Daily dose of GST updation by CA Pradeep Jain
By: – Pradeep Jain
Goods and Services Tax – GST
Dated:- 22-12-2016<\/p>\n
DAILY DOSE OF GST UPDATE BY CA PRADEEP JAIN
\nDEFINITION OF CAPITAL GOODS UNDER REVISED GST LAW:-
\nThe definition of capital goods has undergone a substantial change in the revised GST Law. The definition of capital goods under revised GST Law is given under section 2(19) which states that capital goods means goods, the value of which is capitalised in the books of accounts of the person claiming the credit and which are used or intended to be used in the course or furtherance of business.
\nAs contrast to the above definition, the definition of capital goods under earlier GST law was similar to that given under Ce<\/p>\n
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Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n goods but are not capitalised will have effect in following situations:- = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" Daily dose of GST updation by CA Pradeep JainBy: – Pradeep JainGoods and Services Tax – GSTDated:- 22-12-2016 DAILY DOSE OF GST UPDATE BY CA PRADEEP JAIN DEFINITION OF CAPITAL GOODS UNDER REVISED GST LAW:- The definition of capital goods has undergone a substantial change in the revised GST Law. The definition of capital goods … Continue reading “Daily dose of GST updation by CA Pradeep Jain”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-2040","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/2040","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2040"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/2040\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2040"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2040"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2040"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\n\tThe provisions regarding payment of amount on supply of used capital goods will not apply for such goods. In case of supply of capital goods or plant and machinery on which input tax credit has been taken, the registered taxable person shall pay an amount equal to the input tax credit taken on the said capital goods or plant and machinery reduced by percentage points as prescribed or transaction value of capital goods whichever is higher.
\n\tThere is different time period specified for job work of inputs and capital goods. In case of job work of inputs, the time limit for receipt of goods by the principal is specified as one year while in case of job work of capital g<\/p>\n
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