GST - Page 1435

Real Estate Scenario under GST

The Real Estate Sector is the fastest growing sector all over the world as well as in India. It is growing rapidly and we can access its growth by demand of affordable housing requirements, proposed development of new cities, initiatives of government for modern cities as Smart Cities....

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Meaning and scope of supply under GST

Determination of the taxable event in any tax law is of utmost significance as the levy of tax is based on occurrence of that event. In the Model GST Law, a uniform and single taxable event ‘supply’ would replace multiple taxable events i.e. manufacture, provision of service and sale, etc., ...

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Levy of, and Exemption from, GST

The CGST/SGST shall be paid by every taxable person in accordance with the provisions of this Act. There are two types of ledgers to be maintained on the GSTN portal once the taxable person registered himself on the portal. One is Cash ledger and other is Input Credit ledger....

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Time of Supply of Goods & Services

As per Section 12 (1) of Model GST law the liability to pay CGST / SGST on the goods or services shall arise at the time of supply as determined in terms of the provisions of this section....

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Budget 2017- Goods and Services Tax

The budget 2017, as expected has neither proposed anything specific nor has resulted any change in the existing indirect tax laws . The entire budget could however reflect a strong will to implement GST at an earliest possible date....

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Section 34: Returns under Revised Model GST Law

Non-resident taxable person, input service distributor, person paying tax under composite levy scheme, deducting TDS/collecting TCS are not required to furnish the details regarding inward /outward supply of goods & services, credit availed, tax paid. Return is to be filed on or before 20th day of the succeeding month....

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Export Under Model GST Law (MGL)

GST is a destination based tax on consumption of goods or services. It is also the policy of the Government of India to export the goods and/or services not the taxes out of India. This makes the exports cheaper and thus Indian products or services will be more competitive in the international markets. ...

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Supply under Revised Model GST Law (MGL)

The foremost important and crucial definition under MGL is of SUPPLY. The taxable event under GST shall be the supply of goods and /or services made for consideration in the course or furtherance of business....

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GST- Section 33: Furnishing details of inward supplies

1. Nonresident taxable person, input service distributor, person paying tax under composite levy scheme, deducting TDS/collecting TCS are not required to furnish the details regarding of input supply of goods & services....

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GST-The Return Filing Process

Thus, GST system of filing return would help to avoid the last minute rush to file the return with regular update for claiming credit. It would also encourage taxpayer to not default as the defaulting parties would not be able to pass on credit which would guard their customer/clients to not work with them. Also with technology playing an...

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