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Posted On:  1 year ago


FAQs on Settlement Commission under as per Goods and Service Tax (GST)

The basic objectives of setting up of the Settlement Commission are:- to provide an alternate channel for dispute resolution for the taxpayer; to expedite payment of GST involved in disputes by avoiding costly and time consuming litigation process; to provide an opportunity to tax payers to come clean who may have evaded payment of tax; to serve as a forum for the taxpayer to apply for settlement of their cases, on the basis of true and complete disclosure of their tax liability; to encourage quick settlement of disputes and save the business from the worries of prosecution in certain situations.

article author CA Chirag Chauhan

Posted On:  1 year ago


FAQs on Overview of the IGST Act under GST as per Goods and Service Tax (GST)

IGST shall be levied and collected by Centre on inter-state supplies. IGST would be broadly CGST plus SGST and shall be levied on all inter-State taxable supplies of goods and services. The inter-State seller will pay IGST on value addition after adjusting available credit of IGST, CGST, and SGST on his purchases. The Exporting State will transfer to the Centre the credit of SGST used in payment of IGST. The Importing dealer will claim credit of IGST while discharging his output tax liability in his own State. The Centre will transfer to the importing State the credit of IGST used in payment of SGST. The relevant information is also submitted to the Central Agency which will act as a clearing house mechanism, verify the claims and inform the respective governments to transfer the funds.

article author CA Chirag Chauhan

Posted On:  1 year ago


FAQs on Place of Supply of Goods and Service as per Goods and Service Tax (GST)

The basic principle of GST is that it should effectively tax the consumption of such supplies at the destination thereof or as the case may at the point of consumption. So place of supply provision determine the place i.e. taxable jurisdiction where the tax should reach. The place of supply determines whether a transaction is intra-state or inter-state. In other words, the place of Supply of Goods is required to determine whether a supply is subject to SGST plus CGSTin a given State or else would attract IGST if it is an inter-state supply.

article author CA Chirag Chauhan

Posted On:  1 year ago


FAQs on Transitional Provisions as per Goods and Service Tax (GST)

VAT credit was not available on items 'X' & 'Y' as capital goods in the earlier law. Since they are covered in GST, can the registered taxable person claim it now. He shall be entitled to credit only when ITC on such goods were admissible under the earlier law and is also admissible in GST. Since on the two items credit was not available under the earlier law, the said person cannot claim it in GST – proviso to section 144(1).

article author CA Chirag Chauhan

Posted On:  1 year ago


FAQs on Assessment and Audit as per Goods and Service Tax (GST)

Explanation to Section 44 of MGL has such a provision. It provides that where goods received as an inward supply is returned by the recipient to the supplier within six months from the date of the relevant invoice, the tax payable on such supplies shall be equal to the input tax credit availed earlier on such inward supply. This provision essentially ensures that if the recipient returns the goods to the supplier within six months of the date of its original supply, his tax liability on such returned goods will be the same as was at the time of the original supply. If goods are returned after six months of the date of the original supply invoice, the rate of tax applicable will be the rate prevailing on date of such

article author CA Chirag Chauhan

Posted On:  1 year ago


FAQs on Concept of Input Service Distributor in GST as per Goods and Service Tax (GST)

As per Section 2(56) of MGL, ISD means an office of the supplier of goods and / or services which receives tax invoices issued under section 23 towards receipt of input services and issues tax invoice or such other document as prescribed for the purposes of distributing the credit of CGST (SGST in State Acts) and / or IGST paid on the said services to a supplier of taxable goods and / or services having same PAN as that of the office referred to above. For the purpose of distributing the credit, ISD is deemed as supplier of services.

article author CA Chirag Chauhan

Posted On:  1 year ago


FAQs on Demands and Recovery as per Goods and Service Tax (GST)

Section 51A in cases where there is no invocation of fraud/suppression/mis-statement etc and Section 51B where the ingredients of fraud/suppression/mis-statement etc are present.

article author CA Chirag Chauhan

Posted On:  1 year ago


FAQs on Electronic Commerce as per Goods and Service Tax (GST)

Ans. Section 43B(d) of the MGL defines an Electronic Commerce to mean the supply or receipt of goods and/ or services, or transmitting of funds or data, over an electronic network, primarily the internet, by using any of the applications that rely on the internet, like but not limited to e-mail, instant messaging, shopping carts, web services, universal description Discovery and integration (UDDI), File Transfer Protocol (FTP) and Electronic Data Interchange (EDI) whether or not the payment is conducted online and whether or not the ultimate delivery of the goods and/or services is done by the operator.

article author CA Chirag Chauhan

Posted On:  1 year ago


FAQs on Input Tax Credit as per Goods and Service tax (GST)

Input tax” has been defined in section 2 (57) of the MGL and section 2 (1) (d) of the IGST Act. Input tax in relation to a taxable person, means the {IGST and CGST} in respect of CGST Act and {IGST and SGST} in respect of SGST Act, charged on any supply of goods and/or services to him which are used, or are intended to be used, in the course or furtherance of his business and includes the tax payable under sub-section (3) of section 7. Under the IGST Act, input tax is defined as IGST, CGST or SGST charged on any supply of goods and / or services.

