Goods and Services Tax – GST – By: – Saurabh Singhal – Dated:- 16-6-2016 – Taxable Event – Supply The taxable event for levy of GST shall be supply of goods and/ or services. The term supply is defined inclusively to cover general supply and deemed supply. General supply includes all forms of supply of goods and/or services such as sale, transfer, barter, exchange, license, rental, lease or disposal made for a consideration. Deemed supply includes specified transactions made without consideration. Impact Supply of services by CA, CS and CMA for a consideration shall be leviable to GST. Nature of Supply – Inter-state vs. Intra-state supplies Central GST (CGST) and State GST (SGST) will be leviable on intra-State supplies and Integrated GST
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re more or less on the same lines as existing in the current service tax regime. Impact Accordingly, time of supply of services shall be date of invoice or date of receipt of payment, whichever is earlier. In case invoice is not issued within prescribed time, time of supply will shift to the date of completion of service. The value of service shall be the price actually paid or payable for supply. Place Where Tax to be Deposited Taxable person is one who carries on business at any place in India and who is liable to be registered. Person is liable to be registered in the State from where supplies are made. Impact Tax is to be deposited in the State from where supply is made by the supplier. There are no clear provisions to determine the pla
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e ITC shall be reversed with interest. Interest is from the date of wrong availment or utilization. Returns Professionals like CA, CS and CMA are liable to file GSTR 1 (Statement of outward supplies), GSTR 2 (Statement of inward supplies), GSTR 3 (Statement of final tax and GSTR 8 (Annual return). Further, they may also be required to file GSTR 7 (Statement of TDS). Payment of Taxes Prioritization rule has been inserted for payment of taxes whereby taxes for the current period cannot be paid until the taxes/interest/late-fee/penalty in relation to returns of previous tax periods have not been deposited. Transitional Provisions Amount of CENVAT credit carried forward in a service tax return will be allowed as ITC under GST. However such carr
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