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 Jul...
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 ...
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...
Goods and Services Tax : At present, the manufacturers/dealers registered under the Central Excise Act, 1944 have the option to surrender their registratio...
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 exce...
Article discusses Sec 173 – Exempted goods returned to the place of business on or after the appointed day and Section 174. Duty (Tax – in SGST Act) paid goods returned to the place of business on or after the appointed day.
Article explains Credit of eligible duties and taxes on inputs held in stock to be allowed to a taxable person switching over from composition scheme
Articles covers, Sec. 171 of Revised Model GST on Credit of Eligible Duties and Taxes In Respect of Inputs or Input Services During Transit
170. Credit of eligible duties and taxes in respect of inputs held in stock to be allowed in certain situations. This is a new provision added in the act aiming to cover such assessees who are engaged in manufacture of both taxable and exempted goods or are providing both taxable and exempted services
Section 169. Credit of eligible duties and taxes in respect of inputs held in stock to be allowed in certain situations This provision intends to enable the taxable person to avail the cenvat of duties and taxes in respect of inputs held in stock subject to certain conditions. The provision reads as follows
Article Analyses Transitional Provisions under Revised Model GST Law specified in section 168 related to Unavailed cenvat credit on capital goods, not carried forward in a return, to be allowed in certain situations
It is pertinent to note that person operating under composition scheme will not be entitled for input tax credit and also the tax paid under composition scheme will not be admissible as credit to the recipeint.
A new Chapter VIII has been introduced in the IGST Act wherein the concept of zero rated supply has been framed. The provisions contained in the section 16 are discussed as follows
The valuation of taxable supply has been specified to be transaction value provided that supplier and recipient are not related and price is the sole consideration for supply. Apart from this, certain inclusions and exclusions have also been provided in the transaction value which is discussed in the succeeding paragraphs.
The provisions relating to determination of time for supply of goods has been significantly amended and is discussed in detail as follows
