GST - Goods and Services Tax

Goods and/or services are chargeable to GST if a transaction between the supplier and recipient falls within the purview of the charging section under the GST law. However, we have few exceptions to it. For instance, if a particular transaction or activity is listed as exempt supply or listed in negative list of schedule III, then such supply will not be chargeable to GST and … [Read more...] about List of goods exempted from GST in India

Activities listed under schedule III of the CGST Act, 2017, is termed as negative list under GST. Activities in this schedule specifies transactions which shall be neither treated as supply of goods nor a supply of services. Below is a list of these activities; Services by an employee to the employer in the course of or in relation to his employment.Services by any court or … [Read more...] about Activities which shall not be treated as supply of goods and/or services – Negative list under GST

In GST law, supply is the taxable event. Supply is broadly defined in section 7 of the CGST Act, 2017. As per section 7(1A) of CGST Act, 2017, supply includes activities referred to in schedule II. This schedule of CGST Act contains the list of activities which have been classified either as supply of goods or supply of services. In this post, we have listed all those … [Read more...] about Activities treated as supply under GST law – Schedule II

As per section 7 one of the conditions to be satisfied to levy GST is the supply must be for consideration. However there can be certain supplies which can be made by a taxable person without consideration in order to avoid levy of GST. Therefore, the government has listed few activities to be considered as supply even if the supplier has not received any consideration for … [Read more...] about Activities treated as supply in GST even if made without consideration – Deemed supply

Taxable event refers to any transaction that results in a tax consequences for a party who executes the transaction. Government sets rules to decide which events have taxable consequences. If a particular transaction is taxable in India then, the person who executes it is liable to tax as per rules and regulations of the country. For example, in India the government requires … [Read more...] about Is supply of goods and/or services a taxable event under GST law

Supply of individual goods or individual services which is clearly identified are subject to GST at a specified rate. However, in business you can have situations where supply of goods and/or services are not clearly identifiable. In certain cases, you will find supply is a mix of different goods or combination of different services or combination of both goods and services. In … [Read more...] about GST on Mixed Supply of Goods and/or Services

Supply of individual goods or services which can be clearly identified are subject to GST at a specified rate. However, in business you will have situations where supply of goods and/or services are not clearly identifiable and it's a mix of different goods or combination of different services or combination of both goods and services. In such cases, you can not levy GST as you … [Read more...] about GST on composite supply of goods and/or services

As per section 2(61), Input service distributor means an office of the supplier of goods or services or both which receives tax invoices towards the receipt of input services and issues a prescribed document for the purposes of distributing the credit of CGST, SGST, IGST or UGST paid on the said invoices to a supplier of taxable goods or services or both having same permanent … [Read more...] about GST return for input service distributor or ISD

As per section 38(1), every registered person other than the following shall verify, validate, modify or delete, if required the details relating to outward supplies and credit or debit notes communicated u/s 37(1) to prepare the details of inwards supplies and credit or debit notes. Input service distributor or ISDNonresident taxable personsA person paying tax under … [Read more...] about When and how to furnish GST return for inward supplies

A registered person who fails to furnish following GST return by the due date shall pay a late fee. Statement of outward supplies U/S 37Returns for inward supplies U/S 38 Monthly summary return in form GSTR-3B - U/S 39Details of the supplies made by composition dealers - U/S 39(2)Final return U/S 45 In above cases, late fee should be the least of followings; Rs 25 for … [Read more...] about Late fee levied for delay in furnishing GST return