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 […]
1. The taxable event under GST is supply of goods or services or both. The GST rates for goods and services are separately notified by GST Council. A supplier may engage in supplying combination of goods and services simultaneously. Each individual component in a given supply may attract different rate of tax. The rate of […]
The concept of ‘supply’ is the key stone of GST architecture. Section 7 of CGST Act read with Schedule I & III covers the provisions relating to the term ‘Supply’. The concept of supply along with related issues have been discussed in this article. Also Read- GST Series: Part 1 Section 3 to Section 6 […]
The Part 1 of the series covers section 3 to section 6 of CGST Act 2017 which deals with appointment of the officers, power and authorization given to the officers under the GST Act.
GST structure on Real Estate Services relating to residential and commercial apartments has drastically changed w.e.f. 01.04.2019. The nature of Real Estate services is different from normal supply of services . For example , A builder intend to construct a complex or building and sale it to a buyer. It is a supply as per […]
