPDATE BY CA PRADEEP JAIN Definition of Turnover in a State and Zero rated supply Taking further to our discussion, we are continuing our discussion the definitions given under Section 2 of revised GST law and comparing the same with old model GST law to know the changes made in revised law:- 2(107): Turnover in a State: The new definition reads as follows: Turnover in a State means the aggregate value of all taxable supplies, exempt supplies, exports of goods and / or services made within a State by a taxable person and inter-state supplies of goods and / or services made from the State by the said taxable person excludi
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
ng for composition levy, while calculating the limit of 50 lakhs as turnover in a state won t have to include such non taxable supplies giving the benefit of additional margin of turnover. Also the Input service distributors, while calculating the ratio of the units where the cenvat has to be distributed, won t have to include the value of non taxable supplies to the total turnover. But there is definition of exempt service given under Section 2(44) which reads as follows:- exempt supply means supply of any goods and/or services which are not taxable under this Act and includes such supply of goods and/or services which attract nil rate of tax or which may be exempt from tax under section 11 Thus, the definition of exempt supply include the
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =
on 15 of the IGST Act 2016 In the IGST act it is defined as any of the following taxable supply of goods and/or services, namely – (a) export of goods and/or services; or (b) supply of goods and/or services to a SEZ developer or an SEZ unit First of all it should be noted that reference is given that of section 15 whereas it should have been section 16. There seems to be a clerical error. Further if compared to the old definition, it can be noted that supply to SEZ unit or developer have been included in the scope of zero rated supplies. Also the old definition had the condition that cenvat shall be allowed against zero rated supply which is now been given in the form of section 16(2). There is no mention of the EOU or export through mercha
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =