Page 36 - DHC Budget Book 2021-22 Final

INDIRECT TAX
at a glance
Section 2
BUDGET SNAPSHOT
34
INDIA BUDGET 2021-22
Building a Resilient and Confident India
Goods and Services Tax
Amendments proposed in the Central Goods & Services Tax Act, 2017 (CGST Act) and Integrated Goods & Services Tax Act, 2017 (IGST Act) (Effective date to be notified coinciding with amendments in SGST Acts.)
— Amendments relating to the definition of Supply (retrospectively w.e.f. 01-07-2017)
ƒ A person and its members or constituents
to be deemed as two separate persons and the activities or transactions, by a person, other than an individual, to its members or constituents or vice-versa, for a consideration to be considered as supply. [Sec. 7(1)(aa)]