Article 5 General Agreement Meaning
b) Members who are parties to an agreement under paragraph 1, which is implemented on a timetable, regularly report to the Services Trade Council on its implementation. The Council may set up a working group to review these reports if it believes that such a working group is necessary. Since the transfer under the agreement is the sale of a business as a whole, it cannot be explicitly equated with the sale of personal property or real estate. The IS Act and the state stamp laws do not contain specific provisions regarding the collection of taxes on a transfer agreement of „transactions“ as such. It is therefore imperative that each asset proposed to be transferred to the purchaser be identified individually as mobile or immobile for stamp duty purposes. The collection of stamp duty depends on the state in which the agreement is executed. For clarity, we should examine the impact of stamp duty on a BTA under central legislation and some national legislation. 3. Where a member believes that a benefit that he could reasonably have obtained under a specific commitment of another member pursuant to Part III of this agreement is nullified or compromised because of the application of a measure that is not contrary to the provisions of this agreement, he may sit on the DSU.
If the measure is declared invalid or affected by the DSB, the member concerned is entitled to a satisfactory correction for both parties on the basis of Article XXI, paragraph 2, which may include the modification or withdrawal of the measure. In the absence of agreement between the members concerned, Article 22 of the DSU applies. Section 25 of the BS Act imposes stamp duty, which must be paid on a deed of transport relating to personal property and/or buildings. However, the BS Act expressly provides that when an agreement to sell a property results in the transfer of ownership of that property before or after the execution, the same applies as a right of transport and stamp duty. The BS act also provides an exception in the event that the „sale agreement“ is considered transport. When the BTA itself transfers the property and real estate that make up the business, which results in the document being duly stamped as transport in accordance with Section 25 of the BS Act, the stamp duty paid on that agreement is appropriate for the total stamp duty levied on the deed of transport. 2. (a) At the request of a member whose benefits under this agreement (designated by this article as a relevant member) may be affected by a notified amendment or withdrawal under paragraph 1, item b), the changing member enters into negotiations to reach agreement on a possible necessary compensatory adjustment. In these negotiations and agreements, the members concerned strive to maintain a general level of mutually beneficial commitments, which are no less favourable to trade than those provided in the list plans for specific commitments prior to these negotiations.
The KS Act departs from the BS and IS law, taking into account the specific provisions relating to the transfer of property and real estate within the meaning of Article 5 of the KS Act. Art. 5 E-Buchstabe e KS-Gesetz imposes stamp duty levied on an agreement to sell land with partial execution of the contractual contract. When the property is delivered or agreed before the transport is carried out, the prescribed stamp duty is in accordance with the section 20 obligation with respect to a deed of transport. Like the BS Act, the KS Act also provides a basis for calculating stamp duty on the tax paid on the transport record. If ownership of the property is not delivered, the responsibility for the stamp is limited to these agreements at twenty thousand INR.