Author: admin_gst

Goods and Services Tax – Started By: – aditya sharda – Dated:- 2-1-2017 Last Replied Date:- 5-1-2017 – hi i want to know that i want to fill GST in Linux operating system as our organization is currently using Linux operating system through out.But according to our vendor we need to have Microsoft Windows in order to fill the GST.I want to know the solution to this problem as we will not use Microsoft Windows as operating system, – Reply By Ganeshan Kalyani – The Reply = Do you mean to say that

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Goods and Services Tax – Started By: – pardee kumar – Dated:- 2-1-2017 Last Replied Date:- 3-1-2017 – hi i want to know that as per the digital key provided by the vendor to our organization it is only installing in microsoft windows.but our organization is only using linux as operating system through out.how can we install the digital key in Linux so we dont have to purchase Microsoft Windows which we dont require also.Please provide a solution for the same on urgent basis. – Reply By Ganeshan

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Goods and Services Tax – GST – By: – Pradeep Jain – Dated:- 2-1-2017 – GST DAILY DOSE OF UPDATION BY CA PRADEEP JAIN TRANSITIONAL PROVISIONS-PART-V SECTION 171 CREDIT OF ELIGIBLE DUTIES AND TAXES IN RESPECT OF INPUTS OR INPUT SERVICES DURING TRANSIT This is a new provision that has been incorporated in the revised GST law which provides for credit availment for inputs/input services during transit. Where the goods have been removed prior to the appointed day on payment of excise/VAT but are received after the appointed day, then the question of availment of cenvat of excise and VAT against CGST/SGST will arise. To resolve this situation, following has been provided:- (1) A registered taxable person shall be entitled to take, in his electro

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

(1). If we minutely observe the above provisions, we find that these enable credit availment for inputs/input services that are in transit on the appointed day. The example of input services in transit can be the services of transportation of goods by road/rail. At this point, it is pertinent to note the provisions contained in section 188 of the Revised GST law which states that tax in respect of taxable services shall be payable under earlier law to the extent the point of taxation in respect of such services arose before the appointed day. Say for example, if the transportation of goods by road service has been booked in advance for which invoice has been issued before the appointed day and payment is also made before the appointed day,

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

but there is no provision in revised GST law for enabling assessees to avail the credit of capital goods in transit. Consequently, the assessees should ensure that they receive the capital goods before the appointed day if ordered before the appointed day or place order for capital goods only after implementation of GST so that there is no issue regarding availment of credit of excise duty/VAT. The above provision also specifies that the credit will be allowed only if the invoice is booked in the accounts within 30 days of the appointed day. Not only this, assessee is also required to file a statement with the authorities to substantiate the credit taken on the goods in transit. You may visit us at www.capradeepjain.com https://www.faceboo

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Goods and Services Tax – GST – By: – Pradeep Jain – Dated:- 2-1-2017 Last Replied Date:- 2-1-2017 – GST DAILY DOSE OF UPDATION BY CA PRADEEP JAIN TRANSITIONAL PROVISIONS-PART-VI Credit of eligible duties and taxes on inputs held in stock to be allowed to a taxable person switching over from composition scheme The section 172 (146 in old draft) dictates the provision and conditions, on fulfillment of which a registered taxable person becomes eligible to avail the cenvat of the inputs held in stock if he opts to switch over from composition scheme. The sections reads as follows: Registered taxable person, who was either paying tax at a fixed rate or paying a fixed amount in lieu of the tax payable under the earlier law (hereinafter referred

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

rescribed documents were issued not earlier than twelve months immediately preceding the appointed day. (CGST) A worth noting change bought in this section is that earlier there was an additional condition which stated that the cenvat which the assessee intends to avail should have been allowed to him under the previous law also but he was not availing merely because he had opted composition scheme. This condition is now dropped. Thus even if certain inputs were not allowed under the previous law but are allowed under the new law; cenvat can be availed on them. But yet there is one problem. The conditions also state that the invoice on which cenvat is been availed should not be older than 12 months. To comply this condition, it has to be as

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

hether before or after the appointed day, against such person under the earlier law The provisions for SGST are similar except that one condition has been replaced there also. The condition (iii) read as follows: the said taxable person was eligible to claim input tax credit on purchase of such inputs and/or goods under the earlier law but for his being a composition taxpayer under the said law This condition has been replaced by the following condition: the said inputs were not [specified in Schedule of the earlier law or in the rules made thereunder or in any notification issued under the earlier law] as inputs on which credit was not admissible under the earlier law; The effect of this is that if the inputs were not allowed under the old

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

1T of 2017. Dated:- 2-1-2017 Maharashtra SGST – Circular – Circulars – GST – States – Office of the Commissioner of Sales Tax, 8th floor, Vikrikar Bhavan, Mazgaon, Mumbai-400 010. TRADE CIRCULAR  No. AMD/1C/2016/15/ADM-8 Mumbai, Date : 02.01.2017 Trade Circular No: 1T of 2017. Subject:- Full/ Partial exemption of late fee under section 20(6) of MVAT Act, for late returns. Reference: I) Notification No. VAT IS13/CR 124/ Taxn-l dated 1st Jan. 2014 2) Notification No. VAT 1516/CR 178/Taxn-1 dated 28th December 2016 Goods and Services Tax Act shall be implemented soon. After the implementation of the GST, many state taxes would be subsumed in GST. Most of the existing registered dealer

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

also be obtained on the new SAP automation system soon. 3. With a view to grant an opportunity to the defaulters, before the Department starts a rigorous drive against the returns defaulters in the month of March 2017, the Government of Maharashtra has waived the late fee by amending the notification, No. VAT 1513/CR 124/Taxn-l, dated 1st January 2014, issued u/ s 20(6) of the MVAT Act by notification No. VAT 1516/ CR 178/ Taxn-l, dated 28th December 2016. By virtue of this notification, a limited period opportunity is being given for the returns defaulters to upload returns without payment of late fee or on payment of partial late fee. 4. A registered dealer, who uploads the pending returns for any period upto 31st March 2016, shall

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Goods and Services Tax – GST – By: – Dr. Sanjiv Agarwal – Dated:- 31-12-2016 Last Replied Date:- 2-1-2017 – Services contribute over 57 percent to Indian Economy (GDP) which is the highest. The services sector is not only the dominant sector in India s GDP, but has also attracted significant foreign investment flows, contributed significantly to exports as well as provided large-scale employment. India s services sector covers a wide variety of activities such as trade, hotel and restaurants, transport, storage and communication, financing, insurance, real estate, business services, community, social and personal services, and services associated with construction. Key Impact Areas for Services Following areas can be identified to have direct bearing on services / service providers- Territory GST law shall extend to whole of India and SGST law would apply to respective States. Presently, Service Tax law extends to whole of India except the State of Jammu & Kashmir. Therefore, rend

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

artments i.e., service tax and VAT /CST Departments. Service providers paying service tax are getting notices from VAT /CST Department and dealers who are paying VAT /CST are get notices from service tax Department in case of overlapping transaction. With the introduction of one single tax-GST on supply of goods and /or services including supplies as per Schedule II, GST is likely to put an end to the double taxation of services like software, works contract etc. which are treated as goods and services both. Taxable Person Taxable Person means a person who is registered or liable to be registered under Schedule-V of the Act. According to Schedule-V, every supplier shall be liable to be registered under the Act in the State from where he makes a taxable supply of goods and/or services if his aggregate turnover in a financial year exceeds rupees 10 lakhs in North-East States including Sikkim and hilly area and rupees 20 lakhs for othe States. Therefore, threshold limits of rupees 20/10 l

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

ount that the supplier is liable to pay in relation to such supply but which has been incurred by the recipient of the supply and not included in the price actually paid or payable for the services. Incidental expenses Interest or late fee or penalty for late payment of any consideration of supply. Subsidies directly linked to the price excluding subsidies provided by the Central and State Governments But shall not include(exclusion): Discounts- Post-supply discounts will not be included in the transaction value if it is established as per the agreement and is known at, or before, the time of supply. Year-end discounts and discounts offered on achieving a target will also be excluded if they could be specifically linked to relevant invoices against which discount has been offered. Therefore, it is important that the proper disclosure of discount should be made for the exclusion under transaction value. It is advisable to draft a proper discount policy for smooth calculation and disclos

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

of next FY Refund Time limit for making application for refund is two years from the relevant date in prescribed form and manner. In some cases, the refundable amount shall, instead of being credited to the Fund, be paid to the applicant such as in case of export of services etc. It would be important to note that the persons would need to deal with both, the Centre and State Governments, and therefore there would be duplication of the refund procedures. However, refund provisions specifically provide for sanction of 90% of refund to exporter of services. This will be a great relief for the industries or sectors, given that refund claims are often not processed for long periods. For balance 10%, prescribed procedure need to be followed. Refund application has to be disposed by way of a proper order within 60 days from the date of receipt of application (which is complete in all respects), else the authorities would be required to pay interest on delay beyond 60 days. Issues could arise

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Goods and Services Tax – GST – By: – Pradeep Jain – Dated:- 31-12-2016 – GST DAILY DOSE OF UPDATION BY CA PRADEEP JAIN TRANSITIONAL PROVISIONS-PART-IV 170. Credit of eligible duties and taxes in respect of inputs held in stock to be allowed in certain situations This is a new provision added in the act aiming to cover such assessees who are engaged in manufacture of both taxable and exempted goods or are providing both taxable and exempted services. This provision reads as follows: (1) A registered taxable person, who was engaged in the manufacture of non exempted as well as exempted goods under the Central Excise Act, 1944 (1 of 1944) or provision of non-exempted as well as exempted services under Chapter V of Finance Act, 1994 (32 of 1994), shall be entitled to take, in his electronic credit ledger, (a) the amount of Cenvat credit carried forward in a return furnished under the earlier law by him in terms of section 167; and (b) the amount of Cenvat credit of eligible duties in resp

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

percentage on value of exempted goods; 3. take the credit on common input or input services and reverse the cenvat credit on proportionate basis. This provision very well covers the first provision i.e. where the manufacturer or service provider has maintained the separate inventory and has taken the credit only inputs used in manufacture of dutiable goods or provision of taxable services . Hence, he will be allowed to take the credit on stock of inputs of exempted final product or exempted service. But this provision does not hold good for the second alternative. If a manufacturer or service provider has already taken the credit on common input then credit cannot be allowed to him second time. Moreover, the credit is reversed at the time of removal of exempted final product or provison of exempted service. This mean that the credit is already contained in his balance for the stock of inputs lying with him. Then this provision will allow him the credit second time on these inputs. Thi

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

ted goods should be allowed subject to condition that the credit is not already taken. This provision will solve the problem. The assessee will be allowed to take the credit on stock of those inputs on which credit is not taken by him. But there are many other situations also where the credit is not taken by the assessee. We have come across a situation where the manufacturer has taken the credit only on inputs exclusively used inputs in dutiable final product but has not taken credit on common inputs for dutiable and final product as well as on inputs exclusively used in exempted final product. Hence, the credit should be allowed in such situation also. Similarly many exporter manufacturer are claiming drawback and forgoing Cenvat credit. But they intend to take the credit on input stock as they intend to avail the credit under GST regime. Similar is the situation for textile manufacturers who are exempted from payment of excise duty with the condition that no credit is taken on input

