In order to calculate and discharge tax liability it is important to know the date when the tax liability arises i.e. the date on which the charging event has occurred. In GST law, it is known as Time of Supply.
Under GST, a composite supply would mean a supply made by a taxable person to a recipient consisting of two or more taxable supplies of goods or services or both, or any combination thereof, which are naturally bundled and supplied in conjunction with each other in the ordinary course of business, one of which is a principal supply;
The taxable event in GST is supply of goods or services or both. Various taxable events like manufacture, sale, rendering of service, purchase, entry into a territory of state etc. have been done away with in favour of just one event i.e. supply.
The stipulated date for filing GST TRAN 1 or its revision has expired on 27.12.2017. Central Board of Excise & Customs (CBEC) is determined to verify the correctness of ITC carried forward. GST Act provides that the ITC eligible in earlier law as well as in GST law should only be carry forwarded. In Rajasthan […]
ICAI has come up with a publication titled Background Material on Exempted Services under GST which inter-alia provides the type of exemptions, legal framework and in-depth analysis of exemption of services under GST.
These GST Flyers have now been updated as on 1st January, 2018, in view of the significant developments since the time they were released. NACIN is now coming out with this compilation containing all the 51 Flyers released till date for ease of reference. This compilation will continue to spread awareness of GST not only among the Tax officers and taxpayers but also people at large.
A new name reservation service is being developed and is likely to be deployed on 26th January, 2018. Therefore w.e.f. 00:00 hours of 06-01- 2018, INC-1 will not be available on the MCA Portal. Stakeholders are advised to submit INC-1 application till 23:59 hours of 05-01-2018. Stakeholders who reserved names using INC-1 are requested to […]
Section 206C(1C) of the Act only obliges a person to collect tax from its agents/licensee who collects a toll on its behalf. The obligation to collect tax under Section 206C(1C) of the Act cannot be extended to collection of octroi.
To make sure the un-intended assumptions of not said, the CBEC has issued a list of clarification for certain industry such as Accommodation services, betting and gambling in casinos, horse racing, admission to cinema, home stays etc.
1. Time limit for filing GSTR-1 for small taxpayers on Quarterly basis i.e. Turnover upto Rs. 1.5 Cr in preceding F.Y. or in the current F.Y. has been extended vide Notification No. 71/2017– Central Tax dated December 29, 2017.
