Yesterday (3 December 2015), the Model GST Law submitted by one
of the sub-Committees of the government to all the state Finance
Ministers was made available on certain web portals1.
With the draft law of the much-awaited tax reform now available
(until now only the 122nd Constitutional Amendment Bill was
available in the public domain), it is imperative that businesses
understand key insertions in the law including the intention of the
legislation along with the probable impact on their business
operations.
In this update, we have summarised the key provisions that would
potentially impact businesses:
Taxable event would be 'supply' under
GST: Concepts with regard to taxable events learnt over
the years such as manufacturing, sale, service, etc. would cease to
exist under GST and all supplies would be subject to GST. As
anticipated, the meaning of the term 'supply' is defined in
the provisions and the same would include all forms of supply
(goods/services) such