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

VAT and Sales Tax – Started By: – satbir singh wahi – Dated:- 30-12-2016 Last Replied Date:- 3-1-2017 – SirKindly clarify whether tax on Cloth /Knitted cloth under GST will be nil/exempted as now under vat. – Reply By Ravi Kumar – The Reply = it is proposed to 12% but will be final after passing of it.. – Reply By Ganeshan Kalyani – The Reply = The schedule of list of goods to tax under GST is yet not made public. Only after it is made available we can know it. Guessing would be futile. – Reply

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Goods and Services Tax – GST – By: – Dr. Sanjiv Agarwal – Dated:- 30-12-2016 Last Replied Date:- 2-1-2017 – Now that it is almost clear that GST may not catch up the 1st April 2017 date owing to various reasons and the type and size of tax reform it is, one thing is for sure. GST is a certainty and it will come latest by 16th September, 2017. Exact date can not be speculated at this moment. However, 1st July seems to be logical. GST Council Meetings The 7th meeting of the GST Council was held for 2 days on 22-23 December, 2016 at New Delhi. The main agenda was to vet / approve the remaining provisions (after section 99) of revised model GST law and IGST law and iron out the differences between Centre and States on dual control of tax payer

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

e by clause discussion. The draft Bills for integrated GST and compensation as well as administrative control over businesses are being taken up for discussion today. The next GST Council meeting is likely to be held on January 3-4, 2017. But, this still does not pave the way for GST w.e.f. April, 2017. MOF will have to clear that Budget would include Central Excise and Service Tax amendments or not. If no, it would indicate that it is still gambling with a half baked GST from April, 2017. If yes, GST would be postponed. But Government should clear the air at the earliest as Union Budget and State Budgets are also to be firmed up. If GST is being delayed, then there have to be budgetary provisions and changes, tax estimates and necessary am

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

on of details of GST rates (being worked upon by Committee of officers) Administration of IGST Date of 'implementation (April 2017 or beyond) What next All clearances from GSTC Legal vetting of legislations and final stamp of GSTC Deciding on administrative issues Respective legislations to be taken up by Parliament and State Assemblies Common date for enforcement of GST in India The next (8th) meeting of GSTC shall be held on 3-4 January, 2017. With still so much is left to be done by GSTC and after that by law framers (Parliament and State Assembles), it looks like a virtual impossibility to have GST from April, 2016. If it is being claimed so, we are becoming April fool before time. Even the FM has started saying that he is no rigid

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Goods and Services Tax – GST – By: – Pradeep Jain – Dated:- 30-12-2016 – GST DAILY DOSE OF UPDATION BY CA PRADEEP JAIN TRANSITIONAL PROVISIONS-PART-III 169. 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 person, who was not liable to be registered under the earlier law, or who was engaged in the manufacture of exempted goods or provision of exempted services, or who was providing works contract service and was availing of the benefit of notification No. 26/2012-Service Tax, dated 20.06.2012 or a first stage dealer or a second stage dealer or a registered importer, shall be entitled to take, in his electronic credit ledger, credit of eligible duties and taxes in respect of inputs held in stock and inputs contained i

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

under the earlier law. Now this provision has been extended to such persons also who are engaged in provision of exempted services, or who was providing works contract service and was availing of the benefit of notification No. 26/2012-Service Tax, dated 20.06.2012 or a first stage dealer or a second stage dealer or a registered importer. Interestingly, works contract service has been linked with notification no. 26/2012 which is an abatement notification. This notification does not prescribe any abatement for works contract service. It seems that there is a clerical error. There can be two intentions behind the same. First is to allow the credit to works contract only as they are getting credit of input services only in current regime. Hence, the credit of inputs lying in stock should be allowed. Only the notification is wrongly quoted. The second intention could be to allow the credit to those services covered under abatement notification because there is also condition of allowing c

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

alled litigation as revenue department in each and every case will ask the assessee to prove that the price is reduced. Another condition no. (v) has been inserted to provide that any supplier of service intending to avail benefit of this provision should not be eligible for any abatement under the new act. But there is no abatement provision in proposed revised GST law. We are failed to understand the meaning of this provision. It may imply that there are going to bring abatements in new law also. It is welcome step but it is again going against the concept of GST of one rate of tax. We are already seeing four rates along with cess as well as separate rate for Gold. The abatements will also add to number of rates in GST. Apart from this a new proviso has been inserted to this provision to provide that any registered taxable person apart from a manufacturer or a supplier of services, who is not in possession of an invoice or any other documents evidencing payment of duty in respect of

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Goods and Services Tax – GST – By: – Abhishek Gupta – Dated:- 30-12-2016 Last Replied Date:- 9-1-2017 – E Commerce Recent 5 years bang in e-commerce industry has changed the way of doing business in India. According to industry body Internet and Mobile Association of India (IAMAI) and IMRB, e-commerce industry in India is expected to nearly double to ₹ 2, 11, 005 crore by December, 2016. This industry has shown huge potential of growth in domestic markets of India despite the fact that 100% foreign direct investment is allowed only in B2B commerce and none in B2C model. Meaning of E-commerce and E-commerce operator Electronic commerce, commonly written as e-commerce, is the trading or facilitation of trading in products or services using computer networks, such as the Internet or online social networks. Electronic commerce draws on technologies such as mobile commerce, electronic funds transfer, supply chain management, Internet marketing, online transaction processing, electron

