Though there is no mention of GTA in the GST Act & Rules, however as per Explanation to 9(iii) of Notification No. 11/2017-Central Tax (Rate), Dt.: 28th June, 2017 & Paragraph 2 Clause (ze) to Notification 12-2017 dated 28 June 2017, Goods Transport Agency means any person who provides service in relation to transport of goods by road and issues consignment note, by whatever name called.
Let us discuss in this article whether GST is applicable on Co-operative Housing Societies or Residential Welfare Association. As per Sec 9. (1) 0f CGST Act, 2017, GST is levied and collected and tax shall be paid by the Taxable Person
Indirect taxes in India had been a contentious subject and in a constant state of evolution. Now, with the passage of the One Hundred and First Amendment Act of the Constitution of India enabling the introduction of a comprehensive Goods and Services Tax – GST, the Indian system of indirect taxation witnessed a very significant step in the field of indirect tax reforms in India, by amalgamating a large number of Central and State taxes (Earlier 17 Taxes & and 23 Cesses Subsumed now). In this Short Notes let us understand basic Concepts of GST in a simple way. In short, GST replaces most of indirect taxes to create a Single Tax System, Uniform across the Country making entire Nation as a Single Market. That is One Nation – One Tax – One Market.
With the implementation of GST, trade and exporters are eager to know how will our exports be treated under the Goods and Services Tax (GST) regime? In this article an attempt is made to guide step by step procedures for export under GST.
With historic lunch of GST, India’s biggest tax reform since independence that will be lunched at midnight on 30th June, 2017 signals new era for Indian Business. As a fall out of this w.e.f. 1st July for all transactions new series of Invoice is need to be issued. An invoice is a document sent by a supplier to a recipient that specifies detailed account of the products or service and a set of other information that can vary a bit depending on the requirements of both the interested parties and also indicates payments and other commercial terms. It forms a very important document for transacting, recording and preserving accounts. Under GST several types of invoices or documents are mandated suitable for different circumstances. Let us in this paper discuss different types of invoices like Tax Invoice, Export Invoice, Bill of Supply, Receipt Voucher, Refund Voucher, Payment Voucher, Debit / Credit Notes, ISD Invoice, Delivery Challan, Consolidated Invoice etc.
To provide greater relief from complex compliance requirements under GST Law for small businesses for taking credit and issuing Tax Invoice, maintaining various records of inputs and outputs, filling mandatory three returns monthly etc., an option is provided to go for a COMPOSITION SCHEME. This scheme provides much needed procedural simplicity for small dealers, small manufacturers and small restaurants.
Imports to India jumped 33.09 percent year-on-year to USD 37.86 billion in May of 2017, boosted by a 236.69 percent increase in gold imports and a 29.54 percent rise in oil. Imports in India averaged 7090.77 USD Million from 1957 until 2017, reaching an all-time high of 45281.90 USD Million in May of 2011 and a record low of 117.40 USD Million in August of 1958. Having such huge volume of trade, it may be most interesting to analyze the impact of GST on Imports. Let us now study how Imports are effected by implementation of GST. In this article we shall confine the discussions to Import of Goods only
Working capital is a common measure of a company’s liquidity, efficiency, and overall health. It is the cash available for day-to-day operations of an organization. There are some apprehensions that in GST regime, the working capital requirements will increase. Let us check the truth with some practical transactions like stock transfer, import under Advance Authorization, Advance payments, supplies to Government & its agencies – TDS, Samples on Approval basis – Returnable / Non- Returnable, Inverted Duty Structure etc.
E- Commerce (electronic commerce or EC) is an online interface business model linking the buyer and seller of goods and services, or the transmitting of funds or data, over an electronic network, internet or online social networks.
The concept of Job Work is very much integral to most of industrial activities that constitute outsourcing of some or all the activities to a third party. Thus job work means any person who undertakes any activity or carried on any process on goods belonging to another person (principal).
