Composition Levy (Section 10 of CGST Act)
Composition levy is a mechanism available to taxpayers wherein they can choose to pay tax at a fixed percentage on the state turnover.
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Time of supply- Basics
The liability to pay tax on goods, shall arise at the time of supply, as determined using the following provisions,
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Capital gain exemption: Section 54EE
Asset to be transferred: Any long-term capital asset. Asset on which capital gain to be invested: Long-term Specified Asset.
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Capital gain exemption: Section 54GA
Asset to be transferred: Land & Building, Plant & machinery, any right in land and building used for the purpose of business of an industrial undertaking in urban area.
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Capital gain exemption: Section 54 GB
Asset to be transferred: Residential property (land or house). Usage of derived capital gain to claim exemption: Subscription in equity shares of eligible company.
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Capital gain exemption: Section 54 D
Asset to be transferred: Land or building forming part of industrial undertaking. Asset on which capital gain to be invested: Land or building forming part of industrial undertaking.
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Capital gain exemption: Section 54 G
Asset to be transferred: Land & Building, Plant & machinery, any right in land and building used for the purpose of business of an industrial undertaking in urban area.
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Form 15CA and 15CB – Basics
As per Rule 37BB, any person responsible for making payment to a non-resident, shall furnish such information in Form 15CA and Form 15CB.
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E-Way Bill Provisions
It is an electronic way bill (EWB) for the movement of goods from one place to another place without which goods cannot be transported.
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Capital Gain exemption: Section 54 B
Asset to be transferred: Urban agricultural land. Asset on which capital gain to be invested: Agricultural land (Urban or rural).
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