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

ng as a marketplace, providing services such as marketing, technology support, warehousing and logistic support to the sellers. Existing Law: Recently, service tax law has introduced the concept of an aggregator , whereby the e-commerce company must pay tax on services provided by service providers under the brand name of the e-commerce company. However, the sector strongly opposes the imposition of this levy as they stand on the view that vendor should comply all the provisions related to supply of goods and/or services and that no liability should accrue to e-commerce players. View of judiciary in case of VAT on e-commerce: In recent landmark case of Flipkart Internet (P.) Ltd. Versus State of Kerala [2015 (11) TMI 159 – KERALA HIGH COURT] , it was held that assessee who was an online service provider is not liable to pay any VAT liability and file returns as department s view that the situs of the virtual shop can be traced to Kerala is legally flawed. The same view is upheld by Kar

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

ollected by the operator shall be paid to the account of the appropriate government within 10 days from the end of the month in which such collection is made. 1.5 Filing of Return [Section 56(3)] for operators E-commerce companies falling under section 56 will also have to file return(called as statement) and contains the following information: Amount of TCS deducted Outward supply of goods or services effected through operator Return of goods or services through operator TCS return has to be filed by the operator within 10 days after the end of each month containing above information. Details of goods or services supplied in the statement will be cross-verified with the corresponding details of outward supply of supplier. If details provided are not tallied then same issue will be communicated to both the parties. If above problem is not rectified , then the unmatched amount will be added to the liability of supplier, if value of outward supply furnished by operator is more than the v

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Goods and Services Tax – GST – By: – Pradeep Jain – Dated:- 29-12-2016 – GST DAILY DOSE OF UPDATION TRANSITIONAL PROVISIONS-PART-III 169. 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 person, who was not liable to be registered under the earlier law, or who was engaged in the manufacture of exempted goods or provision of exempted services, or who was providing works contract service and was availing of the benefit of notification No. 26/2012-Service Tax, dated 20.06.2012 or a first stage dealer or a second stage dealer or a registered importer, shall be entitled to take, in his electronic credit ledger, credit of eligible duties and taxes in respect of inputs held in stock and inputs contained in semi-finished or

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

aw. Now this provision has been extended to such persons also who are engaged in provision of exempted services, or who was providing works contract service and was availing of the benefit of notification No. 26/2012-Service Tax, dated 20.06.2012 or a first stage dealer or a second stage dealer or a registered importer. Interestingly, works contract service has been linked with notification no. 26/2012 which is an abatement notification. This notification does not prescribe any abatement for works contract service. It seems that there is a clerical error. There can be two intentions behind the same. First is to allow the credit to works contract only as they are getting credit of input services only in current regime. Hence, the credit of inputs lying in stock should be allowed. Only the notification is wrongly quoted. The second intention could be to allow the credit to those services covered under abatement notification because there is also condition of allowing credit either only o

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

revenue department in each and every case will ask the assessee to prove that the price is reduced. Another condition no. (v) has been inserted to provide that any supplier of service intending to avail benefit of this provision should not be eligible for any abatement under the new act. But there is no abatement provision in proposed revised GST law. We are failed to understand the meaning of this provision. It may imply that there are going to bring abatements in new law also. It is welcome step but it is again going against the concept of GST of one rate of tax. We are already seeing four rates along with cess as well as separate rate for Gold. The abatements will also add to number of rates in GST. Apart from this a new proviso has been inserted to this provision to provide that any registered taxable person apart from a manufacturer or a supplier of services, who is not in possession of an invoice or any other documents evidencing payment of duty in respect of inputs, then such r

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Goods and Services Tax – GST – By: – CA Akash Phophalia – Dated:- 29-12-2016 – Introduction The provisions relatd to identification of time of supply of goods and services takes into consideration three things or situations :- Completion of provision of supply of goods or services Issue of invoice Payment of value of Invoice The legal provisions related to determination of time of supply of goods or services when there is change in rat of tax is stated in Section 14 of the revised Model GST Act which reads as under :- 14. Change in rate of tax in respect of supply of goods or services Notwithstanding anything contained in section 12 or section 13, the time of supply, in cases where there is a change in the rate of tax in respect of goods o

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

ll be the date of receipt of payment; (b) in case the goods or services have been supplied after the change in rate of tax – (i) where the payment is received after the change in rate of tax but the invoice has been issued prior to the change in rate of tax, the time of supply shall be the date of receipt of payment; or (ii) where the invoice has been issued and the payment is received before the change in rate of tax, the time of supply shall be the date of receipt of payment or date of issue of invoice, whichever is earlier; or (iii) where the invoice has been issued after the change in rate of tax but the payment is received before the change in rate of tax, the time of supply shall be the date of issue of invoice: PROVIDED that the date

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

pply. To put it differently, it can be said that this section is a transitional section for supply of goods and services when there is change in rate of tax. Another peculiar feature of this provision is that it follows the legacy of point of taxation rules as existed in the present Negative list Service Tax regime in relation to change in rate of tax. The mechanism of identification of time of supply of goods or services are explained in the simple and tabular manner as under:- Supply of Goods or Services Date of Invoice (DOI) Date of Payment (DOP) Time of Supply Before After After DOI or DOP whichever is earlier Before Before After DOI Before After Before DOP After Before After DOP After After Before DOI After Before Before DOI or DOP whi

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Goods and Services Tax – GST – By: – Abhishek Gupta – Dated:- 29-12-2016 – Transitional Provisions for CENVAT Credit under GST Need for Transitional Provisions To facilitate the implementation of any new law or amendment in old law, role of transitional provisions comes into play. As India in gearing up for one of the biggest tax reform of its country, it is very important to read, analyze and assess the impact of GST Law and in amid these discussions of GST, transitional provision plays a very critical role for smooth migration to GST. Implementation of GST from 1st April, 2017 seems to be a challenging task. Finance Minister Shri Arun Jaitley after meetings with GST council has shared his concerns on the deadline of GST but he is trying his best for GST rollout. On Goods and Service tax council s 7th meeting, Shri Arun Jaitley said that the drafts of Central GST and the compensation law have been mostly approved with the only portions relating to dual control being left out . Next s

