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GST Law Archives - All About Finance https://taxclick.org/tag/gst-law/ Fri, 05 May 2017 06:32:13 +0000 en-US hourly 1 https://wordpress.org/?v=6.7.1 https://taxclick.org/wp-content/uploads/2021/11/favicon.png GST Law Archives - All About Finance https://taxclick.org/tag/gst-law/ 32 32 Works Contract-Sale VS Service to Continue in GST Regime https://taxclick.org/type/gst/works-contract-sale-vs-service-continue-gst-regime/?utm_source=rss&utm_medium=rss&utm_campaign=works-contract-sale-vs-service-continue-gst-regime https://taxclick.org/type/gst/works-contract-sale-vs-service-continue-gst-regime/#respond Fri, 05 May 2017 06:18:27 +0000 https://taxclick.org/?p=3927 There has been a long history of litigation on the issue of classification of works contract activities that whether it is to be considered a service or to be treated as sale of goods. The reason behind it was that the constitution of India classifies the work contract activity as sale of goods and so ... Read more

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]]> https://taxclick.org/type/gst/works-contract-sale-vs-service-continue-gst-regime/feed/ 0 Transitional Provisions-Part-III https://taxclick.org/type/gst/transitional-provisions-part-iii/?utm_source=rss&utm_medium=rss&utm_campaign=transitional-provisions-part-iii https://taxclick.org/type/gst/transitional-provisions-part-iii/#respond Wed, 28 Dec 2016 07:56:48 +0000 https://taxclick.org/?p=3744 Credit of eligible duties and taxes in respect of inputs held in stock to be allowed in certain situations This provision intends to enable the taxable person to avail the cenvat of duties and taxes in respect of inputs held in stock subject to certain conditions. The provision reads as follows: (1) A registered taxable ... Read more

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]]> https://taxclick.org/type/gst/transitional-provisions-part-iii/feed/ 0 Transitional Provisions-Part-II https://taxclick.org/type/gst/transitional-provisions-part-ii/?utm_source=rss&utm_medium=rss&utm_campaign=transitional-provisions-part-ii https://taxclick.org/type/gst/transitional-provisions-part-ii/#comments Wed, 28 Dec 2016 04:48:12 +0000 https://taxclick.org/?p=3742 Unavailed cenvat credit on capital goods, not carried forward in a return, to be allowed in certain situations The changed section 168 (old section 144) reads as follows: A registered taxable person, other than a person opting to pay tax under section 9, shall be entitled to take, in his electronic credit ledger, credit of ... Read more

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]]> https://taxclick.org/type/gst/transitional-provisions-part-ii/feed/ 1 Transitional Provisions of GST Part-I https://taxclick.org/type/gst/transitional-provisions-gst-part/?utm_source=rss&utm_medium=rss&utm_campaign=transitional-provisions-gst-part https://taxclick.org/type/gst/transitional-provisions-gst-part/#respond Mon, 26 Dec 2016 08:08:55 +0000 https://taxclick.org/?p=3740 SECTION 167. AMOUNT OF CENVAT CREDIT CARRIED FORWARD IN A RETURN TO BE ALLOWED AS INPUT TAX CREDIT The following provisions have been incorporated under CGST Laws:- A registered taxable person, other than a person opting to pay tax under section 9, shall be entitled to take, in his electronic credit ledger, the amount of ... Read more

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]]> https://taxclick.org/type/gst/transitional-provisions-gst-part/feed/ 0 Section 16 Zero Rated Supply (IGST ACT) https://taxclick.org/type/gst/section-16-zero-rated-supply-igst-act/?utm_source=rss&utm_medium=rss&utm_campaign=section-16-zero-rated-supply-igst-act https://taxclick.org/type/gst/section-16-zero-rated-supply-igst-act/#respond Sat, 24 Dec 2016 09:56:27 +0000 https://taxclick.org/?p=3737 A new Chapter VIII has been introduced in the IGST Act wherein the concept of zero rated supply has been framed. The provisions contained in the section 16 are discussed as follows:- Zero rated supply means any of the following taxable supply of goods and/or services, namely- Export of goods and/or services; or Supply of ... Read more

