Definition of business under GST

2(17) Business: the new definition reads as follows: “Business includes – (a) Any trade, commerce, manufacture, profession, vocation or any other similar activity, whether or not it is for a pecuniary benefit; (b) Any activity or transaction in connection with or incidental or ancillary to (a) … [Read more...]

Audit under GST

Chapter XVI – Audit The chapter states the provision relating to the audit to be undertaken by the GST authorities. It prescribes the rights and obligation of the GST authorities in the event of conducting an audit. Not much is proposed in the revised draft law. One change that has been proposed … [Read more...]

Transitional Provisions-Part-XII

Transitional provisions for availing Cenvat credit in certain cases This provision has been added to as to provide for treatment of such cenvat which was reversed before the appointed day due to non-payment of consideration within a period of 3 months. This provision states that in such … [Read more...]

Transitional Provisions-Part-XI

Taxability of supply of services in certain cases This is a newly added section to provide for taxation for such instances of service provision where the point of taxation was occurring before the appointed day. It states that in cases where the point of taxation lies before the appointed day … [Read more...]

Transitional Provisions-Part-X

SECTION 182 CLAIM OF CENVAT CREDIT TO BE DISPOSED OF UNDER THE EARLIER LAW It is provided in sub-section (1) that every proceeding of appeal, revision, review or reference relating to a claim for CENVAT credit initiated whether before, on or after the appointed day, under the earlier law shall be … [Read more...]

Transitional Provisions-Part-IX

Pending refund claims to be disposed of under earlier law. This section provides for the treatment of such refund claims which have been filed before the appointed day in respect of any tax, amount of cenvat credit, duty, tax or interest paid before the appointed day. It provides that all such … [Read more...]