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What to do with Inventory Before GST kicks in ?

There is a lot of apprehension about what to do with inventory before GST kicks in. Some people are of the opinion that inventory should be increased. Others are of the view that inventory should be reduced. Many are apprehensive that there will be loss...

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Concept of levy and collection under GST

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In This article we do critical analysis of the concept of  levy and collection of GST. General Principles Section 9 is the charging section in respect of supply of goods and service under GST. As per section 9(1) there shall be levied a tax called...

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Composition scheme under the GST Law

The purpose of composition scheme is to ensure minimum compliance is put on small business entities. The various features of composition scheme as contained in section 10 and draft rules are as follows Eligibility: A registered person, whose aggregate turnover in the preceding financial year...

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E-commerce operators under GST

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Furnishing of statement of supplies by an e-commerce operator under GST It is pertinent to note that if any person makes any taxable supplies through e-commerce platform than it mandatory to register irrespective of whether threshold limit for registration is triggered or not. E-commerce operators...

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Supply without consideration : GST

This article deals with the concept of supply without consideration under the GST. Transfer or disposal of business assets Normally unless the supply is made for a consideration no GST would be leviable. However permanent transfer or disposal of business assets is one exception to...

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Concept of Supply under GST Regime

This article deals with the concept of supply under the GST. This article does not deal with certain special cases of supply without consideration which have been dealt with in separate articles to be published at a later date. Scope of Supply: GST is leviable...

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Returns of Inward Supplies : GST Regime

 This article deals with various aspects of return of inward supplies but does not deal with matching which is dealt in a separate article on the subject. Who are required to file : As per section 38(2) of the CGST Act read with Returns Rules,...

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Decoding of ITC Rules : CGST & SGST Provisions

The Draft GST ITC Rules made public by Council, which is a complete set of provisions pertaining to the Input Tax Credit combining with the provisions of CGST/SGST Acts. The provisions of ITC Rules broadly contain broadly the following issues: • How much credit of...

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Accounts and Records – V : GST

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Accounts and Records to be maintained under the GST Regime- Special requirements for works Contract Business. The purpose of this article is to create awareness about the soon to be implemented Goods and Service Tax in India. This article is the fifth article of the...

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Accounts and Records-IV : GST Regime

Accounts and Records to be maintained under the GST Regime – Warehouse owners and Transporters. The purpose of this article is to create awareness about the soon to be implemented Goods and Service Tax in India. This article is the third article of the series...

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