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FAQs on Advance Ruling under Goods and Service Tax
Q 1. What is the meaning of Advance Ruling? Ans. 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 question...
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FAQs on Appeals, Review and Revision in GST
Q 1. Whether any person aggrieved by any order or decision passed against him has the right to appeal? Ans. Yes. Any person aggrieved by any order or decision passed against him has the right to appea...
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FAQs on Demands & Recovery under Goods and Service Tax
Q 1. Which is the applicable section for the purpose of recovery of tax short paid or not paid or amount erroneously refunded or input tax credit wrongly availed or utilized? Ans. Section 51A in cases...
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FAQs on Refunds under Goods and Service Tax (GST)
Q 1. What is refund? Ans. 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...
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FAQs on Assessment and Audit under GST
Q 1. Who is the person responsible to make assessment of taxes payable under the Act? Ans. Every person registered under the Act shall himself assess the tax payable by him for a tax period and after...
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GST- FAQs on Returns Process & matching of Input Tax Credit
Q 1. What is the purpose of returns? Ans. a) Mode for transfer of information to tax administration; b) Compliance verification program of tax administration; c) Finalization of the tax liabilities of...
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FAQs on Concept of Input Service Distributor in GST
Q 1. What is Input Service Distributor (ISD)? Ans. 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 towar...
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FAQs on Input Tax Credit under Goods and Service Tax
Q 1. What is input tax? Ans. “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 re...
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FAQs on Job Work under Goods and Service Tax
Q 1. What is job-work? Ans. 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 exp...
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FAQs on Electronic Commerce under Goods and Service Tax
Q 1. What is e-commerce? 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 net...
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FAQs on Payment of Tax under Goods & Service Tax
Q 1. What are the Payments to be made in GST regime? Ans. 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) a...
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FAQs on Valuation in Goods and Service Tax (GST)
Q 1. What is the value of taxable supply to be adopted for the levy of GST? Ans. The value of taxable supply of goods and services shall ordinarily be ‘the transaction value’ which is the actually the...
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FAQs on Time of Supply under Goods and Service Tax (GST)
Q 1. What is time of supply? Ans. 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 tim...
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GST- FAQS on Meaning and Scope of Supply
Q 1. What is the taxable event under GST? Ans. 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 e...
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GST- FAQs on Registration under Goods and Service Tax
Q 1. What is advantage of taking registration in GST? Ans. Registration under Goods and Service Tax (GST) regime will confer following advantages to the business: • Legally recognized as supplier of g...
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GST: FAQ on Levy of and Exemption from Tax
Q 1. Where is the power to levy GST derived from? Ans. Article 246A of the Constitution, which was introduced by the Constitution (101st Amendment) Act, 2016 confers concurrent powers to both parliame...
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FAQs on Overview of Goods and Services Tax (GST)
Article explains What is Goods and Service Tax (GST), concept of destination based tax on consumption, taxes are proposed to be subsumed under GST with principals adopted for the same, Items kept our...
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No Excise from 16.09.2016 on goods other than Petroleum & Tobacco Products
On September 16, 2016, The Government vides its Notification dated 16/09/2016 had brought in effect all the sections of Constitutional (One Hundred and First Amendment) Act, 2016 to effect, which will...
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GST Constitutional (One Hundred & First Amendment) Act, 2016 notified
The GST Constitutional (122nd Amendment) Bill’ 2014 became the GST Constitutional (101st Amendment) Act’ 2016 when the president assented the provisions of bill on 8th Sept’ 2016. GST Constitutional (...
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Govt notifies GST Council Provisions wef Sep 12, 2016
Government notifies September 12, 2016 as appointed date for GST Council Provisions The Central Government vide Notification S.O. 2915(E).- [F. No. 31011/09/2015-SO (ST)] dated September 10, 2016, has...