Home » Archive by category "GST" (Page 13)

Branch transfers or business verticals as per the GST Bill

As per clause 2 of Schedule I of the CGST Act Supply of goods or services or both between distinct persons as specified in section 25, when made in the course or furtherance of business will be treated as supply even if made without consideration....

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Payment to Supplier within 3 months or Reverse-GST

Payment to supplier within 3 months otherwise reverse with interest from the date of invoice u/s 16 (2) of GST Act. Ancillary units of PSU’s and supporting manufacturers of big Indian manufacturers and MNC’s have upper/dominant role in delaying payment to the suppliers. This era...

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Transitional provisions under GST act

Transitional Provisions in GST-Part-I

There is a lot of apprehension among normal taxpayers regarding what will happen during the period of transition to the proposed GST. This article has made an attempt to create awareness about the transitional provisions enshrined in the proposed GST Act in a simplified and...

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Place of Supply of Services in GST Regime

Place of supply is very important in determining whether a particular supply would constitute an interstate supply or an intrastate supply.   General Principles: Except for the specific cases mentioned in this article the place of supply will be determined as per the general principles...

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Time of Supply under Model GST Law the Dilemma

Time of Supply -Section 12  under Revised Model GST Law may be not suitable for some Industries. Can you think of payment of Excise duty / Sales tax before clearance/sale of the goods? Shockingly, GST expects payment of GST even before supply. Section 12 of...

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Compliance of Anti-profiteering clause in GST Law

National Anti-profiteering Authority

As per Central Government’s point of view, The Price Control and Anti-Profiteering Law is essential to diminish concerns among consumers to ensure that vendors will not unreasonably increase prices of goods and services in anticipation of the introduction of the Goods and Services Tax regime....

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Points of GST return to be furnished by taxable entity

As per Draft rules total return from GSTR-1 to GSTR-11 format has been prescribed for registered taxable person and periodicity has been described in respective Rule under GST Law. Return  summary for normal registered taxable person : Form #/Section Detail Periodicity Due Date/Remarks GSTR-1 Details...

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No GST input tax credit when vendors are unable to pay within 90 days

The Government circulated draft of the GST Model Law requesting for suggestions from the industry . The industry and experts have been poring over the draft. The article seeks to highlight the need to reconsider one of the provisions related to input tax credits. The...

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Excerpt of Current Affairs on GST

Government is keen to roll out GST regime from 1st July, 2017, crucial GST Council meeting was held on 04th March,2017, outcome of the meeting as below: 1. Council approved the final draft of Central GST and Integrated GST, will submitted in Parliament for approval...

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Impact of GST on General Traders in India

Impact on General Traders: 1. Tax on value addition:  The impact of tax on the wholesaler or retailer would be limited to the value addition. The tax paid at earlier stages (except CGST & SGST of other States) would be available as set off for...

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