GST

All about Input Tax Credit under Goods & Service Tax (GST) One of the key features of Goods and Service Tax (GST) in India is its uninterrupted and continuous chain of input tax credit (ITC). In the p...

Tax on Goods Sent on Job Work under Goods & Service Tax (GST) Movement of goods to job workers is an essential business situation which occurs frequently. Many times a manufacturer send goods to a job...

All about Payment of Tax under Goods & Service Tax Ease in making payment towards tax and other dues is very important in a country like India. Challenge before the Empowered Committee was to usher in...

Highlights of first meeting of the GST Council held on 23rd September 2016. 1. GST threshold limit to be kept at 20 lakhs for all states barring the north-east and hill-area states, for which limit be...

GST- Meaning, Scope, Time & Valuation of Supply of Goods & Services Meaning and Scope of Supply I. Introduction Article 366(12A) of the proposed 122nd Constitutional Amendment Bill, 2014 defines the G...

GST Registration: Law, Business Process & Transitional Provisions Registration of any business entity under Model GST Law (have been referred here as law or Act) implies obtaining a unique number from...

Levy of GST and Exemption from GST Tax INTRODUCTION: As understood traditionally in Economics, a good taxation system should meet five basic conditions: fairness, adequacy, simplicity, transparency, a...

Goods and Services Tax (GST): An Overview I. Introduction Introduction of GST would be a very significant step in the field of indirect tax reforms in India. By amalgamating a large number of Central...

Interest – New Meaning In GST Interest is a consideration for allowing someone to use your money. It could be termed as Compensation paid to one who allows his money to be used by another person. This...

Scope of Taxable Person Under GST As per Section 2(96) of the Model GST Law, ‘taxable person’ has been defined to have a meaning as assigned to it in section 9 of the model law. According to section 9...

Department of Sales Tax, Government of Maharashtra 25 Frequently Asked Questions (FAQ) regarding Advance Ruling 1. What is the Scheme of advance Ruling? Earlier Provision: Section 55 of the MVAT Act,...

Some Examples The Model GST Law was kept in the public domain in June 2016. It is a race against the time in order to implement the GST across the entire country by 1st April 2017. From origin based t...

GST Model Law- Section 35 -Payment of Tax, Interest, Penalty (1) As per Section 35 “Payment of Tax, Interest, Penalty and other amount” of Chapter IX of GST Model Law, Every deposit made towards tax,...

Q 1. Will the CENVAT/ITC carried forward in the last return prior to GST under earlier law be available as ITC under GST? Ans. Yes, the registered taxable person shall be entitled to such credit and i...

Q 1. What is GSTN? Ans. Goods and Services Tax Network (GSTN) is a non­profit non-government company, which will provide shared IT infrastructure and service to both central and state governments incl...

Q 1. What is the need for the Place of Supply of Goods and Services under GST? Ans. The basic principle of GST is that it should effectively tax the consumption of such supplies at the destination the...

Q 1. What is IGST? Ans. “Integrated Goods and Services Tax” (IGST) means tax levied under the IGST Act on the supply of any goods and/ or services in the course of inter-State trade or commerce. Q 2....

Q 1. What are the prescribed offences under MGL? Ans. The Model GST Law codifies the offences and penalties in Chapter XVI. The Act lists 21 offences in section 66, apart from the penalty prescribed u...

Q 1. What is the meaning of the term “Search”? Ans. As per law dictionary and as noted in different judicial pronouncements, the term ‘search, in simple language, denotes an action of a government mac...

Q 1. What are the basic objective of Settlement Commission? Ans. The basic objectives of setting up of the Settlement Commission are:- i. to provide an alternate channel for dispute resolution for the...