Negative List under GST Regime – Schedule III of the CGST Act 2017
Negative List under GST Regime – Schedule III of the CGST Act 2017: Schedule III in the CGST Act is akin to the negative list under the service tax regime. This Schedule specifies transactions/ activities which shall be neither treated as supply of goods nor a supply of services. Now check list Activities or Transactions Which Shall Be Treated Neither as A Supply of Goods Nor A Supply 0f Services or Negative List of goods & Services under GST Act 2017..
Goods and Services Tax would have seen the light of the day in our country. July 1, 2017 is going to be etched in the annals of the fiscal history of our country as the month of the genesis of GST, the most pathbreaking and radical tax reform in the Indian economy.
Schedule III: Activities or transactions which shall be treated neither as a supply of goods nor a supply of services
- Services by employee to employer in the course/ relation to employment, Services of funeral, burial, crematorium or mortuary, sale of land, sale of completed buildings, actionable claims (other than lottery, betting and gambling), services by any court or Tribunal, the functions performed by the Members of Parliament, etc.
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Negative List under GST – Schedule III of the CGST Act
- 1. Services by an employee to the employer in the course of or in relation to his employment.
- 2. Services by any Court or Tribunal established under any law for the time being in force.
- 3. Functions performed by the MPs, MLAs, Members of municipality and Member of other local authorities.
- 4. Duties performed by any person who holds any constitutional post.
- 5. Duties performed by any person as a Chairperson or a Member or a Director in a body established by the Central Government or a State Government or local authority and who is not deemed as an employee before the commencement of this clause.
- 6. Services of funeral, burial, crematorium or mortuary including transportation of the deceased.
- 7. Sale of land and sale of building where entire consideration has been received after issuance of completion certificate.
- 8. Actionable claims other than lottery, betting and gambling.
GST Rates 2017 by item wise at One Place in PDF & Articles Format
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