Goods and Services Tax : Lift is not a machine , it is part of Building, is it true . is the ITC claimable on purchase of Lift . Let us discuss whether lif...
Goods and Services Tax : In GST, Rules 89(5) can not override the Section 54(3) The Rules were meant only for the purpose of carrying out the provisions of...
Goods and Services Tax : A company dealing in software does development of software and got the order from Thailand for development of software and along w...
Goods and Services Tax : Section 67 to 71 of CGST ACT,2017 explains the circumstances where in search, seizure and arrest can be done. Inspection and sea...
Goods and Services Tax : Partner salary, income from salary from Company and various other income interest on Loan and deposit , Interest on debenture ...
Excise Duty : CENVAT Credit on Canteen Services and House Keeping/Cleaning Services availed in office building are admissible to Assessee when s...
Rule 56,57 and 58 of Central Goods and Services Tax (CGST) Rules, 2017 specifies the book to be maintained by registered persons, Generation and maintenance of electronic records and Records to be maintained by owner or operator of godown or warehouse and transporters.
Supply has been elaborated in IGST law whether the supply is interstate supply or Intra- State supply. This is important aspect of GST because if the supply is Intra- State, then CGST and SGST will be attracted otherwise if the supply is Inter State then IGST will be levied.
How the liabilities in respect of Tax , interest, penalty and other dues under the GST shall be paid, have been summarized hereunder. Same shall be entered in various register etc. All this is prescribed in Section 49 to 50 of the GST Law and GST Payment Rules ,2017.
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.
