Who is liable to pay GST?

Question 2 – Draft-Bills-Reports – GST Payment of Tax – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 2 – Q 2. Who is liable to pay GST? Ans. In general, the supplier of goods or services is liable to pay GST. However, in specified cases like imports and other notified supplies, the liability may be cast on the recipient under the reverse charge mechanism. Further, in some notified cases of intra-state supply of services, the liability to pay GST may be cast on e-commerce operators throug

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What are the Payments to be made in GST regime?

Question 1 – Draft-Bills-Reports – GST Payment of Tax – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 1 – 7. GST Payment of Tax Q 1. What are the Payments to be made in GST regime? Ans. In the GST regime, for any intra-state supply, taxes to be paid are the Central GST (CGST), going into the account of the Central Government) and the State/UT GST (SGST, going into the account of the concerned State Government). For any inter-state supply, tax to be paid is Integrated GST (IGST) which will

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What are the inclusions specified in Section 15(2) which could be added to Transaction Value?

Question 10 – Draft-Bills-Reports – Valuation in GST – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 10 – Q 10. What are the inclusions specified in Section 15(2) which could be added to Transaction Value? Ans. The inclusions specified in Section15 (2) which could be added to transaction value are as follows: a) Any taxes, duties, cesses, fees and charges levied under any statute, other than the SGST/CGST Act and the Goods and Services Tax (Compensation to the States for Loss of Revenue)

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Whether post-supply discounts or incentives are to be included in the transaction value?

Question 7 – Draft-Bills-Reports – Valuation in GST – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 7 – Q 7. Whether post-supply discounts or incentives are to be included in the transaction value? Ans. Yes. where the post-supply discount is established as per the agreement which is known at or before the time of supply and where such discount specifically linked to the relevant invoice and the recipient has reversed input tax credit attributable to such discount, the discount is allowed

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Is contract price not sufficient to determine valuation of supply?

Question 4 – Draft-Bills-Reports – Valuation in GST – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 4 – Q 4. Is contract price not sufficient to determine valuation of supply? Ans. Contract price is more specifically referred to as transaction value and that is the basis for computing tax. However, when the price is influenced by factors like relationship of parties or where certain transactions are deemed to be supply, which do not have a price, the value has to be determined in accordan

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What is transaction value?

Question 2 – Draft-Bills-Reports – Valuation in GST – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 2 – Q 2. What is transaction value? Ans. Transaction value refers to the price actually paid or payable for the supply of goods and or services where the supplier and the recipient are not related and price is the sole consideration for the supply. It includes any amount which the supplier is liable to pay but which has been incurred by the recipient of the supply. – Statutory Provisions, A

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What is the value of taxable supply to be adopted for the levy of GST?

Question 1 – Draft-Bills-Reports – Valuation in GST – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 1 – 6. Valuation in GST Q 1. What is the value of taxable supply to be adopted for the levy of GST? Ans. The value of taxable supply of goods and services shall ordinarily be the transaction value which is the price paid or payable, when the parties are not related and price is the sole consideration. Section 15 of the CGST/SGST Act further elaborates various inclusions and exclusions from

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What is the time period within which invoice has to be issued in a case involving continuous supply of services?

Question 18 – Draft-Bills-Reports – Time of Supply – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 18 – Q 18. What is the time period within which invoice has to be issued in a case involving continuous supply of services? Ans. In case of continuous supply of services, (a) where the due date of payment is ascertainable from the contract, the invoice shall be issued before or after the payment is liable to be made by the recipient but within a period prescribed in this behalf whether or no

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What is the time period within which invoice has to be issued in a case involving continuous supply of goods?

Question 17 – Draft-Bills-Reports – Time of Supply – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 17 – Q 17. What is the time period within which invoice has to be issued in a case involving continuous supply of goods? Ans. In case of continuous supply of goods, where successive statements of accounts or successive payments are involved, the invoice shall be issued before or at the time each such statement is issued or, as the case may be, each such payment is received. – Statutory Provi

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What is the time period within which invoice has to be issued for supply of Services?

Question 16 – Draft-Bills-Reports – Time of Supply – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 16 – Q 16. What is the time period within which invoice has to be issued for supply of Services? Ans. As per Section 28 of CGST/SGST Act a registered taxable person shall, before or after the provision of service, but within a period prescribed in this behalf, issue a tax invoice showing description, value of goods, tax payable thereon and other prescribed particulars. – Statutory Provisions

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What is the time period within which invoice has to be issued for supply of Goods?

Question 15 – Draft-Bills-Reports – Time of Supply – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 15 – Q 15. What is the time period within which invoice has to be issued for supply of Goods? Ans. As per Section 28 of CGST/SGST Act a registered taxable person shall issue a tax invoice showing description, quantity and value of goods, tax charged thereon and other prescribed particulars, before or at the time of (a) removal of goods for supply to the recipient, where supply involves movem

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Let’s say there was increase in tax rate from 18% to 20% w.e.f. 1.6.2017. What is the tax rate applicable when goods are supplied and invoice issued after change in rate in June 2017, but full advance payment was already received in April 2017?

Question 14 – Draft-Bills-Reports – Time of Supply – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 14 – Q 14. Let s say there was increase in tax rate from 18% to 20% w.e.f. 1.6.2017. What is the tax rate applicable when goods are supplied and invoice issued after change in rate in June 2017, but full advance payment was already received in April 2017? Ans. The new rate of 20% shall be applicable as goods are supplied and invoice issued after 1.6.2017 – Statutory Provisions, Acts, Rules,

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Let’s say there was increase in tax rate from 18% to 20% w.e.f.1.6.2017. What is the tax rate applicable when services provided and invoice issued before change in rate in April 2017, but payment received after change in rate in June 2017?

Question 13 – Draft-Bills-Reports – Time of Supply – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 13 – Q 13. Let s say there was increase in tax rate from 18% to 20% w.e.f.1.6.2017. What is the tax rate applicable when services provided and invoice issued before change in rate in April 2017, but payment received after change in rate in June 2017? Ans. The old rate of 18% shall be applicable as services are provided prior to 1.6.2017. – Statutory Provisions, Acts, Rules, Regulations, Taxa

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What is the time of supply, where supply is completed after to change in rate of tax?

Question 12 – Draft-Bills-Reports – Time of Supply – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 12 – Q 12. What is the time of supply, where supply is completed after to change in rate of tax? Ans. In such cases time of supply will be (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

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What is the time of supply, where supply is completed prior to change in rate of tax?

Question 11 – Draft-Bills-Reports – Time of Supply – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 11 – Q 11. What is the time of supply, where supply is completed prior to change in rate of tax? Ans. In such cases time of supply will be (i) where the invoice for the same has been issued and the payment is also received after the change in rate of tax, the time of supply shall be the date of receipt of payment or the date of issue of invoice, whichever is earlier; or (ii) where the invoic

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What is the time of supply applicable with regard to addition in the value by way of interest, late fee or penalty or any delayed payment of consideration?

Question 9 – Draft-Bills-Reports – Time of Supply – FAQ on GST (2nd Edition) dated 31.3.2017 – Question 9 – Q 9. What is the time of supply applicable with regard to addition in the value by way of interest, late fee or penalty or any delayed payment of consideration? Ans. The time of supply with regard to an addition in value on account of interest, late fee or penalty or delayed consideration shall be the date on which the supplier receipts such additional consideration. – Statutory Provision

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