INTRODUCTION
GST was introduced w.e.f the midnight of 1st July 2017 in India on the supply of goods & services. Under the GST regime, various indirect taxes were subsumed, thus eliminating cascading effect of taxes. This led to the “One Nation One Tax” concept.
GST was introduced as divided into various tax slabs for collection of tax- 0%, 5%, 12%, 18%, 28% based on the type of goods or services.
While most of the goods and services are covered under the GST regime, certain goods & services are exempted from GST (those covered under exemptions).
ELECTRICITY - A GOOD OR A SERVICE?
A customer’s electric meter measures the amount of electricity sent from the electricity provider and consumed by the consumer. So, electricity can be termed as “goods”, it being ‘moved electricity’ being used to generate the customer’s bill. [Under the Uniform Commercial Code (UCC), “goods” means all things which are movable at the time of identification to the contract for sale]
On the other hand, it can be argued that if electricity exists in a high voltage transmission line, then electricity will notbe “goods” as per the UCC.
The Hedger Court focussed more on the existence of atransaction as opposed to the characteristics of electricity.
APPLICABILITY OF GST ON ELECTRICITY
As per Notification 12/2017-Central Tax (Rate), the Central Government has exempted the intra state supply of certain services. Similar exemption has been provided under Section 6 of the IGST Act, 2017 vide entry no. 26 of Notification No. 9/2017-Integrated (Rate) dated 28.06.2017.
This story is from the July 2020 edition of The Management Accountant.
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This story is from the July 2020 edition of The Management Accountant.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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Abstract Small businesses are the backbone of any economy. Micro, small and medium enterprises provide employment and economic opportunities to millions of Indians. The growth of MSME will bring the underprivileged to a good position in the economy. Instead of making the rich richer, overall growth will make a prosperous India.
Government Procurement From MSME's The Present & The Future
Abstract The MSMEs in India are considered to be the real engines of growth for the economy and their healthy participation in Government Procurement will have its own beneficial spin offs to the society. Government is doing a lot to encourage them but still some more things will empower these lilliputs to become economic giants and contribute in nation building.
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REVIVAL OF MSMEs (POST COVID-19) STRATEGY OF CMAs
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Abstract We live in the world which is rapidly changing due to technological advancements. The technological advancements lead to fourth industry revolution which is known as “Industry 4.0”. This digital revolution is changing the business models of all manufacturing & service industries whether it is large, small or medium. The need of adopting latest and modern technology is realised not only for large scale industries even small and medium size industries to compete in global market.
