Goods and Services Tax – Started By: – Yatin Bhopi – Dated:- 19-8-2017 Last Replied Date:- 19-8-2017 – Dear SirWe have parent company abroad who give us various services like Professional, IPR, management consultancy services etc. The billing cycle is quarterly (we cant shift billing cycle on monthly basis) and they also raise the invoice and we make payment on due date.Since billing cycle is quarterly we make monthly provision for expenses in the books of accounts. In service tax we used to make payment on provision basis. many times provision was excess as compare to invoice raise by parent company and we used to adjust this excess payment for making payment of service tax subsequently in next month as allowed in rule 6(4A). but under GS
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By Rajagopalan Ranganathan – The Reply = Sir, Section 31 (2) of CGST Act, 2017 stipulates that A registered person supplying taxable services shall, before or after the provision of service but within a prescribed period, issue a tax invoice, showing the description, value, tax charged thereon and such other particulars as may be prescribed: Provided that the Government may, on the recommendations of the Council, by notification and subject to such conditions as may be mentioned therein, specify the categories of services in respect of which-(a) any other document issued in relation to the supply shall be deemed to be a tax invoice; or (b) tax invoice may not be issued. Rule 47 of CGST Rules, 2017 stipulates that the invoice referred to in
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een distinct persons as specified in section 25, may issue the invoice before or at the time such supplier records the same in his books of account or before the expiry of the quarter during which the supply was made. In my opinion the second proviso to rule 47 will help you to find a solution in your case. – Reply By RAMESH PRAJAPATI – The Reply = As per Sr No 4 of the Schedule I of the CGST Act, Import of services by a taxable person from a related person or from any of his other establishments outside India, in the course or furtherance of business is a supply even it is made without consideration. Further, supply is being made from non-taxable territory to India so tax is payable by recipient on reverse charge basis. As informed by the
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