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

ening balance of input tax credit in electronic credit ledger. This balance of CENVAT credit will be known as CGST (central goods & service tax). What is electronic credit leger in GST? All the input taxes under various major heads i.e. CGST, SGST and IGST shall be credited to an electronic ledger. Any availment of input tax credit will be credited in the ledger and any utilization, refund, reversals will be debited in the ledger. Section 2(43) of Model GST Law, electronic credit ledger means the electronic credit ledger referred to in section 44(2). As per section 44(2) self-assessed input tax credit shown in the return will be credited in a ledger which will be called as electronic credit ledger. GST will subsume VAT and entry tax in itself, therefore, closing balance of VAT and entry tax carried forward in a return shall be entitled for input tax credit. This balance of Vat or entry tax will be known as SGST (State Goods & Service tax). Eligibility of Input tax credit in GST

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

he amount that remains after subtracting the amount of CENVAT credit already availed in respect of capital goods by the taxable person under the earlier law from the aggregate amount of CENVAT credit to which the said person was entitled in respect of the said capital goods under the earlier law. A registered taxable person is not allowed to avail credit under this section unless CENVAT Credit was admissible to him under the earlier law and GST as well. It is very important to recap here that time limitation of availing credit from 1 year from date of invoice is applicable only on inputs or input services and not on capital goods. Similarly a registered taxable person can take in his electronic credit ledger, the un-availed input tax credit(levied under state VAT laws) in respect of capital goods, which is not carried forward by such taxable person in his return filed for the period immediately preceding the appointed date. Credit of eligible duties and taxes in inputs held in stock to

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

AT or entry tax, a person who has not liable to be registered under the respective VAT laws or who was engaged in the sale of exempted goods under the earlier law but liable to pay tax under this act can also take input tax credit in electronic credit ledger. Credit of eligible duties and taxes in respect of inputs held in stock to be allowed in certain situations A registered taxable person who was engaged in manufacture of non-exempted as well as exempted goods or provision of non-exempted as well as exempted services shall be entitled to take in ledger credit carried forward in return and credit of inputs held in stock relating to exempted goods or services. Credit of duties and taxes in respect of input and input services in respect of goods in transit It may be happen that the goods may have been dispatched before the appointed day, on payment of appropriate excise duty, service tax, and Vat or entry tax, however the same were received by the taxable person after the appointed day

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

g taxable outward supply under the GST Assessee should not be working under composition scheme Taxable person is eligible for availing input tax credit on such inputs Taxable person is in possession of supporting documents Such documents were not issued earlier than 12 months immediately preceding the appointed day Illustration: X ltd. registered in Delhi is manufacturing medical equipment s on which 10% excise duty is applicable and is providing health care services which is exempted by notification number 25/2012. Also, Delhi vat @5% is payable on sale of medical equipment s. No composition scheme is opted by X ltd under earlier law as well as under GST law. X ltd. is also engaged in inter-state sale of goods attracting CST@2% and paying Octroi (entry tax) on receipt of goods in Delhi. In 2016-17, the following data is available: Closing balance of CENVAT credit shown in last return: Capital Goods on plant and machinery purchase on 8th August, 2016(50%)- ₹ 1,00,000 Inputs-Rs 25

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

000 Rate of CGST, SGT and IGST are 9%, 9% and 18% respectively.- Suggest tax compliances as GST will roll-out on 1st April, 2017 considering an assumption that supplies of goods or services made by X ltd. will be taxable under GST. Solution: As per section 167 of Model GST Law: Closing balance carried forward in return will become input tax credit under GST Input tax credit as per section 167 will be: Particulars Amount Remarks Capital Goods 1,00,000 It can be claimed as ITC in electronic credit ledger at any period of time. No time limitation is given Inputs 25,000 Input Services 19,000 Total-CGST 1,44,000 It can be claimed as ITC in electronic credit ledger within 90 days from the appointed day VAT 10,000 Entry tax 12,000 Total-SGST 22,000 Refund of CST as per earlier law is allowed under section 167- ₹ 6,000 Input tax credit under section 168 of un-availed credit of capital goods is ₹ 1, 00, 000 (CGST) Credit of inputs used for exempted service allowed under section 170-

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Goods and Services Tax – GST – By: – Jayant Panchbhai – Dated:- 29-12-2016 Last Replied Date:- 1-5-2017 – Section 31 of proposed GST Act states that credit or debit notes will be raised by the supplier who has supplied such goods and / or services. Thus in case where Vendor – supplier – has supplied material & debit note is raised by recipient for short supply or rejection where such debit note raised has to be reflected in monthly returns. This cannot be reflected in GSTR 1 under details of credit / debit notes as what is to be reflected under this section is debit/credit notes only if issued as supplier. Neither this can be reflected in GSTR 2 under details of credit/debit notes as this is an auto populated section based on GSTR 1 fi

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Preview of Return and Payment Modules GST – Goods and Services Tax – GST – Dated:- 28-12-2016 – Upload PDF – News – Press release

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Goods and Services Tax – GST – By: – CA Akash Phophalia – Dated:- 28-12-2016 – Introduction With the immense effort in the present service tax regime, finally the government was able to form the refined principles for determination of point of taxation of services. The government in the GST regime has tried to continue its legacy of Point of Taxation principles for identification of time of supply of services. Time of Supply of Services The provisions related to time of supply of services are contained in Section 13 of the revised Model GST Act which reads as under :- 13. Time of supply of services (1) The liability to pay CGST/SGST on services shall arise at the time of supply, as determined in terms of the provisions of this section. (2) The time of supply of services shall be the earlier of the following dates, namely:- (a) the date of issue of invoice by the supplier or the last date on which he is required, under section 28, to issue the invoice with respect to the supply; or (b)

