GST Impact on Professionals (CA, CS, CMA)
By: – Saurabh Singhal
Goods and Services Tax – GST
Dated:- 16-6-2016<\/p>\n
Taxable Event – Supply
\n * 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.
\n * 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.
\n * Deemed supply includes specified transactions made without consideration.
\nImpact
\n * Supply of services by CA, CS and CMA for a consideration shall be leviable to GST.
\nNature of Supply – Inter-state vs. Intra-state supplies
\n * Central GST (CGST) and <\/p>\n
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Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n o IGST. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n edit will be confirmed only after such matching. Where the data is not matched and where the supplier has not made the tax payment, the ITC shall be reversed with interest. = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" GST Impact on Professionals (CA, CS, CMA)By: – Saurabh SinghalGoods and Services Tax – GSTDated:- 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 … Continue reading “GST Impact on Professionals (CA, CS, CMA)”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-287","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/287","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=287"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/287\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=287"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=287"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=287"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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\nTime of Supply and Valuation
\n * The provisions relating to time of supply and valuation are more or less on the same lines as existing in the current service tax regime.
\nImpact
\n * 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.
\n * The value of service shall be the price actually paid or payable for supply.
\nPlace Where Tax to be Deposited
\n * 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.
\nImpact
\n * Tax is to <\/p>\n
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\n * Interest is from the date of wrong availment or utilization.
\nReturns
\n * 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).
\nPayment of Taxes
\n * 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 de<\/p>\n
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