The concept of time of supply of goods and services have been elucidated under the GST Law. Determination of time of supply becomes essential as it helps to find the applicable rate of GST. The time of supply in case of goods have been provided under section 12 of CGST Act. The time of supply in case of services have been provided under section 13 of CGST Act. Both of these sections provide six sub-sections.
Income tax act does not specifically define the term gift. The term gift under the act means something that is received without consideration of for inadequate consideration. Section 56 of Income tax Act talks about taxation of gifts. This article will analyse gifts received from different person on different occasion and its tax implication. 1. […]
Goods and service tax aims at providing seamless flow of credit throughout supply chain. Input Tax Credit is the backbone of goods and service tax. The term input tax has been defined under section 2 (62) of CGST Act 2017.
