Definition of Capital Goods [Section 2(19)] “Capital goods” means goods, the value of which is capitalized in the books of account of the person claiming the input tax credit and which are used or intended to be used in the course or furtherance of business. Goods will be regarded as capital goods if the following […]
Advance Ruling of Rajasthan Authority in case of Clay Crafts India Pvt Ltd dated (20-02-2020): As per the given ruling, GST is payable under RCM by the recipient of services, on Salary paid to director. This Ruling is given on the basis of ENTRY No 6 of Notification no 13/2017 dated 28.06.2017 and as per […]
What is reverse charge Sec.2(98) of CGST Act : Normally, the supplier of goods or services pays the tax on supply but in the case of Reverse Charge, the receiver becomes liable to pay the tax, i.e., the chargeability gets reversed. As per Section 9 (3) or (4) of the CGST Act 2017 or Section […]
Background of levying tax on the services of Goods Transport Agency The levy of Service Tax on Road Transportation Service has always been a debatable issue. The Finance Act, 1997 and 2004 had levied Service Tax on Goods Transport Operators (Transport of Goods by road) w.e.f. 16-11-1997 and 10-09-2004 respectively, which was subsequently withdrawn Due to nation-wide […]
A Credit Note and Debit Note for the purpose of GST Law, can be Issued by the Registered Person who has issued the tax Invoice i.e. The Supplier. Any Such Document, by whatever name called (Debit Note or credit Note) when issued by the recipient to the registered supplier, will not be considered any document […]
