Articles gives details of Tax Invoice, Credit and Debit Notes under GST to be issued and Time limit within which such documents shall be issued
GST Council in its 14th meeting on 18th & 19th of May 2017 held in Srinagar, suggested the list of goods & services on which tax should be levied under Reverse Charge Mechanism (RCM). In all 12 services has been suggested by the Council to be notified by the government as services on which Reverse Charge Mechanism shall apply. Not only services but RCM is applicable on supply of goods also. In this article we will cover all the provisions related to RCM under GST. For the first time, we have drafted the article in form of question and answers. We have tried to cover all the aspects of RCM in these questions, so now let us start with our question answer session.
GST rates and slabs decided on 18th May 2017. Outcome of GST Council’s meeting held at Srinagar on 18Th May 2017.
Actually in our daily life we come across many situations where knowingly or unknowingly avail some or the other services which as per GST law, are considered to be an import of services,
“SUPPLY” This word has become the foundation stone for all the future financial transactions in India. All the beams, pillars, walls, rather the complete structure of the indirect taxation in India have been built on and around this one word. Under the proposed GST regime, any transaction which is not a supply cannot be taxed and a transaction may be taxed under GST only if it is a supply.
Though the union government’s slogan for GST is One nation, one tax which in general terms means single tax on all goods & services across India, however the real picture is far away from this illusion created by the government. Under the proposed GST regime, not only there will be four separate taxes i.e. CGST, SGST, UGST & IGST but also about five to six different tax rates for each such taxes.
All the taxes levied and collected by the Government in India are governed by one or the other powers vested to them through The Constitution of India. Till now reference to all the matters related to tax were mentioned in The Seventh Schedule of the Constitution of India. This Seventh Schedule of The Constitution of India comprise of three lists namely List-I i.e. Union List, List-II i.e. States List and List-III i.e. Concurrent List.
INPUT TAX means the CGST, SGST, IGST or UGST charged on any supply of goods or services or both made and includes IGST on Imports & tax payable under reverse charge provisions. However, Input Tax does not include the tax paid under the composition levy
A Registered person under the proposed GST regime has to file many returns prescribed or otherwise required to be furnished by or under the act & rules made thereunder.
Under the proposed GST regime every registered person supplying goods or services shall issue some document evidencing movement of goods or supply of services within prescribed time limit and containing all the information & particulars as prescribed under the Act & Rules made there under. This document may be a Tax Invoice , Invoice, Bill of Supply, Delivery Challan etc.
