SAHAKARSUTRA

*Legal heir or nominee*: *Who will inherit your assets?* *Is it enough to appoint nominees for your assets or do you still need to make a will?* *Is it enough to appoint nominees for your assets or do you still need to make a will?* “The moment you make your first asset, you should do a nomination so that upon your death somebody receives that asset and it doesn’t get into regulatory requirements. But you have to have a will because based on the will, your assets will be distributed,” he explains. According to law, a nominee is a trustee and not the owner of the assets. In other words, he is only a caretaker of your assets. The nominee will only hold your asset as a trustee and will be legally bound to transfer it to the legal heirs. For most investments, a legal heir is entitled to the assets of the deceased. A legal heir will be the one whose is mentioned in the will. However, if a will is not made, then the legal heirs of the assets are decided according to the succession ...

📌*15 things you should know about Model GST Law* On June 14, 2016 the Finance Ministry has released the *'Model GST Law'*. It outlines the structure of the GST regime. Further, the draft of 'Integrated GST Bill, 2016' is also released along with such Model GST laws. It also provides the framework for levy and collection of CGST and SGST. "CGST" is the tax levied under the Central Goods and Services Tax Bill, 2016. "IGST" is the tax levied under the Integrated Goods and Services Tax Bill, 2016. *Key takeaways from Model GST law are given hereunder:* *1) Threshold limit for registration* The dealer is required to take registration under this law if his aggregate turnover in a financial year exceeds Rs.9 lakhs. However, dealers conducting business in any North Eastern State are required to take registration if their turnover exceeds Rs.4 lakhs. *2) Place of registration* The dealer has to take registration in the State from where taxable go...