article author CA Chirag Chauhan

Posted On:  1 year ago


FAQs on Job Work as per Goods and Service tax (GST)

Section 2(62) of the MGL provides that “job-work” means undertaking any treatment or process by a person on goods belonging to another registered taxable person and the expression “job-worker” shall be construed accordingly. This definition is much wider than the one given in Notification No. 214/86 – CE dated 23rd March, 1986 as amended, wherein job-work has been defined in such a manner so as to ensure that the activity of job-work must amount to manufacture. Thus the definition of job

article author CA Chirag Chauhan

Posted On:  1 year ago


FAQs on Refunds under as per Goods and Service tax (GST)

Refund has been discussed in section 38 of the MGL. “Refund” includes refund of tax on goods and/or services exported out of India or on inputs or input services used in the goods and/or services which are exported out of India, or refund of tax on the supply of goods regarded as deemed exports, or refund of unutilized input tax credit as provided under section 38(2)

article author CA Chirag Chauhan

Posted On:  1 year ago


FAQs on Returns Process and matching of Input Tax Credit as per Goods and Service tax (GST)

Every registered taxable person - who crosses the threshold limit for payment of taxes. A supplier needs to be registered when the aggregate turnover crosses Rs. nine lacs but he become taxable person ONLY when he crosses Rs. ten lacs. So he will be required to file returns when he crosses the threshold limit of Rs. ten lacs. There are some other class of persons who need to be registered and therefore will have to file returns like interstate suppliers,

article author CA Chirag Chauhan

Posted On:  1 year ago


FAQS on Appeals, Review and Revision in GST as per Goods and Service Tax (GST)

Yes. Any person aggrieved by any order or decision passed against him has the right to appeal. It must be an order or decision passed by an “adjudicating authority”.However, some decisions or orders (as provided for in Section 93) are not appealable.

article author CA Chirag Chauhan

Posted On:  1 year ago


FAQs on Advance Ruling as per Goods and Service Tax (GST)

As per section 94 of Model CGST/SGST Law, ‘advance ruling’ means a written decision provided by the authority to an applicant on matters or on questions as enumerated in section 97 and appeals thereon (section 99).

article author CA Chirag Chauhan

Posted On:  1 year ago


FAQs on GST Payment of Tax as per Goods and Service Tax (GST)

In the GST regime, for any intra-state supply, taxes to be paid are the Central GST (CGST, going into the account of the Central Government) and the State GST (SGST, going into the account of the concerned State Government). For any inter-state supply, tax to be paid is Integrated GST (IGST) which will have components of both CGST and SGST. In addition, certain categories of registered persons will be required to pay to the government account Tax Deducted at Source (TDS) and Tax Collected at Source (TCS

article author CA Chirag Chauhan

Posted On:  1 year ago


FAQs on Valuation in GST as per Goods and Service Tax (GST)

The value of taxable supply of goods and services shall ordinarily be ‘the transaction value’ which is the actually the price paid or payable, when the parties are not related and price is the sole consideration. The MGL further elaborates various inclusions and exclusions from the ambit of transaction value. For example, the transaction value shall not include refundable deposit, discount allowed before or at the time of supply

article author CA Chirag Chauhan

Posted On:  1 year ago


FAQs on Time of Supply as per Goods and Service Tax (GST)

The time of supply fixes the point when the liability to charge GST arises. It also indicates when a supply is deemed to have been made. The MGL provides separate time of supply for goods and services. Section 12 of the MGL provides for time of supply of goods. The time of supply of goods shall be the earliest of the following namely, the date on which the goods are removed by the supplier, where the supply of goods require removal; or the date on which the goods are made available where the supply does not require removal; or  the date on which the supplier issues invoices with respect to the supply where the above

article author CA Chirag Chauhan

Posted On:  1 year ago


FAQs on Meaning and Scope of Supply as per Goods and Service Tax (GST)

The taxable event under GST shall be the supply of goods and / or services made for consideration in the course or furtherance of business. The taxable events under the existing indirect tax laws such as manufacture, sale, or provision of services shall stand subsumed in the taxable event known as ‘supply’.

article author CA Chirag Chauhan

Posted On:  1 year ago


FAQs on Registration as per Goods and Service tax (GST)

Registration under Goods and Service Tax (GST) regime will confer following advantages to the business: Legally recognized as supplier of goods or services.  Proper accounting of taxes paid on the input goods or services which can be utilized for payment of GST due on supply of goods or services or both by the business.  Legally authorized to collect tax from his purchasers and pass on the credit of the taxes paid on the goods or services supplied to purchasers or recipients.

article author CA Chirag Chauhan

Posted On:  1 year ago


FAQs on Levy of and Exemption from Tax as per Goods and Service Tax (GST)

Article 246A of the Constitution, which was introduced by the Constitution (101st Amendment) Act, 2016 confers concurrent powers to both parliament and state legislatures to make laws with respect to GST. However, -clause 2 of Article 246A read with Article 269A provides exclusive power to the Parliament to legislate with respect to inter-state trade or commerce.

article author CA Chirag Chauhan