TIME OF SUPPLY OF GOODS [SECTION 12]
TIME OF SUPPLY OF GOODS [SECTION 12]
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Before implementation of GST, there was VAT and VAT is the origin based tax for eg:- Goods were supplied from ‘X’ State to ‘Y’ State then the Tax benefit would be given to ‘X’ State, which totally changed in GST, GST became the destination based Tax for eg:- Goods were supplied from ‘X’ State to ‘Y’ State then the Tax benefit would be given to ‘Y’ State. Through this Place of Supply tax can be determined which tax is to be charged IGST (Supplied Inter-State), CGST + SGST (Supplied Intra-State/Within the State). In GST Place of Supply plays a vital role in determination of tax. It’s a vide topic which we will be discussing in different parts.
Assessment means determination of tax liability under GST law. This act includes Self-Assessment, Reassessment, Provisional Assessment, Summary Assessment, and best judgment assessment.
GST or Goods and Services Tax is a broad-based value-added tax. This means that the GST is collected on the goods or services at every stage of the supply chain where value is added. Because of this cascading effect, i.e. tax on tax, comes into force. To avoid such an effect, an input tax credit is provided to the recipient of goods and services throughout the value chain.
Composition levy scheme is an optional scheme available for small taxable person. The purpose of this scheme is to reduce compliance cost of small taxpayers
Refund of unutilised ITC and Notified Goods/Services on which refund not allowed.
Time Period between 15 March 2020 to 14 March 2021 would be excluded while determining the time limitation for Revoation or Cancellation of Registration
In the Finance Bill 2022-23 new condition for availing ITC has been introduced i.e Section 16(2)(ba) according to which requiring credit should not be restricted under Section 38 of the CGST Act, due to this two way communication between supplier and recipient will be removed.
Section 188 of Companies Act , 2013 (Related Party Transactions) , regulates the transactions (7 types of Contracts / Agreements) entered in by any company with Related Party as defined in the Section 2(76) of Companies Act , 2013.
Be it pre GST era or post GST era , scope of Intermediary and its services has always been ambiguous and thus created confusion among the taxpayers.The GST Council received various representations for issuing clarification regarding the scope of Intermediary under GST Law. Taking into account the difficulties faced by the trade and industry and to ensure uniformity of law across various fields , the GST Council in its 45th GST Council Meeting issued clarification in regards with the Scope of Intermediary in Circular No. 159/15/2021-GST dated 20th September, 2021.
Advance Ruling & its Roles Advance Ruling is a written interpretation of tax laws. It helps the applicant in planning its activities that are liable to payment of GST. It provides clarification regarding certain tax matters to Individuals , Firms & Corporates who seek help for such clarification. Advance Ruling is applied for , before starting the proposed activity. Thus , it helps in avoiding long drawn and expensive litigation at a later stage.Ruling given by the Authority is binding on the applicant as well as the concerned Government Authorities.
Tax is majorly classified into two parts - Direct Tax and Indirect Tax. Direct tax is defined as the tax which is levied directly on the income earned, for example, Income Tax. Whereas, indirect tax refers to the tax which is levied on goods and services, for example, Goods and Service Tax, Custom, etc. Here in this article, we will learn about Income taxes in detail. So let’s understand what Income tax is and how it works.
INTRODUCTION In this article we have tried to analyze the fact that Section 83 of CGST Act can be applied if the Commissioner can freeze your bank account and attach the property if the Taxpayer and Any Person who commits any offence and the Commissioner wants to protect the Interest of the Revenue of the government he has the power to attach the property and bank account of the taxpayer provisionally.
As per GST law, “aggregate turnover” refers to the aggregate value of all taxable supplies (excluding the value of inward supplies on which tax is payable by a person on reverse charge basis), exempt supplies, exports of goods or services or both and inter-state supplies of persons having the same Permanent Account Number, to be computed on an all-India basis but excludes Central tax, State tax, Union territory tax, Integrated tax and cess. Now, understanding the concept in simpler terms: Aggregate Turnover in common terms means total sales volume of the business in the entire financial year i.e. April to March. Inclusions and Exclusions under aggregate turnover in GST is as follows
SECTION 16(2)(C) is one of major and dangerous defining section to avail Input Tax Credit (ITC) or should I say one of most draconian (Harsh) section to avail ITC.
In this article we will cover the charging section i.e Section 9 of CGST Act and Section 5 of IGST Act. The charging section is the most important section in any law. Under GST the tax is liable to be paid on the taxable supply of Goods or Services. There are two types of Charges i.e Forward Charge and other is Reverse Charge Mechanism (RCM). Article 265 gives the power to impose and collect tax except by the authority of any law. Forward Charge: - Under GST law, generally supplier (seller of goods or services or both) collects tax from recipient (buyer/ customer of goods or service or both) and pay to the Government (net of ITC) (but ultimately GST is borne by end customer or consumer that is why it is called indirect tax) this mechanism is known as forward charge.
Income tax is the most significant direct tax. It is levied on total income of the person earned in the previous year. A person includes an individual, Hindu Undivided Family, Association of Persons, Body of Individuals, a firm and a Company. There is no shifting of burden of tax on other person and it is progressive in nature. List I in the Seventh Schedule to Article 246 of the Constitution has given power to make laws on taxes on income other than agricultural income.
In this article will study about Meaning of Input Tax Credit, Conditions for Eligible Input Tax Credit, What is Block Input Tax Credit, Items which are not allowed to take credit, and finally Author’s View
No interest on reversal of wrongful availment of credit under GST
