Every person registered under the Act shall himself assess the tax payable by him for a tax period and after such assessment he shall file the return required under Section 27 of Model GST Law. According to the explanation to Section 44 of Model GST Law has such a provision. It provides that where goods […]
ISD means Input Service Distributor as per Section 2(56) of Model GST Law. ISD is an office of the supplier of goods and or services which receives tax invoices issued under Section 23 of Model GST Law towards receipt of input services and issues tax invoice or such other document as prescribed for the purposes […]
First of all let us know the purpose return: 1. Mode for transfer of information to tax administrations 2. Compliance verification program of tax administration 3. Finalisation of the tax liabilities of the tax payer within stipulated period of limitation; + to declare tax liability for a given period. 4. Providing necessary inputs for taking […]
Section 2 (62) of the model GST Law provides that job-work means undertaking any treatment or process by a person on goods belonging to another registered taxable person and the expression job-worker shall be construed accordingly.
Section 43B(d) of the model GST Law defines an Electronic Commerce to mean the supply or receipt of goods and / or services, or transmitting of funds or data, over an electronic network, primarily the internet, by using any of the applications that rely on the internet, like but not limited to e-mail, instant messaging, shopping carts, web services, universal description Discovery and integration (UDDI), File Transfer Protocol (FTP) and Electronic Data Interchange (EDI) whether or not the payment is conducted online and whether o not the ultimate delivery of the goods and / or services is done by the operator.
GST paid on reverse charge be considered as input tax. The definition of input tax includes the tax payable under sub-section (3) of Section 7 (Reverse Charge). The credit can be availed if such goods and/or services are sued, or are intended to be sued, in the course of furtherance of his business.
Section 51A in cases where there I no invocation of fraud / suppression / mis-statement etc and Section 51B where the ingredients of fraud / suppression / mis-statement etc are present.
Refund has been discussed in Section 38 of the Model GST Law. ‘Refund’ includes refund of tax on goods and or services exported out of India or on inputs or input services used in the goods and or services which are exported out of India , or refund of tax on the supply of goods regarded as deemed exports, or refund of unutilised input tax credit as provided under Sub section (2) of Section 38.
IGST shall be levied and collected by Centre on Inter-State supplies. IGST would be broadly CGST plus SGST and shall be levied on all inter-State taxable supplies off goods and services. The inter-State seller will pay IGST on value addition after adjusting available credit of IGST, CGST and SGST on his purchases. The Exporting State will transfer to the Centre the Credit of SGST used in payment of IGST. The Importing dealer will claim credit of IGST used in payment of SGST. The relevant information is also submitted to the Central Agency which will act as a clearing house mechanism, verify the claims and inform the respective governments to transfer the funds.
Authority for advance ruling; (AAR) shall comprise one member CGST and one member SGST. The will be appointed by the Central and State Government respectively. Their qualification and eligibility condition for appointment will be prescribed in the Model GST Rules under Section 95.
