Section 7 of IGST Act 2017 specified situations when the supplies will be considered as Inter-State supply. Following listed are those situations when supplies will be considered as Inter-state trade or commerce:- Where the location of the supplier…
As per Constitution of India, Education is a right to every citizen of India. Moreover, education can’t be sold and one can not earn profits by selling Education in India. So, education is a services and not a…
In Table 5(b) of TRAN 1, GST department seeks details of statutory forms received for which credit is being carried forward As per erstwhile Central Sales Tax Act, 1956 (in short “CST”), concessional rate of tax was charged on…
Stitching of Cloths as per order of Customer comes under purview of Job Work. It is a provision of service. Composition scheme can be opted by only following persons: A Manufacturer of Goods A Trader of Goods A…
Letter of undertaking (LUT) is an undertaking to be given by Owner/Proprietor/Working Partner/Managing Director of an entity in case such entity is doing export business (i.e. export of goods or services or both) or supplying Zero rated goods…
In the GST Council meeting on 16/12/2017 held through Video Conferencing, “implementation of e-way bill system” was discussed. Some of the states (not all) are already using their own way bill systems with their own old rules. Due…
SAC Code Stands for Service Accounting Code for Service Sector. Likewise, HSN Codes for Goods, SAC codes are used for Service Sector. As per Invoicing and return rules in GST, SAC codes are mandatory if turnover in preceding…
In this article we will discuss important points in respect of registration as Regular Dealer either as Obligatory or as Voluntary Registration. Point 1 : When does the liability to pay GST commenced after registration of GST? Liability to…
First of all, we will discuss the scenarios where input tax credit (ITC) allowed on stock in hand at the time of registration: Scenario 1: Where registration required where turnover crossed threshold limit or it obligatory to get…
EXPORT PACKAGE GST PRESS BRIEF-06.10.2017 The GST Council Meeting under Chairmanship of Union Finance Minister Shri Arun Jaitley (22nd Meeting) at Delhi today (06.10.2017) approved a major relief package for exporters. Mindful of the difficulties faced by exporters…
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