On 23rd April 2019, Central government has issued an order called “Removal of Difficulties Order – CT-ROD-ORD-05/2019 to give one time opportunity to all taxpayers whose GST number was cancelled by department on account of sou moto action. In this order, it is provided that whose GST number was cancelled by GST […]
Schedule-I of CGST Act 2017 specifies certain Activities which shall be treated as supply even if made without consideration. Entry no. 3 of this schedule specifies transactions of supply of goods between principal and his agent and are reproduced below:- (a) Supply of goods by a principal to his agent […]
There was so much ambiguity among the professionals, businessmen and other tax consultants with respect to sale promotions schemes in various forms where suppliers issue credit notes, providing free samples, or others. Some of consultants were saying that the businessmen can not issue any credit note unless it satisfied the conditions […]
Initially, under GST laws, composition scheme was restricted only for traders, manufacturers and restaurant service providers. With the implementation of CGST Amendment Act, 2017 as applicable w.e.f. 01.02.2019, a relatively small portion of services is allowed to be supplied under such Composition Scheme. With the increase in demand for such […]
In its 32nd meeting, GST Council has decided to increase the threshold limit for registration under GST laws from the erstwhile limit of Rs 20 Lakh to Rs 40 Lakh. On 7th March 2019, CBIC has issued a notification where it has notified that such enhanced threshold limit will be […]
Schedule- II to CGST Act, 2017 provides a list of activities and transactions to determine whether it is a supply of Goods or a supply of Services. Such determination is very much important to select appropriate category while applying for registration, selection of HSN Codes, selection of rate of tax, […]
There are certain activities or transactions which are not liable for GST in India. These transactions are kept out of purview of GST. Schedule-III to CGST Act 2017 or State/UT GST Acts 2017 contains such Activities or transactions which shall be treated neither as a supply of goods nor a supply of services. […]
Section 49(5) of CGST Act, 2017 prescribes the pattern of utilisation of eligible Input Tax Credit (ITC) for payment of tax under different heads of GST i.e. CGST, SGST, UTGST, and IGST. ITC Utilisation pattern has very crucial role in fund planning. CGST Amendment Act, 2018 has amended the pattern/order […]
Section 12 of IGST Act, 2017 determines the place of supply of various services where location of both supplier and recipient of services are within India. In case of some of services, it is provided that if such services are provided to unregistered recipients and the services are provided in […]
“Export of services” has been defined under IGST Act 2017. As per section 2(6) of such act, it means the provisioning/supply of services which have following components:- (i) the supplier of service is located in India; (ii) the recipient of service is located outside India; (iii) the place of supply […]