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

payment is made, or (b) the date immediately following sixty days from the date of issue of invoice by the supplier: PROVIDED that where it is not possible to determine the time of supply under clause (a) or (b), the time of supply shall be the date of entry in the books of account of the recipient of supply: PROVIDED FURTHER that in case of associated enterprises , where the supplier of service is located outside India, the time of supply shall be the date of entry in the books of account of the recipient of supply or the date of payment, whichever is earlier. Explanation.- For the purpose of clause (a), the date on which the payment is made shall be the date on which the payment is entered in the books of accounts of the recipient or the date on which the payment is debited in his bank account, whichever is earlier. (4) In case of supply of vouchers, by whatever name called, by a supplier, the time of supply shall be- (a) the date of issue of voucher, if the supply is identifiable at

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

is issued and in case where the invoice is not issued then the last date on which invoice is required to be issued under section 28 of model GST Act. (b) Date of receipt of payment by supplier with respect to the supply. Here, section 28 of the Model GST Act provider for the time of issue of invoice, manner, format and the contents to be mentioned in the invoice issued in relation to supply of services. Thus as per above provisions of law the time of supply of services is the earliest of the two dates viz date of issue of invoice or the date of receipt of payment whichever is earlier. However, it may happen that the registered taxable person does not issue invoice at all, then in such case instead of taking the date of issue of invoice, the last date when the invoice should be issued in accordance with the law shall be taken. The law further provides that in case supplier receives advance beyond the amount of invoice then for an advance upto an amount of 1000 rupees the time of supply

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

ion of vouchers, if supplier is not identifiable. Residual Provision Where it is not possible to determine time of supply of services under any of the above stated provision of law then it shall be calculated as – (a) in case where periodical return has to be filed, due date of filling return. (b) in case no periodical return has to be filed, date of payment of CGST/SGST. Date of Payment The meaning of date of payment for time of supply of services is explained in the said provisions itself and the same is applicable in the same sense throughout the provision. Date on which payment is made for the purposes of identification of time of supply of servcie is the earlier of the following :- (a) Book entry in the books of recipient of supply i.e. buyer (b) Debit in bank account Conclusion The government is positive in its effort to implement GST quickly and effectively. At the same time a positive move of the government to carry on the existing, simple and in practice provisions in the GST

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Goods and Services Tax – GST – By: – Pradeep Jain – Dated:- 28-12-2016 – GST DAILY DOSE OF UPDATION BY CA PRADEEP JAIN TRANSITIONAL PROVISIONS-PART-I 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 cenvat credit carried forward in the return relating to the period ending with the day immediately preceding the appointed day, furnished, by him under the earlier law in such manner as may be prescribed: PROVIDED that the registered taxable person shall not be allowed to tak

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

rds the proviso is concerned, the same is a better version of the earlier proviso in old GST Law. As per old proviso, it was specified that credit will be available only if the credit was admissible both under earlier law and under the GST law. This provision was very difficult to comply as there are different provisions under present laws and GST laws. As far as credit availment in present scenario is concerned, the same is governed by Cenvat Credit Rules, 2004 whereas credit under GST regime is governed by section 16 of the GST Act, 2016 and there are significant differences. For example, under Cenvat Credit Rules, 2004, the definition of capital goods is very specific while under GST, goods which are capitalised in the books of accounts

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

is is for the reason that the proviso merely states that registered taxable person shall not be allowed to take credit unless the said amount is admissible as input tax credit under this Act. Under GST regime, all taxes are cenvatable and one opinion may be that credit of entry tax will be allowed even if the same was not allowed under earlier law. However, the revenue authorities will not accept such an interpretation and will definitely dispute credit of entry tax if the earlier State Laws denied it. New provisos have been added regarding credit under section 3, 5(3), 6 or 6A of the Central Sales Tax Act, 1956. It is provided that amount of credit substantiated in the prescribed manner and within the stipulated period will be admissible i

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Goods and Services Tax – GST – By: – Sanjeev Singhal – Dated:- 28-12-2016 – This chapter will focus on time of supply of goods and services vis a vis valuation of supply which includes goods and services. Both are very significant part of any business vis a vis taxation . Time is important for point of tax that when the liability to pay tax will arise on goods and service . Similarly Valuation on what value the tax shall be levied by Government. For valuing any goods what to include and not to include is subject matter of big discussion. This has all been incorporated in Section 12,13,14 and 15 of the MGL. Main basis of valuation is transaction value. Now under revised GST law Determination of value of supply of Goods and Services Rule,2016. has been withdrawn . Let us address the issue one by one. Time of supply of goods and services has been defined in Section -2. Section 2[104] Time of Supply of Goods shall have the meaning as assigned to it in section 12 . Section 2[105] Time of S

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

voucher in all other cases In case it is not possible to establish the time of supply as discussed above then Date of periodical return has to be filed Date on which SGST / CGST is paid Time of supply of services [ Sec. 13 ] The liability to pay CGST and SGST shall arise only at the time of supply of services. Time of supply of services shall be : Date of issue of invoice or the last date of issue of invoice u/s 28 At the time of receipt of payment If the payment received by the supplier is up to ₹ 1000 in excess of amount written in invoice, time of supply for such excess shall be at the option of supplier, may be the date of issue of invoice In case where tax is payable on supply of services under reverse charge, earliest of the following; Date on which payment is made Date immediately after 60 days from the date of invoice Where it is not possible to determine the time of supply as above, time of supply shall be date of entry in the books of account of recipient of supply. In

