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
Section 16 of Model GST law provide for the input tax credit under GST. Manner to utilize input tax credit is given under section 35 of Model GST Law. Section 16 also provide for eligibility of input tax credit on inputs held in stock and
Most of the poor states are those which are not industrialized. The examples are UP, Bihar, West Bengal, MP, Rajasthan etc. These states are only the consumers of goods and services rather than the producers/manufacturer. GST is a destination based tax. This means that tax
Section 9 of CGST/SGST Act speaks about the registration. (Although it belongs to taxable person). It reads as “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 III of this
As per the Model GST Law, the GST should be payable on the transaction value of imported goods plus any duties/ taxes, etc, levied under any statute other than the GST laws. This should mean that while paying IGST on the imported goods, basic customs
Chapter V of CGST/SGST Act covers the provision of input tax credit under GST. Section 16 provide for the basic provisions for ITC. Credit to electronic ledger: As per section 16(1) every taxpayer is eligible to take the credit of taxes paid subject to provisions
All of us are now getting the basic idea about GST. There will be two types of taxes first a set of CGST +SGST and other is IGST. Each transaction will be classified in either intra state or interstate supply of Goods or services. Your
ICAI has released the background material for GST which is very useful to understand the GST. You can buy it from the following link. https://icaionlinestore.org/indirect-taxes-committee
If anyone has any kind of Doubt Regarding TDS on Agency Service Charges (Charges of CHA Agents like Prime Forwarders, Unique Speditorer Pvt. Ltd. For Import or Exports) is fall within one type of Commission and It should be deduced tax u/s 194H & not
We all know that GST is going to be a biggest reform but it’s not a win win situation for everyone. Especially the service sector is going to face some heat because of GST. Let us discuss some important points that are going to hurt
