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[TO BE PUBLISHED IN PART II, SECTION 3, SUB-SECTION (i) OF THE GAZETTE OF INDIA, EXTRAORDINARY] GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Notification No.1/2017-Central Tax (Rate) New Delhi, the 28th June, 2017 G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 9 of the Central Goods and … Read more
As per Rule 1 of GST revised Rules, the tax invoice shall include – Name, address and GSTIN of the supplier; a consecutive serial number containing only alphabets and/or numerals, unique for a financial year; date of its issue; name, address and GSTIN/ Unique ID Number, if registered, of the recipient; name and address of … Read more
India is moving quickly towards the biggest tax reform Goods and Services Tax (GST). The GST Council fixed tax rates on of 1211 items, most of which will likely become cheaper as the new rates will be lower than the current effective levies. Though the reaction from the public at large is quite satisfactory however … Read more
The GST Council at its meeting on May 18, 19 has evolved a consensus on GST rates for goods and services, leading us closer to July 1 implementation. The underlying objective of rate declaration was clear for some time, which is to maintain the current effective indirect tax burden to control inflation and avoid surprises. … Read more
As per Section 12(6) of CGST Act, 2017 relating to Time of Supply of Goods states that time of supply to the extent it relates to an addition in the value of supply by way of interest, late fee or penalty for delayed payment of any consideration shall be the date on which the supplier … Read more
Every registered person who causes “movement of goods” of consignment value exceeding fifty thousand rupees — (i) in relation to a supply; or (ii) for reasons other than supply; or (iii) due to inward supply from an unregistered person, shall, before commencement of movement, furnish information relating to the said goods in Part A of … Read more
As we all know, filing of numerous returns in the GST regime will be a cumbersome task which will be essential for claiming input tax credit because credit availment requires matching of outward supplies of the supplier and inward purchases of the purchaser on online portal. The task will be tedious for large sized companies … Read more
Commerce is the lifeline of the human society and the introduction of the internet has made things and circumstances more favorable than problematic. In the Indian scenario, shifting from the traditional brick and mortar structure to the online structure, the rise of ecommerce has been meteoric. Statistics say that in the year 2016, about 69 … Read more
At present, the manufacturers/dealers registered under the Central Excise Act, 1944 have the option to surrender their registration if they intend to close their operations but there is no liability or legal compliance to be discharged on cancellation of the registration. However, the situation is not same in the proposed GST regime as the assessee … Read more
SECTION 10: PLACE OF SUPPLY OF SERVICES WHERE THE LOCATION OF THE SUPPLIER OR THE LOCATION OF THE RECIPIENT IS OUTSIDE INDIA In continuation to our earlier update, we shall discuss some other provisions of section 10. According to sub-section (8), the place of supply of certain services like banking, intermediary and short term hiring … Read more