PART I--GST BASICS CONCEPTS

1.

Overview of GST

What is Goods and Services Tax?

Central taxes subsumed within GST

State taxes subsumed within GST

Taxes and levies not subsumed within GST

Goods not chargeable to GST

Structure of GST regime

Taxable event

IGST is leviable on inter-State supplies of goods or services

Goods--Meaning

Actionable claim--Meaning and scope

Services--Meaning

Money is regarded neither goods nor service

--Money--Definition

--Illustrations of transaction in money

--Investment of funds is a transaction in money

--Sale, purchase, acquisition or assignment of secured debt are transactions in money

--Service by way of remittance of foreign currency in India from overseas

Activities not constituting transaction in money

--Activity relating to use of money or its conversion

--Making of draft or pay order by bank

--Debt collection services or credit control service

Securities are regarded neither as goods nor service

--Meaning of securities

--Implications of inclusion of 'securities' in definition of goods

--Priority Sector Lending Certificates are not securities

--Buying or selling of mutual funds or debentures is transaction in securities

--Taxability of entry and exit load charged by mutual funds

--Fund management activity by AMC

--Securities include derivatives

--Transactions in interest rate swaps and foreign exchange swaps

Transactions in repos and reverse repos

--Meaning of repos

--Meaning of reverse repos

--Taxability of repos and reverse repos

Subscription to or trading in Commercial Paper (CP) or Certificates of Deposit (CD)

--What are CPs or CDs?

--Taxability of subscription to or trading in CPs or CDs

--Service charges or service fees is taxable

Forward contracts in commodities and currencies

--Nature of forward contracts

--Taxability of forward contracts

--Service charges or service fees are taxable

Future contracts

Inter-State supply

Supply of goods in the course of inter-State trade or commerce

Supply of goods imported into territory of India

Supply of services in the course of inter-State trade or commerce

Location of recipient of services

Location of supplier of services

Fixed establishment

Inter-state movement of various modes of conveyance, carrying goods or passengers for repairs and maintenance--Taxability of

Supply of goods or services outside India

Supplies in territorial waters

Classification of goods and services

Import of goods or services

Export of goods or services

Services provided to SEZ developer of SEZ unit

Rates of GST

Input tax credit

2.

Levy and Collection of Tax

Power to levy GST

Legislative scheme of levy of GST

Levy of Central Goods and Services Tax

Rates of Central Goods and Services Tax

Levy of State Goods and Services Tax

Levy of Union Territory Goods and Services Tax

Levy of Integrated Goods and Services Tax

Taxable event under GST regimes

Taxability of supplies made without consideration

Giving away essential commodities by a charitable institution--Taxability

Tax is payable by a taxable person

Person--Meaning

Person having more than one registration--Effect of

Different establishments of a person

Levy of tax on reverse charge basis under section 9(3)

Levy of tax on reverse charge basis under section 9(4) [Position upto 31-1-2019]

Levy of tax on reverse charge basis under section 9(4) [Position w.e.f. 1-2-2019]

3.

Meaning and Scope of Supply

Taxable event under GST

Services--Meaning

Meaning and scope of supply

Import of services for any purpose is regarded as supply

Import of goods is not supply under GST