Unfortunately undervaluing of immovable properties so as to either pay less stamp duty or for other reasons of concealment of income etc, is ripe in this country, however, the appellant/plaintiff cannot take any benefit of the same in view of the provision of Section 25 of the Indian Contract Act, 1872 and which specifies that inadequacy of consideration is not a ground for cancelling of a contract. In any case, it is very much possible that the declared consideration need not have been the actual consideration, and which of course this Court does not deal with or is not concerned with in view of the categorical provision of Explanation II to Section 25 of the Indian Contract Act.
What is GST? Ans. Simply put GST stands for Goods and Services Tax, which is levied on supply of goods or services or both. Sale of goods, for example is a type of supply. Various economic activities are all different types of supply.
From when do the first Returns need to be filed by taxable person in respect of outward supplies? Ans: First Return of outward supplies need to be filed from the date on which he became liable for registration till the end of the month in which the registration has been granted.
1. What is the basic information that needs to be furnished in Form GSTR-1? Ans: The details to be entered in the return of outward supplies Form GSTR-1, made by the trader depends upon the nature of supplies made. The provisions are as follows:
1. Who is liable to issue a ‘tax invoice’? Ans: Eve y taxable person supplying goods or services or both is required to issue ‘tax invoice’. 2. What details are to be contained in a ‘tax invoice’? Ans: The tax invoice shall contain details as specified in Rule 1 of Tax Invoice,Credit and Debit Notes […]
What category of persons are required to migrate to GST? Ans: Taxable persons who are paying service tax, State VAT or Central Excise are required to migrate to GST. They will get temporary PAN based registration number. Final registration will be granted after submitting necessary information and papers, as defined under Section 139 of CGST and SGST Act 2017.
How can tax payments be made under GST? Ans. Under GST tax payment is easy and can be done first by using the input tax credit available. The payment can also be done in cash through all modes available like e-payment through net-banking, credit card and debit card, over the counter of banks, RTGS or NEFT.
A taxable persons business is in many States. All supplies are below Rs 10 lakhs. He makes some Inter State supply from one State. Is he liable for registration? Ans: He is liable to register if the aggregate turnover (all India) is more than 20 lakhs (Rs 10 lakhs in Special Category States) or if he is engaged in Inter State supplies. In this case he would be liable to register all his businesses.
What does job work mean? Ans: Job work means undertaking any treatment or process by a person on goods belonging to another registered person and the expression ‘job worker’ shall be construed accordingly, as defined in Section 2(68) of CGST Act 2017.
Article Compiles list of 149 Type of Goods which are exempt from Tax under GST with respective HSN Code and Description of Goods as per Notification No. 2/2017-Central Tax (Rate) New Delhi, the 28th June, 2017 GOODS AND SERVICES TAX List of Exempted Goods under GST S. No. Classification Description of Goods 1 0101 Live asses, […]
