Goods and Services Tax - The GST Council at its meeting on May 18, 19 has evolved a consensus on GST rates for goods and services, leading us closer to July 1 implementation. The underlying objective of rate declaration was clear for some time, which is to maintain the current effective indirect tax burden to control inflation and avoid surprises. The government ...Read More
Goods and Services Tax - As per Section 12(6) of CGST Act, 2017 relating to Time of Supply of Goods states that time of supply to the extent it relates to an addition in the value of supply by way of interest, late fee or penalty for delayed payment of any consideration shall be the date on which the supplier receives such addition in value....Read More
Goods and Services Tax - Since the assessee has the option to take single registration for business verticals within a State, it will be imperative for the assessee to resort to centralised billing mechanism. For ensuring that there is no duplicacy in issuance of invoices by more than one units in the same State, policy of generation of alphanumeric bills can be ...Read More
Goods and Services Tax - At present, the manufacturers/dealers registered under the Central Excise Act, 1944 have the option to surrender their registration if they intend to close their operations but there is no liability or legal compliance to be discharged on cancellation of the registration. However, the situation is not same in the proposed GST regime as th...Read More
Goods and Services Tax - Generally place of supply will be the place of recipient of service, if it is not available then place of supplier of service except of specified services as given in subsequent sub-sections. This is similar to the default rule applicable to domestic transactions...Read More
Do you think #GST Council should provide option to Revise Form GSTR-3B?— Tax Guru (@taxguru_in) November 13, 2017
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