As per Section 17 (1) of CGST Act, a registered person can take input tax credit on inputs or input services or both only when they are used for his business purpose only. If they are used partly for business purpose and partly for other purposes, then the input tax credit is available only to […]
How to Pay Less Tax for Professionals and Small Businesses under Income Tax Act, Presumptive Taxation under Section 44AD and 44ADA Presumptive Taxation under 44AD There are small businessmen who are unable to keep and maintain books of accounts for various reasons, can opt for presumptive taxation and declare profits at 8% under section 44AD […]
As per section 16 (1) of Central Goods and Services Act, 2017, the following supplies are considered as ‘Zero rated supply’: Export of goods or services or both Supply of goods or services or both to a Special Economic Zone developer or a Special Economic Zone unit Take Input Tax Credit for Zero rated supplies […]
Articles explains Conditions to avail Input tax credit under GST, Important Points related to Input tax credit under GST, Input Tax Credit if Depreciation been claimed on Tax Amount, Due Date for Input tax credit under GST and Documents for availing Input tax credit under GST. Section 16 of CGST Act, 2017 laid down the eligibility and […]
There was confusion about the taxability of moulds and dies sent by the principal to his job worker free of cost, based on earlier tax laws. In order to clarify the doubt and tax department issued a Circular (No.47/21/2018-GST dated 8th June 2018). We shall discuss the same here: Moulds and dies belong to the […]
It is necessary to determine the value of goods or services on which GST is levied. There may be charges other than exact value of goods or services, which may be included or excluded in determination of the value of such goods or services for the purpose of GST.
We had already discussed about the Place of Supply of Services where the location of the supplier and the recipient is in India. Now, we are going to discuss on how to determine the place of supply of services where the location of the supplier and the recipient is outside India as per Section 13 of IGST Act.
Earlier we had discussed about Place of Supply of Goods, now we are going to discuss about the Place of Supply of Services. Section 12 of IGST Act laid down the provisions to determine the place of supply for services, here in this Part-I, we’ll discuss the provisions where the location of supplier and recipient […]
Since the liability of GST is determined based on the supply, the place of supply under GST is necessary to be determined to conclude on the nature of supply, whether a transaction is an Intra state supply or an Interstate supply. The place of supply is determined as per Section 10 of IGST Act, discussed […]
As per Section 7 of CGST Act, the term ‘Supply’ includes: All forms of supply including any sale, transfer, barter, exchange, license, rental, lease or disposal of goods or services or both The transaction is in the course or furtherance of business The transaction is for a consideration Import of services whether or not in […]