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

after the change of rate of tax, date of invoice shall be time of supply. Where payment is received before change of rate of tax and invoice is issued after the change of rate of tax, time of supply shall be date of receipt of payment In the case of goods or services have been supplied after the change of effective rate of tax Where the payment is received after the change of rate of tax and invoice is raised before change of rate of tax, time of supply of services shall be date of date of receipt of payment. Where the invoice is raised after the change of rate of tax and payment is received before the change of rate of tax , time of supply shall be date of date of invoice. Where the invoice is raised and payment is received before the change of rate of tax , time of supply shall be earlier of the invoice or receipt of payment date. Value of Taxable Supply The value of supply of goods or supply of services shall be transaction value that is price actually paid or payable where the sup

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

scounts is given after the supply but such discount is as per the agreement already entered before the supply and is linked to relevant invoices. And Input tax credit is reversed by the recipient of supply on such discount. Where the value can not be determined as per sub section 1, the same shall be determined as may be prescribed. FAQ on Valuation of supply of goods and services What is transaction value? Transaction value refers to price actually paid or payable for supply of goods or services where the supplier and recipient are not related. Are there separate provision for valuation in SGST,CGST and IGST for goods and service ? No. Section 15 is common for all three taxes and also common for goods and services. Weather post supplies discounts are to be included in transaction value ? Yes . unless linked to agreement that it is known at the time of supply. Weather pre supply discount allowed before or at the time of supply includable in transaction value? No. if it is recorded in i

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Goods and Services Tax – Started By: – Ramakrishnan Seshadri – Dated:- 27-12-2016 Last Replied Date:- 26-1-2017 – Dear Sir,Good Evening.We want the experts to clarify our query.We are have 5 units within the state having separate excise and service tax registration numbers. But as far as tnvat is concerned vat number is common. In our case how to register ourself in GST. whether we have reigster only once by filling up the details in additional place of business or to register separtely.Please clarify.Thanks & Regards,S.Ramakrishnan – Reply By Ganeshan Kalyani – The Reply = Sir, you will have to enrol for one number by showing one place as principal place of business and other locations as an additional place of business. You must have

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Goods and Services Tax – GST – By: – CA Akash Phophalia – Dated:- 27-12-2016 – The provisions related to time of supply of goods are contained in Section 12 of Model GST Act as under :- 12. Time of supply of goods (1) The liability to pay CGST / SGST on the goods shall arise at the time of supply as determined in terms of the provisions of this section. (2) The time of supply of goods shall be the earlier of the following dates, namely,- (a) the date of issue of invoice by the supplier or the last date on which he is required, under section 28, to issue the invoice with respect to the supply; or (b) the date on which the supplier receives the payment with respect to the supply: PROVIDED that where the supplier of taxable goods receives an amount up to one thousand rupees in excess of the amount indicated in the tax invoice, the time of supply to the extent of such excess shall, at the option of the said supplier, be the date of issue of invoice. Explanation 1.- For the purposes of cla

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

use (b), the date on which the payment is made shall be the date on which the payment is entered in the books of accounts of the recipient or the date on which the payment is debited in his bank account, whichever is earlier. (4) In case of supply of vouchers, by whatever name called, by a supplier, the time of supply shall be- (a) the date of issue of voucher, if the supply is identifiable at that point; or (b) the date of redemption of voucher, in all other cases; (5) In case it is not possible to determine the time of supply under the provisions of sub-section (2), (3) or (4) the time of supply shall (a) in a case where a periodical return has to be filed, be the date on which such return is to be filed, or (b) in any other case, be the date on which the CGST/SGST is paid. Analysis of the Provisions The general provision related to determination of time of supply of goods is earlier of the following :- (a) The date of issue of invoice in case when invoice is issued and in case where

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

covered with the said invoice and payment. For instance, a registered taxable person makes a supply of goods and raises invoice timely of Rs one lacs on say 1st April 2016 and the payment of ₹ 100500/- is received on say 10th May 2016, then the time of supply for Rs one lacs shall be the 1st April 2016. The provision stated above further provides that in case supplier receives advance upto an amount of 1000 rupees then time of supply in respect to the said advance can be taken as, at the option of the assessee, date of issuance of invoice. In our earlier example for the surplus amount of ₹ 500/- the time of supply can be taken as the date of issue of invoice in respect to such amount or the date of payment of the said amount, but at the option of the assessee. Time of Supply – Reverse Charge In case where tax is liable to paid on reverse charge basis, then time of supply will be earlier of the following :- (a) The date of receipt of goods (b) The date on which payment is ma

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Goods and Services Tax – GST – By: – Pradeep Jain – Dated:- 27-12-2016 – GST DAILY DOSE OF UPDATION BY CA PRADEEP JAIN SECTION 15 VALUE OF TAXABLE SUPPLY UNDER REVISED GST LAW:- 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 is the sole consideration for supply. Apart from this, certain inclusions and exclusions have also been provided in the transaction value which is discussed in the succeeding paragraphs. Firstly, we discuss the deletions made in the inclusi

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

e free supplies are not includible in the transaction value. However, at the same time, clause (b) of the section states that any amount incurred by recipeint of the supply that was supposed to be paid by supplier and which is not included in the price is to be added in the transaction value. This somehow indicates that free supplies should also be included in the transaction value but specific deletion of the clause leads to interpretation that free supplies are not to be included in transaction value. Second deletion is regarding royalties and licence fees related to the supply of goods and/or services being valued that the recipient of supply must pay, either directly or indirectly, as a condition of the said supply, to the extent that s

