Home / Goods and Service Tax / Comparison Between Revised and Old Draft GST Model

Comparison Between Revised and Old Draft GST Model

Comparison Between Revised and Old Draft GST Model. Highlights of revised model GST law Nov 2016. Key points of changes in New Model GST Law 2016. Difference between New and Old Model GST Law. In this article we provide complete compression between old and new draft model gst law. Now scroll down below n check more details about Comparison Between Revised and Old Draft GST Model

Comparison Between Revised and Old Draft GST Model

Key PointDraft Model GST LawRevised Draft Model GST Law
Month  of ReleaseJun.16Nov.16
Prepared byEmpowered Committee of State Finance MinistersGST Council Secretariat
Meaning of Taxable PersonsSection 9 : Taxable Person means a person who carries on any business at any place in India /State of          and who is registered or required to be registered under Schedule III of this Act:

Provided that an agriculturist shall not be considered as a taxable person.

“section 10 –

(1) Taxable Person means a person who is registered or liable to be registered under Schedule V of this Act.

(2) A person who has obtained or is required to obtain more than one registration,whether in one State or more than one State, shall, in respect of each such registration, be treated as distinct persons for the purposes of this Act.

(3)    An establishment of a person who has obtained or is required to obtain registration in a State, and any of his other establishments in another State shall be treated as establishments of distinct persons for the purposes of this Act.

Limit for GST registration of Taxable PersonEvery supplier shall be liable to be registered under this Act in the State from where he makes a taxable supply of goods and/or services if his aggregate turnover in a financial year exceeds Rs nine lakh .

 [Schedule III ]

Every supplier shall be liable to be registered under this Act in the State from where he makes a taxable supply of goods and/or services if his aggregate turnover in a financial year exceeds twenty lakh rupees:

 [Schedule V]

Limit for GST registration of Taxable Person of Special Category States:-Threshold for Registration 4 lacs will apply only if a taxable person conducts his business in any of the North Eastern States i.e in Arunachal Pradesh, Assam, Meghalaya, Manipur, Mizoram, Nagaland and Tripura and Sikkim.

[Schedule III ]
where person makes taxable supplies of goods and/or services from any of the States specified in sub-clause (g) of clause (4) of Article 279A of the Constitution ( i.e Arunachal Pradesh, Assam, Jammu and Kashmir, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura, Himachal Pradesh and Uttarakhand ) he shall be liable to be registered if his aggregate turnover in a financial year exceeds ten lakh rupees.

(Other than Special Category States) Special Category States:-

Every supplier shall be liable to be registered under this

Act in the State from where he makes a taxable supply of goods and/or services if his aggregate turnover in a financial year exceeds ten lakh rupees:

[Schedule V]
Turnover Meaning“Aggregate turnover” means the aggregate value of all taxable and non-taxable supplies, exempt supplies and exports of goods and/or services of a person having the same PAN, to be computed on all India basis and excludes taxes, if any, charged under the CGST Act, SGST Act and the IGST Act, as the case may be;

 Explanation.- Aggregate turnover does not include the value of supplies on which tax is levied on reverse charge basis and the value of inward supplies. [section 2(6)]

The aggregate turnover shall include all supplies made by the taxable person, whether on his own account or made on behalf of all his principals.

Explantion-1 Schedule III]

Aggregate turnover” means the aggregate value of all taxable supplies, exempt supplies, exports of goods and/or services and inter-State supplies of a person having the same PAN, to be computed on all India basis and excludes taxes, if any, charged under the CGST Act, SGST Act and the IGST Act, as the case may be;

 Explanation.- Aggregate turnover does not include the value of inward supplies on which tax is payable by a person on reverse charge basis under sub-section (3) of Section 8 and the value of inward supplies. [section 2(6)]

The aggregate turnover shall include all supplies made by the taxable person, whether on his own account or made on behalf of all his principals. [Explantion-1 Schedule V]

 

 

 

Adjudicating authority

“adjudicating authority” means any authority competent to pass any order or decision under this Act, but does not include the Board, the First Appellate Authority and the Appellate Tribunal; [Section 2(4) ]“adjudicating authority” means any authority competent to pass any order or decision under this Act, but does not include the Board, the Revisional Authority, Authority for Advance Ruling, Appellate Authority for Advance Ruling, the First Appellate Authority and the Appellate Tribunal; [Section 2(4) ]
Agent“agent” means a person who carries on the business of supply or receipt of goods and/or services on behalf of another, whether disclosed or not and includes a factor, broker, commission agent, arhatia, del credere agent, intermediary or an auctioneer or any other mercantile agent, by whatever name called, and whether of the same description as hereinbefore mentioned or not;

[Section 2(5) ]
“agent” means a person, including a factor, broker, commission agent, arhatia, del credere agent, an auctioneer or any other mercantile agent, by whatevername called, who carries on the business of supply or receipt of goods or services on behalf of another, whether disclosed or not;

[Section 2(5) ]
Key PointDraft Model GST LawRevised Draft Model GST Law
Business“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 transaction in connection with or incidental or ancillary to (a) above;

(c) any transaction in the nature of (a) above, whether or not there is volume, frequency, continuity or regularity of such transaction;

(d) supply or acquisition of goods including capital assets and services in connection with commencement or closure of business;

(e) provision by a club, association, society, or any such body (for a subscription or any other consideration) of the facilities or benefits to its members, as the case may be;

(f) admission, for a consideration, of persons to any premises; and

(g) services supplied by a person as the holder of an office which has been accepted by him in the course or furtherance of his trade, profession or vocation;

[section 2(17)]
(17) “business” includes –

(a) any trade, commerce, manufacture, profession, vocation, adventure, wager 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) above;

(c) any activity or transaction in the nature of (a) above, whether or not there is volume, frequency, continuity or regularity of such transaction;

(d) supply or acquisition of goods including capital assets and services in connection with commencement or closure of business;

(e) provision by a club, association, society, or any such body (for a subscription or any other consideration) of the facilities or benefits to its members, as the case may be;

(f) admission, for a consideration, of persons to any premises; and

(g) services supplied by a person as the holder of an office which has been accepted by him in the course or furtherance of his trade, profession or vocation;

(h) services provided by a race club by way of totalisator or a licence to book maker in such club;

Explanation.- Any activity or transaction undertaken by the Central Government, a State Government or any local authority in which they are engaged as public

Business Vertical“business vertical” shall have the meaning assigned to a ‘business segment’ in Accounting “tandard 17 issued by the Institute of Chartered Accountants of India;

[section 2(18)]
“business vertical” means a distinguishable component of an enterprise that is engaged in supplying an individual product or service or a group of related products or services and that is subject to risks and returns that are different from those of other business verticals;

Explanation: Factors that should be considered in determining whether products or services are related include:

(a) the nature of the products or services;

(b) the nature of the production processes;

(c) the type or class of customers for the products or services;

(d) the methods used to distribute the products or provide the services; and

(e) if applicable, the nature of the regulatory environment, for example, banking, insurance, or public utilities.

[section 2(18)]

Compression Between New and Old Model GST Law is Very Long so we up0load this Compression file in PDF Format, Please Download below Compression File and Check Full Difference between Revised and Old Model GST Law.

Click Here to Download Compression File

http://files.caknowledge.in/download/comparison-new-old-draft-gst-model/ 

Recommended Articles

Leave a Reply

Your email address will not be published. Required fields are marked *