1. The concept of Input Service Distributor (ISD) has its roots in the service tax regime. The Head office of an organization obtains services that are common for all the company’s units located across the country. The supplier of such services issues an invoice in the name of the company’s head office. These services are […]
1. Section 19 of CGST Act prescribes the provisions relating to taking input tax credit in respect of inputs sent for job work. The procedure for removal of goods for job work without payment of tax is prescribed under section 143 of the CGST Act. Rule 45 of CGST Rules specifies conditions and restrictions in […]
1. Section 18 of the CGST Act is applicable for Input Tax Credit ( ITC) availability to a taxable person who becomes liable to pay GST at a later stage. The liability to pay GST at a later stage may arise due to the following reasons:- (a) Turnover exceeds the limit from the prescribed limit […]
GST SERIES PART 10 –APPORTIONMENT OF CREDIT AND BLOCKED CREDITS UNDER SEC 17 OF CGST ACT 1. Sec 17 of CGST Act 2017 and CGST Rules made thereunder provide for detailed provisions on Apportioned of Credit and Blocked Credits. It deals with the different situations that may arise for making admissible partial credits, a list […]
GST Series Part 9 – Eligibility & Conditions for taking Input Tax Credit (ITC) under Section 16 of CGST Act, 2017 Section 16 is one of the most important sections for the Input Tax Credit (ITC) it provides the ITC eligibility and conditions for smooth sailing of business. It is the first test for moving […]
1. The term ‘Valuation’ is significant under the GST Act as it will determine the amount of tax to be paid by the supplier of the goods or/and services. Section 15 of the CGST Act 2017 talks about the valuation of the supply of goods or/and services supplied in different circumstances and to a different […]
1. The concept of Time of Supply is an important pillar of GST as it determines, the date when the liability to payment arises. Section 12 and 13 govern the determination of time of supply of goods and services respectively and Section 14 determines the time of supply for goods and services in case there […]
1. The operation of the taxing statute needs flexibility along with certain power for the smooth implementation of the provisions. Sec 11 of CGST Act 2017 provides the power and flexibility to the Government to grant exemptions on the recommendation of GST Council. 2. Sec 11(1) of CGST Act – Statutory Provision : Where the […]
1. A simplified composition scheme has been provided; vide section 10 of CGST Act for small taxable persons who do not have sufficient knowledge and expertise to comply with the GST requirements relating to records and accounts. 2. The scheme is available to those whose aggregate turnover in the previous financial year did not exceed […]
1. The charging section (Section 9 of CGST Act, 2017, Levy and collection of GST) is the most important section in any law for levy (impose) and collection (payment) of taxes. The very basic for the charge of tax in any taxing statute is taxable event. i. e. the point of time when tax will […]
