Whether time limit for payment of tax can be extended or paid in monthly installments?

Whether time limit for payment of tax can be extended or paid in monthly installments?
Question 7
Bill
GST Payment of Tax
Faq On GST (2nd Edition) Dated 31.3.2017
Q 7. Whether time limit for payment of tax can be extended or paid in monthly installments?
Ans. No, this is not permitted in case of self-assessed liability. In other cases, competent authority has been empowered to extend the time period or allow payment in instalments. (Section 80 of the CGST/SGST Act).
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When is payment of taxes to be made by the Supplier?

When is payment of taxes to be made by the Supplier?
Question 6
Bill
GST Payment of Tax
Faq On GST (2nd Edition) Dated 31.3.2017
Q 6. When is payment of taxes to be made by the Supplier?
Ans. Payment of taxes by the normal tax payer is to be done on monthly basis by the 20th of the succeeding month. Cash payments will be first deposited in the Cash Ledger and the tax payer shall debit the ledger while making payment in the monthly returns and shall reflect the relevant debit

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How can payment be done?

How can payment be done?
Question 5
Bill
GST Payment of Tax
Faq On GST (2nd Edition) Dated 31.3.2017
Q 5. How can payment be done?
Ans. Payment can be done by the following methods:
(i) Through debit of Credit Ledger of the tax payer maintained on the Common Portal – ONLY Tax can be paid. Interest, Penalty and Fees cannot be paid by debit in the credit ledger. Tax payers shall be allowed to take credit of taxes paid on inputs (input tax credit) and utilize the same for payme

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What are the main features of GST payment process?

What are the main features of GST payment process?
Question 4
Bill
GST Payment of Tax
Faq On GST (2nd Edition) Dated 31.3.2017
Q 4. What are the main features of GST payment process?
Ans. The payment processes under GST Act(s) have the following features:
• Electronically generated challan from GSTN Common Portal in all modes of payment and no use of manually prepared challan;
• Facilitation for the tax payer by providing hassle free, anytime, anywhere mode of pa

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When does liability to pay GST arises?

When does liability to pay GST arises?
Question 3
Bill
GST Payment of Tax
Faq On GST (2nd Edition) Dated 31.3.2017
Q 3. When does liability to pay GST arises?
Ans. Liability to pay arises at the time of supply of Goods as explained in Section 12 and at the time of supply of services as explained in Section13.
The time is generally the earliest of one of the three events, namely receiving payment, issuance of invoice or completion of supply. Different situations envisaged and

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Who is liable to pay GST?

Who is liable to pay GST?
Question 2
Bill
GST Payment of Tax
Faq On GST (2nd Edition) Dated 31.3.2017
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 operato

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What are the Payments to be made in GST regime?

What are the Payments to be made in GST regime?
Question 1
Bill
GST Payment of Tax
Faq On GST (2nd Edition) Dated 31.3.2017
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

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

What are the inclusions specified in Section 15(2) which could be added to Transaction Value?
Question 10
Bill
Valuation in GST
Faq On GST (2nd Edition) Dated 31.3.2017
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

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When are the provisions of the Valuation Rules applicable?

When are the provisions of the Valuation Rules applicable?
Question 9
Bill
Valuation in GST
Faq On GST (2nd Edition) Dated 31.3.2017
Q 9. When are the provisions of the Valuation Rules applicable?
Ans. Valuation Rules are applicable when (i) consideration either wholly or in part not in money terms; (ii) parties are related or supply by any specified category of supplier; and (iii) transaction value declared is not reliable.
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Statute, statutory provisions legislation, l

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Whether pre-supply discounts allowed before or at the time of supply are includible in the transaction value?

Whether pre-supply discounts allowed before or at the time of supply are includible in the transaction value?
Question 8
Bill
Valuation in GST
Faq On GST (2nd Edition) Dated 31.3.2017
Q 8. Whether pre-supply discounts allowed before or at the time of supply are includible in the transaction value?
Ans. No, provided it is allowed in the course of normal trade practice and has been duly recorded in the invoice.
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Statute, statutory provisions legislation, law, enactment, Ac

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

Whether post-supply discounts or incentives are to be included in the transaction value?
Question 7
Bill
Valuation in GST
Faq On GST (2nd Edition) Dated 31.3.2017
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 i

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Can the transaction value declared under section 15(1) be accepted?

Can the transaction value declared under section 15(1) be accepted?
Question 6
Bill
Valuation in GST
Faq On GST (2nd Edition) Dated 31.3.2017
Q 6. Can the transaction value declared under section 15(1) be accepted?
Ans. Yes, it can be accepted after examining for inclusions in section 15(2). Furthermore, the transaction value can be accepted even where the supplier and recipient are related, provided the relationship has not influenced the price.
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Statute, statutory pro

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Is contract price not sufficient to determine valuation of supply?

Is contract price not sufficient to determine valuation of supply?
Question 4
Bill
Valuation in GST
Faq On GST (2nd Edition) Dated 31.3.2017
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

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What is transaction value?

What is transaction value?
Question 2
Bill
Valuation in GST
Faq On GST (2nd Edition) Dated 31.3.2017
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.
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Statute,

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

What is the value of taxable supply to be adopted for the levy of GST?
Question 1
Bill
Valuation in GST
Faq On GST (2nd Edition) Dated 31.3.2017
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 f

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What is the time period within which invoice has to be issued where the goods being sent or taken on approval for sale?

What is the time period within which invoice has to be issued where the goods being sent or taken on approval for sale?
Question 19
Bill
Time of Supply
Faq On GST (2nd Edition) Dated 31.3.2017
Q 19. What is the time period within which invoice has to be issued where the goods being sent or taken on approval for sale?
Ans. The invoice in respect of goods sent or taken on approval for sale or return shall be issued before or at the time of supply or six months from the date of a

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

What is the time period within which invoice has to be issued in a case involving continuous supply of services?
Question 18
Bill
Time of Supply
Faq On GST (2nd Edition) Dated 31.3.2017
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 i

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

What is the time period within which invoice has to be issued in a case involving continuous supply of goods?
Question 17
Bill
Time of Supply
Faq On GST (2nd Edition) Dated 31.3.2017
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 s

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

What is the time period within which invoice has to be issued for supply of Services?
Question 16
Bill
Time of Supply
Faq On GST (2nd Edition) Dated 31.3.2017
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 payab

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

What is the time period within which invoice has to be issued for supply of Goods?
Question 15
Bill
Time of Supply
Faq On GST (2nd Edition) Dated 31.3.2017
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

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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

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
Bill
Time of Supply
Faq On GST (2nd Edition) Dated 31.3.2017
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 ch

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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?

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
Bill
Time of Supply
Faq On GST (2nd Edition) Dated 31.3.2017
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 i

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

What is the time of supply, where supply is completed after to change in rate of tax?
Question 12
Bill
Time of Supply
Faq On GST (2nd Edition) Dated 31.3.2017
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 pa

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