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Guide to revised model GST Law December 2016 by Bimal Jain and Isha Bansal

By : CS K. K. Agrawal


• Highlights of changes in Revised Model GST Law for easy understanding 

• Constitutional Amendments and likely date of GST Implementation 

• GST - Need & Necessity, Overview and Model for India 
• Discussion/analysis on Revised Model GST Law along with its comparison with First Model GST Law 

• Analysis of meaning of the terms 'Supply','Goods' and 'Services' in GST. 

• Gist of documents, information, procedure, etc., required for migration of existing registrants in GST 

• Discussion on various domains - intra-state supply and inter-state supply of goods and/or services, principles of place of supply & time of supply, valuation of goods and/or services, GST ITC, taxable person, appeals and revision, offences and penalties, demand and recovery, GST rate, e-commerce operator, etc., along with transitional provisions. 

• Discussion on contentious issues under Revised Model GST Law which requires reconsideration 

• Discussion on flow of input tax credit in GST with illustrations and negative list for GST ITC 

• Discussion on Draft Rules and procedural aspect of GST- Registration, Payment, Invoice, Returns and Refund 

• Impact of GST on business and specifically on manufacturers, traders and service sectors and preparation required for smooth migration 

• Transitional issues under GST along with effective tools for planning. 

• Likely challenges ahead for GST implementation 

• Way forward and Procedural changes in GST 

• Contains complete Revised Model GST Law, ModeI IGST Law and Draft GST Compensation Law along with Draft Rules and Formats on Registration, Payment, Invoice, Returns and Refund as released by the Government

How to order tax books of CS K K Agrawal

By : CS K. K. Agrawal
Dear readers

At first I thank you all for appreciating my book.  We have been getting many queries on how to order tax books of CS K K Agrawal. To help you all we have made this video for you. 

Our tax books are available in both pdf edition and kindle edition.

PDF edition : Print outs can be taken. PDF books can be ordered only through taxbykk.com. Making payment is very easy. Either through paytm or through net banking. Details are given in book section.

Kindle app edition : Prints out cannot be taken. However this book can be very easily read on your mobile phone in your kindle app. Just visit amazon.in or clink this link click for all tax books of CS K K Agrawal. Payment is to be made directly to amazon. When payment is complete the books gets automatically downloaded in your kindle app.

Happy reading. 

Thanks and Regards
CS K K Agrawal

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GST rate structure finalised, GST council fixes rate at 5%, 12%, 18% and 28%

By : CS K. K. Agrawal

GST Rates
28% + Cess
Essential Items (Common use items)

Luxury cars, tobacco, aerated drinks and Demerit goods

Cess + Clean energy cess would create revenue pool for compensating States for any loss of revenue for first 5 years.

Plan and Strategy to clear CA, CS and CMA exam

By : CS K. K. Agrawal

CA, CS or CMA are lengthy courses rather than tough course. To prepare these courses you need to learn, study and memorise almost 5000 pages of informations. Out of these 5000 pages, 400 pages data shall be asked in exam. Now you know it becomes challenging.
I stress you to memorise these pages. All the concepts have reasons. You need to understand that reasons. When you understand that reasons it means that you have understood the concept. Now the next step is to memorise. Memorising means to put the information from temporary memory to permanent memory in such a way that you are able to answer any question relating to that topic in a correct way.
Depending upon your capacity you can memorise one page or more than one page in a single day.. Sometimes it is difficult to memorise even one paragraph. For this it is always better to make your own notes. Notes might carry charts and tables which shall help you collate data for easy understanding and memorising.
When you listen you understand, but when you write, your understanding the concept and chances of easy memorising exceeds many fold.
You can also try to memorise by reading it aloud. When you read it aloud you concentrate more in the readings.
When you are listening lectures keep a separate copy where you write every small points. Professors often make story, charts and tables to make you understand the concept. These story can easily be memorised. You again write that charts and tables so that both work of listening and memorising happens simultaneously.
Most of the students feels that by seeing the questions and its solution you have understood that practical solution but the reality is this that at the time of exam you may not be able to solve it. Therefore for practical questions do solve it in black and white, it will improve your presentation skill also.
Always carry a pocket diary where you can make routine. Your diary should reflect target goals to be achieved and how much you achieve each day. This will help you realise whether your target is achievable or not.
One thing is sure believe in yourself and everything is achievable.

GST to spur overhaul of CA, CS and CMA course syllabus

By : CS K. K. Agrawal

The implementation of the goods and services tax (GST) bill will call for major changes in the CA, CS and CMA syllabus.