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

pplier and charged in relation to the supply of goods and/or services was also to be included in the transaction value. But, this clause has been deleted in the Revised GST Law which is highly appreciated. Presently, as per Service Tax Laws, there is Delhi High Court decision in the case of Inter Continental Techno Crafts 2012 (12) TMI 150 – DELHI HIGH COURT quashing the Rule 5 specifying that reimbursable expenditure is includible in the taxable value of service. There are also amendments in certain clauses, prominent being that as per old GST Law, value of supply included any taxes, duties, fees and charges levied under any statute other than the SGST Act or the CGST Act or the IGST Act. However, as per revised GST Law, value of supply wi

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Goods and Services Tax – GST – Dated:- 26-12-2016 – Finance Minister: There is a need for move towards a mindset of voluntary compliance and payment of legitimate taxes should be considered as part of the process and nobody should think that tax evasion is acceptable; Payment of due tax is a responsibility of every citizen; Coordination between the Central and the State administration is important for smooth transition of GST regime so that the taxpayer of the country does not suffer. The Union Finance Minister Shri Arun Jaitley said that there is an urgent need for change in mindset and India has to move towards a mindset of voluntary compliance. He said that the payment of legitimate taxes should be considered as part of the process and

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

e. Goods and Services Tax (GST). Shri Jaitley impressed upon the gathering the importance of coordination between the Central and the State administrations in smooth transition from the old to the new Indirect Tax regime so that the taxpayer of the country does not suffer. The Finance Minister also reminded the officers that the economy of the country is undergoing major changes and that shall continue to challenge them to be capable officers at every stage of their career. The Finance Minster stressed on the Culture of Correctness and Fairness that every officer should follow in their work as Revenue Officers. He also wished NACEN well in the construction of the new Training Campus and Academy in Palasamudram, Hindupur, Andhra Pradesh. He

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

oke about the history of NACEN and introduced the 68th Batch to the gathering. The strength of 68th Batch of IRS(C&CE) is 186 officer trainees, consisting of 32 female officers and 154 male officers, including 5 Bhutanese Officers. The average age of the batch is 28, with the youngest probationer being 23 years old. The batch consists of 50 per cent engineers, 16 per cent Doctors, 11 per cent MBAs, 3 per cent Law graduates, 2.2 per cent PhD awardees, 11 per cent Masters and 4.9 per cent Bachelors degree holders. The Director General also thanked the Finance Minister for backing NACEN s efforts to develop a new state-of-the-art world class academy at Palasamudram, Andhra Pradesh. The Chairman, CBEC, Mr. Najib Shah in his address talked a

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Goods and Services Tax – GST – By: – Pradeep Jain – Dated:- 26-12-2016 Last Replied Date:- 26-12-2016 – DAILY DOSE OF GST UPDATE BY CA PRADEEP JAIN SECTION 16 ZERO RATED SUPPLY (IGST ACT):- 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 goods and/or services to a SEZ developer or an SEZ unit. It is also provided that the credit of input tax may be availed for making zero rated supplies notwithstanding that such supply may be an exempt supply. It is further provided tha

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

zero rated supply shall be entitled to claim refund of IGST paid by registered taxable person on such supply. On studying the above provisions, following implications may be drawn:- The meaning of zero rated supply is very restricted and limited to normal exports and supply to SEZ or SEZ developer. The supplies made to EOUs, EHTP, STP etc are not covered under the concept of zero rated supply. The input tax credit is available for zero rated supplies. This means that export without payment of duty and supply to SEZ will be considered as zero rated supply and credit will be available. Consequently, there will not be requirement to reverse credit even when the supplies are made without payment of duty in cases of exports and supply made to S

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

SEZ are to be considered as export. It appears that the present policy is carried forward in the GST regime too. It appears that the concept of deemed exports will also be introduced in GST laws. This is evident from the definition of deemed exports given under section 2(37) of the GST Act, 2016. It states that deemed exports as notified by the Central/State Government on the recommendation of the Council, refer to those transactions in which the goods supplied do not leave India and payment for such supplies is received either in Indian rupees or in convertible foreign exchange. At present, as per DGFT Laws, supplies to EOU is considered as deemed export and it may be possible that it is specified as deemed exports in GST Law also if the s

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

Goods and Services Tax – GST – By: – Pradeep Jain – Dated:- 25-12-2016 Last Replied Date:- 26-12-2016 – DAILY DOSE OF GST UPDATE BY CA PRADEEP JAIN SECTION 12 PERTAINING TO TIME OF SUPPLY OF GOODS UNDER REVISED GST LAW:- 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, to issue invoice with respect to the supply; or The date on which the supplier receives the payment with respect to the supply. Provided that where the supplier of taxable goods receives an amount upto one thousand rupe

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

It was represented that the date on which recipient shows receipt of goods in his books of accounts is a parameter that is practically impossible to comply with and we are delighted that the said provision has been deleted. But the tax payment on advance receipt of payment in case of goods has been prescribed which is not applicable in current Excise regime. The Central Excise duty is to be paid on removal of goods only and invoice is to be issued at the time of removal. The old draft of GST Law also provided specific provision for continuous supply of goods but there is no such provision in the revised GST Law. This means that the general provision given under section 12(2) would apply. A new concept of payment of tax under reverse charge

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =

ime of supply in case of sale on approval basis was date of approval or six months from date of removal, whichever is earlier. However, as per revised law, it is date of issue of invoice/last date for issue of invoice or date of receipt of payment, whichever is earlier. The new provision seeks to take away the prolonged period of 6 months for making payment of tax. A new provision specifying time of supply in case of vouchers has been introduced. The time of supply of voucher shall be the date of issue of voucher, if supply is identifiable at that time or date of redemption of voucher, in all other cases. This provision has been incorporated keeping in mind the increasing trend of vouchers given on online purchasing. If the vouchers are val

= = = = = = = =

Plain text (Extract) only
For full text:-Visit the Source

= = = = = = = =