As per Section 54(3) of the CGST Act, 2017, a registered person may claim a refund of unutilized input tax credit on account of Inverted Duty Structure (Rate of tax on Inputs > Rate of tax on Outputs & Output services) at the end of any tax period. A tax period is a period for which return is required to be furnished. Thus, a taxpayer can claim the refund of unutilized ITC on monthly basis.
Since the liability of GST is determined based on the supply, the place of supply under GST is necessary to be determined to conclude on the nature of supply, whether a transaction is an Intra state supply or an Interstate supply. The place of supply is determined as per Section 10 of IGST Act, discussed […]
As per Section 7 of CGST Act, the term ‘Supply’ includes: All forms of supply including any sale, transfer, barter, exchange, license, rental, lease or disposal of goods or services or both The transaction is in the course or furtherance of business The transaction is for a consideration Import of services whether or not in […]
Article discusses 1. What is GST? 2. Who is Tax Deductor under GST? 3. TDS under GST 4. Value of Supply for Tax Deduction under GST 5. Tax Deduction under GST from the Bill of Works Contractor 6. Deduction of Tax in Transitional Stage from VAT to GST 7. Registration of Tax Deductor at Source under GST 8. Essential Documents Required for Registration of Tax Deductor at Source under GST