GST shall replace following Acts.

  • Service Tax
  • Excise Act
  • Central Sales Tax Act
  • Value Added Tax

In place of 4 Acts one Act will be introduced which is GST. Govt. has notified 1-4-2017 as the date of implementation of GST.

We expect GST to be implemented in CA, CS and CMA exam for following attempts assuming the rule of 6 months gap between implementation and month prior to exam month.


April to October : 7 months gap.

  1. Nov 2017


April to November  : 8 months gap.

  1. Dec 2017

Therefore GST will not be implemented in May 2017 / June 2017 exam.

Let us see the predict the proposed syllabus after implementation of GST.

Old Syllabus (IDT)
New Syllabus (GST)
  • Service Tax
  • Excise Act
  • Central Sales Tax Act
  • Value Added Tax
  • Customs Act 1962
  • GST
  • Customs Act 1962

Old Syllabus
New Syllabus
IDT (50 Marks)
GST (40 Marks)
CA Final
Indirect Tax
IDT (100 Marks)
GST (100 Marks)
CS Executive
Tax Laws and Practice
IDT (30 Marks)
GST (30 Marks)
CS Professional
Advanced Tax Laws and Practice
IDT (70 Marks)
GST (70 Marks)
CMA Inter
Indirect Tax
IDT (100 Marks)
GST (100 Marks)
CMA Final
Indirect Tax
IDT (50 Marks)
GST (100 Marks)
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Tax short news

By : CS K. K. Agrawal

Financial inability to pay pre-deposit is a sufficient cause to seek condonation of delay
Supreme Court
Concept Hydro Pneumatic (P.) Ltd.
v. Commissioner of Central Excise, Bangalore II Commissionerate.
NCLT has jurisdiction to compound offences even if prosecution is pending
Teamasia Semiconductors (India) Ltd
No denial of section. 11 relief merely due to purchase of property by members out of funds belonging to trust.
Kendriya Academy
Vidhyalaya Shiksha Samiti v. Assistant Commissioner of Income-tax

Tax Short News

By : CS K. K. Agrawal

Settlement application can't be rejected just because assessee has accepted dept's view on classification of goods.
Bombay High Court
Under Water Services Company Ltd. v. Union of India
No extension of time-limit under Section 54F in absence of genuine hardship
Punjab and Haryana High Court
Shivinder Singh Brar, Karta HUF v. Central Board of Direct Taxes
Adjustment should be made for increase in cost of materials if assessee has fixed price contract with AE
Income Tax Appellate Tribunal - Ahmedabad
Assistant Commissioner of Income-tax (OSD) , Circle-8, Ahmedabad v.Summit (India) Water Treatment & Services Ltd.

First Case

According to the Petitioners, the Barge having been classified in CTH 89011040, no duty should have been paid on whole of the Barge including the equipment thereof by virtue of they being covered under Item No. 352 of Notification No. 21/2002.

Third Case

And the Cross Objection of the assessee reads as under:-

The learned CIT(A) has erred in confirming the transfer pricing adjustment to the extent of Rs. 21,44,692/- under section 92CA on the ground that:

  1. The calculation of Profit Level Indicator [PLI] made by the assessee company is not correct;
  2. Iron (Exchange) India Ltd. has not been accepted as a comparable company for the purpose of bench marking the margins since the company is in the business of water treatment plant and not in the water treatment chemicals. In as much as:
  3. The Unit of the assessee company is situated in SEZ and hence entitled for benefits under Section 10A and hence the transfer pricing provisions are not applicable;
  4. The AO has ignored the margins made by the AE in US while making an adjustment.
  5. Iron (Exchange) India Ltd. is having the business of water treatment chemicals and plants and that it is directly comparable with the business of the assessee company. This company was accepted as comparable during earlier years.

Extension of CMA / ICWAI Examination for two more terms under syllabus 2012

By : CS K. K. Agrawal

Sub: Extension of Examination for two more terms under syllabus 2012

It may be noted that examinations under the new syllabus 2016 will commence from June 2017. For the convenience of the students in regard to smooth switch over to the new syllabus, the Council of The Institute of Cost Accountants of India at its 302nd Meeting held on 19.09.2016 has decided to extend the applicability of Syllabus 2012 for another two terms. Hence the Examination under the syllabus 2012 will be conducted for further two terms i.e. June 2017 & December 2017 term of examinations.

(Kaushik Banerjee)

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