Changes in the Revised GST Law compared to the Draft GST Laws – Common Points

  • Securities will be excluded from levy of GST.
  • Supplies made to SEZ units will be treated as Zero Rated Supplies.
  • Temporary application of business assets or services to private use will not attract GST.
  • Nontaxable supplies have been removed from the definition of Aggregate Turnover.
  • Subsidies provided by central government or state government will now not form part of Transaction Value.
  • CG/SG may mandate certain persons to deduct tax from payments made to suppliers where total value of supply, under a contract, exceeds Rs. 5 lakhs. (Earlier it was Rs. 10 Lakhs)
  • Definition of Taxable person has been amended to provide that every person registered or liable to be registered shall be a taxable person. Accordingly, every registered person (including branches of same person) in every state shall be a different taxable person.