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]]> https://taxclick.org/type/gst/section-16-zero-rated-supply-igst-act/feed/ 0 Section 15 Value of Taxable Supply under Revised GST Law https://taxclick.org/type/gst/section-15-value-taxable-supply-revised-gst-law/?utm_source=rss&utm_medium=rss&utm_campaign=section-15-value-taxable-supply-revised-gst-law https://taxclick.org/type/gst/section-15-value-taxable-supply-revised-gst-law/#respond Fri, 23 Dec 2016 10:03:24 +0000 https://taxclick.org/?p=3734 There is material departure in the valuation provisions of a taxable supply in the revised GST Law. A comparative analysis of the changes made with respect to present laws is made as follows:- The valuation of taxable supply has been specified to be transaction value provided that supplier and recipient are not related and price ... Read more

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]]> https://taxclick.org/type/gst/section-15-value-taxable-supply-revised-gst-law/feed/ 0 Section 12 Pertaining To Time Of Supply Of Goods Under Revised GST Law https://taxclick.org/type/gst/section-12-pertaining-time-supply-goods-revised-gst-law/?utm_source=rss&utm_medium=rss&utm_campaign=section-12-pertaining-time-supply-goods-revised-gst-law https://taxclick.org/type/gst/section-12-pertaining-time-supply-goods-revised-gst-law/#respond Thu, 22 Dec 2016 07:20:03 +0000 https://taxclick.org/?p=3731 The provisions relating to determination of time for supply of goods has been significantly amended and is discussed in detail as follows:- The time of supply of goods shall be earliest of the following:- The date of issue of invoice by the supplier or the last date on which he is required under section 28, ... Read more

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]]> https://taxclick.org/type/gst/section-12-pertaining-time-supply-goods-revised-gst-law/feed/ 0 Job Work under Revised GST Law https://taxclick.org/type/gst/job-work-revised-gst-law/?utm_source=rss&utm_medium=rss&utm_campaign=job-work-revised-gst-law https://taxclick.org/type/gst/job-work-revised-gst-law/#respond Wed, 21 Dec 2016 09:13:25 +0000 https://taxclick.org/?p=3728 The amendments made in the provisions pertaining to job work and their comparision with respect to earlier GST law and in present scenario is summarised as follows:- Earlier GST law provided that Commissioner may be special order and subject to conditions, permit a registered taxable person to send taxable goods without payment of tax to ... Read more

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]]> https://taxclick.org/type/gst/job-work-revised-gst-law/feed/ 0 Definition of Capital Goods under Revised GST Law https://taxclick.org/type/gst/definition-capital-goods-revised-gst-law/?utm_source=rss&utm_medium=rss&utm_campaign=definition-capital-goods-revised-gst-law https://taxclick.org/type/gst/definition-capital-goods-revised-gst-law/#comments Tue, 20 Dec 2016 08:25:43 +0000 https://taxclick.org/?p=3724 The definition of capital goods has undergone a substantial change in the revised GST Law. The definition of capital goods under revised GST Law is given under section 2(19) which states that capital goods means goods, the value of which is capitalised in the books of accounts of the person claiming the credit and which ... Read more

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]]> https://taxclick.org/type/gst/definition-capital-goods-revised-gst-law/feed/ 1 New Concepts of Supply in Revised GST Law https://taxclick.org/type/gst/new-concepts-supply-revised-gst-law/?utm_source=rss&utm_medium=rss&utm_campaign=new-concepts-supply-revised-gst-law https://taxclick.org/type/gst/new-concepts-supply-revised-gst-law/#comments Mon, 19 Dec 2016 06:55:20 +0000 https://taxclick.org/?p=3722 The revised GST Law introduces three new concepts of supply which are discussed in this update.  COMPOSITE SUPPLY Section 2(27) defines this term as “composite supply” means a supply made by a taxable person to a recipient comprising two or more supplies of goods or services, or any combination thereof, which are naturally bundled and ... Read more

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