There are number of returns prescribed under GST law. Different returns are prescribed with due date of filing. Returns provisions are provided in Chapter –IX from Section 37 to 48 of the CGST Act,2017.
Provision for supply of goods to Job worker: Registered Person send any goods or capital goods to job worker for job work without the payment of tax, under intimation and subject to such conditions as may be prescribed. The same goods can be sent to another job worker and so on. To effect the above , following condition need to be satisfied ;
Value for supply of goods and services is important part of GST. For valuing any goods or services is subject matter of discussion and contentious in nature . Value means price of any goods or service on which tax to be imposed particularly when parties are related or distinct person. This has all been incorporated in Section 15 of the CGST Act,2017.
1. The liability to pay tax shall arise only at the time of supply of goods. Earliest of the following shall be the time of supply √ Date of issue of invoice or the last date of issue of invoice u/s 31[1] √ At the time of receipt of payment.
Charging of tax is the basic of GST on which rates of GST shall be charged. First of all , Activities shall be identify as goods or services and afterward, rate of goods as per rate list and rate of services as per rate list shall be applied. Without knowing the activities are goods or services, rate can not be applied. Therefore it becomes very important to identify weather activity is goods or service.
Input tax credit on input, input services and capital goods is the most contentious issue where always are lot of litigation on admissibility . This is common problem in case of lack of clarity of the provisions and rules under the existing indirect tax as well like Excise , Service Tax and VAT.
Invoice is basic document for supply of goods or service. There are circumstances where Taxable Invoice need not be raised only Bill of Supply will be issued .what are circumstances where Taxable Invoice as well as Bill of supply need not be raised and instead Delivery Challan will be sufficient.
CA Sanjeev Singhal It is important to understand provision of GST law that when the registration is required like at what value of turnover , kind of person covered for registration, what are the situation where registration is required without the threshold limit means after the occurring of particular transaction or transaction by particular person. […]
Transition provision is one time provision which shall be applicable at the time of migration to GST on the appointed day. These provision may be said as most crucial because of migration of existing law in to GST and may face many challenges as well. Provisions have been well laid down in CGST Act,2017 and Rule of Transition.
CGST Bill,2017 under Section -10 provides that small taxpayer can opt for the scheme of composition tax instead of opting for paying tax under the regular supply of goods. Here this should be noted that this option is not available to registered person who is providing only service except supply of service mentioned in clause b of paragraph 6 of Schedule-II .
