Question 6 – Draft-Bills-Reports – Valuation in GST – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 6 – Q 6. What is to be done if there are certain factors affecting price though th
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Is reference to Valuation Rules required in all cases? – Question 5 – Draft-Bills-Reports – Valuation in GST – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 5 – Q 5. Is reference to V
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Question 4 – Draft-Bills-Reports – Valuation in GST – FAQ on GST dated 21.9.2016 based on Draft Model GST – 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 some factors like relationship of parties or certain transactions are deemed to be supply, which do not have a price, it is required to overcome these
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Are there separate valuation provisions for CGST, SGST and IGST and Goods and Services? – Question 3 – Draft-Bills-Reports – Valuation in GST – FAQ on GST dated 21.9.2016 based on Draft Model GST – Qu
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Question 2 – Draft-Bills-Reports – Valuation in GST – FAQ on GST dated 21.9.2016 based on Draft Model GST – 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 Pr
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Question 1 – Draft-Bills-Reports – Valuation in GST – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 1 – 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 actually the price paid or payable, when the parties are not related and price is the sole consideration. The MGL further elaborates various inclusions and exclusions from the ambit of transac
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Question 14 – Draft-Bills-Reports – Time of Supply – FAQ on GST dated 21.9.2016 based on Draft Model GST – 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 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, Regul
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Question 13 – Draft-Bills-Reports – Time of Supply – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 13 – Q 13. What will be the time of supply in continuous supply of services? Ans. The time of supply shall be the due date of payment, if ascertainable from the contract. If not ascertainable, it will be earliest of date of receipt of payment or the date of issue of invoice or completion of event where payment is linked to completion of event. – Statutory Provisions, Acts, Rules,
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Question 12 – Draft-Bills-Reports – Time of Supply – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 12 – Q 12. What is time of supply of service in case of tax payable under reverse c
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Question 11 – Draft-Bills-Reports – Time of Supply – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 11 – Q 11. Suppose part advance payment is made or invoice issued is for part payme
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Question 10 – Draft-Bills-Reports – Time of Supply – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 10 – Q 10. Suppose, invoice is not issued and date of payment or date of completion
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What does “date of receipt of payment” mean? – Question 9 – Draft-Bills-Reports – Time of Supply – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 9 – Q 9. What does date of receipt of
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Question 8 – Draft-Bills-Reports – Time of Supply – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 8 – Q 8. What is time of supply of service when invoice is issued within prescribed
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Question 7 – Draft-Bills-Reports – Time of Supply – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 7 – Q 7. What is time of supply of service when invoice is not issued within prescri
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Question 6 – Draft-Bills-Reports – Time of Supply – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 6 – Q 6. When does the liability to pay GST arise in respect of supply of services?
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Question 5 – Draft-Bills-Reports – Time of Supply – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 5 – Q 5. Where it is not possible to determine the time of supply in terms of sub-section 2, 3, 5 or 6 of Section 12 or that of Section 13 of MGL, how will time of supply be determined? Ans. There is a residual entry in Section 12(7) as well as 13 (7) which say that if periodical return has to be filed, then the due date of filing of such periodical return shall be the time of supp
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What is time of supply of goods sent on approval basis? – Question 4 – Draft-Bills-Reports – Time of Supply – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 4 – Q 4. What is time of su
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Question 3 – Draft-Bills-Reports – Time of Supply – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 3 – Q 3. What is time of supply of continuous supply of goods? Ans. The time of supply of continuous supply of goods is; a) where successive statements of accounts or successive payments are involved, the date of expiry of the period to which such successive statements of accounts or successive payments relate. b) where there are no successive statements of account or successive pa
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Question 2 – Draft-Bills-Reports – Time of Supply – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 2 – Q 2. When does the liability to charge GST arise in respect of supply of goods? Ans. Section 12 of the MGL provides for time of supply of goods. The time of supply of goods shall be the earliest of the following namely, (i) the date on which the goods are removed by the supplier, where the supply of goods require removal; or (ii) the date on which the goods are made available w
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What is time of supply? – Question 1 – Draft-Bills-Reports – Time of Supply – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 1 – Q 1. What is time of supply? Ans. The time of supply fi
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Question 16 – Draft-Bills-Reports – Meaning and Scope of Supply – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 16 – Q 16. Whether goods supplied on hire purchase basis will be treat
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Question 15 – Draft-Bills-Reports – Meaning and Scope of Supply – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 15 – Q 15. Whether Works contracts and Catering services will be treat
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Question 14 – Draft-Bills-Reports – Meaning and Scope of Supply – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 14 – Q 14. Whether transfer of right to use goods will be treated as supply of goods or supply of service? Why? Ans. Transfer of right to use goods shall be treated as supply of service because there is no transfer of title in such supplies. Such transactions are specifically treated as supply of service in Schedule-II of MGL – Statutory Provisions, Acts, Rules, Regul
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Question 13 – Draft-Bills-Reports – Meaning and Scope of Supply – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 13 – Q 13. What are inter-state supplies and intra-state supplies? Ans. Inter-state and intra-state supplies have specifically been defined in Section 3 & 3A of IGST Act respectively. Broadly, where the location of the supplier and the place of supply are in same state it will be intra-state and where it is in different states it will be inter-state supplies. – St
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Question 12 – Draft-Bills-Reports – Meaning and Scope of Supply – FAQ on GST dated 21.9.2016 based on Draft Model GST – Question 12 – Q 12. Whether provision of service or goods by a club or association or society to its members will be treated as supply or not? Ans. Yes. Provision of facilities by a club, association, society or any such body to its members shall be treated as supply. This is included in the definition of business in section 2(17) of MGL. – Statutory Provisions, Acts, Rules, R
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