Understand the Goods and Services Tax (GST) and its impact on businesses. Learn about GST rates, compliance requirements, and its role in simplifying taxation. Stay updated with the latest GST news and updates.
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Article explains Time of Supply Of Goods Or Services in Issue of Invoice, Receipt of Payment, in case of Reverse Charge Mechanism (RCM), in case of issue of voucher and in other cases. It further explains Time of Supply in case of change in rate of tax in respect of supply of goods or services.
Every person who is registered under existing law will be granted registration on provisional basis. The enrollment has already started for State VAT from different dates all over India. The enrollment is nothing but a process to gather the information of existing tax payers in a one pool. The data collected shall be used to provide provisional certificate.
As per Rule 4(2) of the Service Tax Rules, 1994,a facility is provided to the provider of output service to opt for a centralized service tax registration instead of having of a separate registration of all premises located in different states.
Section 66B of finance Act provides for levy of service tax on value of all services provided or agreed to be provided in the taxable territory by one person to another unless they are covered in negative list.
Statutes generally contain a definitions section that sets forth and defines the key terms used in the statute. You might find these definitions either in the section of the statute you are analyzing, or more likely, in one of the first sections of the act viz. Section 2 of the Model GST Law.
GST Council’s 9th meeting was held recently on 16th January, 2017 for the ninth time, second time in 2017, for deciding upon the unresolved issues, mainly about the cross empowerment and territorial jurisdiction of states. This meeting was considered significant for timing of GST as the last attempt to reconcile and make the states agree
An order is received from customer based in a different state for supply of goods on Ex- works basis ie delivery will be taken by customer at factory premises of supplier for their onward movement to intended destination.
In the GST Law, the taxable event would be SUPPLY. Under the existing laws there were multiple taxable events, i.e. manufacturing, provision of services, sales, etc. Under the GST law a single taxable event ‘supply’ will replace the multiple taxable events.
GST would become a reality and the nation could witness changes in the traditional ways of doing business. Businesses right now have the option to proactively embrace this reform, understand its intricacies and take a business advantage out of this change by acting immediately.
Taxable event is very important matter in every tax law. Its determination is most crucial for proper implementation of any tax law. Taxable event is that on happening of which charge is fixed.
