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Good Example showing how to Claim Input Tax Credit under GST
X Ltd supplies manufactured goods to Y Ltd for Rs 5000 in April 2017; CGST thereon is, say, Rs 500 assuming Tax Rate 10%. Unfortunately X Ltd did not furnish these details in its outward supply to Y Ltd. While matching the credit, Y Ltd
Important Point Related To Debit Note or Credit Note as Per Section 24 of the Model GST Law
Important Point Related To Debit Note or Credit Note as Per Section 24 of the Model GST Law 1) Tax Charged/ Taxable Value > or < Tax Charged/ Taxable Value (w.r.t. that supply), then Credit Note or Debit Note is required to be issued. 2)
GST Glossary: Levy of GST on inter state supply
IGST Act of GST Model law defines the levy of GST on inter state supplies. Section 4 of said Act reads as “(1) There shall be levied a tax called the Integrated Goods and Services Tax on all supplies of goods and/or services made in the
GST Glossary: Levy of GST on intra state supplies
Section 7 of SCST/CGST Act of Model GST Law provide for the levy of GST on intra state supply. Section reads as” “Levy and Collection of Central/State Goods and Services Tax (1) There shall be levied a tax called the Central/State Goods and Services Tax
GST Glossary: Meaning and provisions of “non-resident taxable person” under GST Model Law
As we are aware that GST will also be applicable on non – resident. he most important question is that who will the non resident taxable person for the levy of GST. Section 2(69) of Model GST Law defines it as “a taxable person who
GST Glossary: Definition and meaning of “Taxable Person” under GST Model law
Section 2(96) read with section 9 of Model GST Law defines the taxable person as “(1) Taxable Person means a person who carries on any business at any place in India /State of ____ and who is registered or required to be registered under Schedule
Provision Related to Job Work U/S 43A of Model GST Law
1) Registered Taxable Person Can send taxable goods to Job Worker without Payment of Tax, provided a permission is taken In advance from the Commissioner. 2) One Job Worker can further send the good to another job worker without payment of Tax. 3) The Good
GST Glossary: Meaning and impact of “Aggregate Turnover” under GST Model Law
GST has redefined many concepts in direct and indirect tax law. We have here started this series to introduce them to you one by one. First term we have chosen is aggregate turnover. This term has been used at so many places in GST. This
CA Shafaly GirdharwalPetroleum products to be under GST soon
GST council is expected to take up a proposal to tax petroleum products including crude.At present petroleum is under preview of GST but it is in zero rated goods barring the free flow of input tax credit of GST. Petroleum industry is expected to suffer
What is Supply as Per Section 3 of Model GST Law
1) General Meaning- (ST-BEL-RLD) Sale, Transfer, Barter, Exchange, Licence, Rental, Lease, Disposal A) Supplies Should be made by supplier who is engaged in Business (Defined U/S 2(17)) B) Should Involve Delivery of Goods or services to another Person C) Supplier should get something in return
GST ComplianceComposition Levy:Analysis of section 8 of GST model Law
Section 8 of Model GST law provide for levy of composition scheme. The section read as “Notwithstanding anything to the contrary contained in the Act but subject to subsection (3) of section 7 on the recommendation of the Council, the proper officer of the Central
CA Shafaly GirdharwalSteps by Center and states for implementation of GST
For the implementation of GST in the country the Central and State Governments have jointly registered Goods and Services Tax Network (GSTN) as a not-for-profit, non-Government Company to provide shared IT infrastructure and services to Central and State Governments, tax payers and other stakeholders. The