Section 15(1) of CGST Act, 2017 stipulates, the value of a supply of goods or services or both shall be the transaction value, which is the price actually paid or payable for the said supply of goods or services or both where the supplier and the recipient of the supply are not related and the price is the sole consideration for the supply.
The definition of goods is borrowed from Sale of Goods Act, 1930 with the exception that goods under GST includes actionable claim and excludes securities whereas definition under Sale of Goods Act, 1930 includes securities and excludes actionable claims.
There is lot of confusion for tax ability of receipt of services covered under reverse charge prior 30th June 2017 but accounted after 30th June 2017. In such cases, whether Service tax is liable to be paid and taken the credit under the Transitional Provisions and what will be the situation when such invoices are accounted after 30 days of appointed day i.e. 30th July 2017 and paid subsequently.
There are many assessees who are still in the process of migration & many files have not been yet converted at the GST portal as final due to some technical and procedural problems. Also, there are problems in respect of claim of ITC in filing of GST Returns.
Why is everyone so worried about GST compliances in India? Goods and Services tax popularly known as GST worldwide was a dream of every Indian, but its implementation would be in such a haphazard manner was least expected by any one. More than 45 days have gone since it became effective in India, still most of the businessmen are unaware of the procedure, law, provisions and regulations related to GST as laid by the government.
Query 1. What is the HSN code for Mahua Flower and its GST rate? Reply:- Mohua flowers fall under heading 1212 and attract 5% GST. Query 2. What is the HSN code for Sal Leaves which is used for making plates and its GST rate?
In partial modification to this department’s Circular No. 11 of 2017-18 on the subject cited above and in exercise of the powers conferred under Rule 49A of the Delhi Value Added Tax Rules, 2005, I H. Rajesh Prasad, Commissioner, Value Added Tax, do hereby extend the last date of filing of online/hard copy of First quarter return for the year 2017-18, in Form DVAT-16, DVAT-17 and DVAT-48 along with required annexure/enclosures up to 01/09/2017.
Making E-payment of Customs duty mandatory where duty of customs is ten thousands or more and where importers registered under Authorised Economic Operator Programme
It has been provided that the exporter is eligible to claim the higher rate of drawback on the basis of self declaration to be provided by exporter in terms of revised Note and Condition 12A of aforesaid Notification. The format of said self-declaration was provided as per given below format:-
Amendment in Notification No. 131/2016-Customs (N.T.) dated 31.10.2016 relating to AIRs of Duty Drawback on Gold Jewellery, Silver Jewellery and Silver Articles
