With the passage of 122nd Constitutional Amendment Bill as One Hundred and First Amendment Act, 2016 in both the houses of Parliament by full majority and the release of Draft GST Model in June 2016 by the Empowered Committee of State Finance Ministers, it is expected that the GST will be in force very soon.
The Team DYKS has been analyzing the Draft GST Model deeply and initiated a Series of Articles on the issues emerging from the analysis.
Goods and Services Tax whether in the form of CGST, SGST or IGST will be levied on the “supply” of goods or/and services. Supply is defined in the Section 3 of the Draft Model Act which will also include a supply as mentioned in Schedule I even without consideration.
We have come up with an Article to analyse two transactions which are mentioned in the Schedule I i.e.
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Permanent transfer/ disposal of business assets
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Temporary application of business assets to a private or non- business use.
