GST - Goods and Services Tax

As per GST law, a taxpayer has the option to obtain separate GST registration for multiple places of business within a state or union territory under one income tax permanent account number. Such multiple registration within a state or union territory is generally required when the taxpayer wants to have different GSTIN for different business verticals for better … [Read more...] about Transfer of input tax credit in case of separate GST registrations

In case of a change in the constitution of a registered person on account of sale, merger, demerger, amalgamation, lease or transfer of the business with the specific provisions for transfer of liabilities, the said registered person shall be allowed to transfer the input tax credit. Which means remaining unutilised ITC in the electronic credit ledger is to be transferred to … [Read more...] about Transfer of Input tax Credit in case of change in constitution of business

Utilization of input tax credit under GST law provisions are specified in section 49(5), 49A and 49B of the CGST Act, 2017, rule 88A of the CGST Rules and Circular Number 98/17/2019 GST dated 23.04.2019. A registered person depending on the nature of supplies, is entitled for input tax credit (ITC) of central tax, state tax or union territory tax and integrated tax. As per … [Read more...] about How input tax credit is utilised to pay tax liability under GST law

Collection of tax at source or TCS refers to tax which is collected by the e-commerce operator when a supplier supplies goods or services through e-commerce operator's portal. TCS amount should be collected from the payment of supply collected by the electronic commerce operator. This article will be a guide for e-commerce operator to know the provisions of TCS under GST. … [Read more...] about TCS under GST law – A beginner’s guide to Collection of tax at source

In GST law, Input refers to any goods or services or both used by a registered taxpayer to create the finished product and/or to render services to the consumer. The beauty of input tax credit (ITC) mechanism in GST law is that the registered supplier gets credit for the GST that they have paid while purchasing goods and/or services to supply the final product and/or services. … [Read more...] about Documents required to avail input tax credit under GST law

In GST, tax invoice, bill of supply, delivery challan, credit notes and debit notes are considered as a very important document. As per GST law, a registered person supplying taxable goods shall issue GST tax invoices before or at the time of removal of goods for supply to the recipient,where such supply involves movement of goods. In any other cases, tax invoice is to be … [Read more...] about Tax invoice in GST-A complete beginner’s guide for taxpayers

A registered person must issue tax invoices under the GST law to its recipient for supplying goods or services or both in India. Time period for issuance of invoice is different for goods and services. For goods, tax invoice should be issued any time before or at its delivery. For services, it should be issued within 30 days from the date of supply of services. Let us … [Read more...] about What is the time limit to issue GST tax invoice

A registered person has to pay GST for all taxable supplies of goods or services or both on or before the 20th of the following month for which tax has been charged to recipients. As per section 50, every person who is liable to pay GST in accordance with the provision of this act or rules made there under but fails to pay tax or any part thereof to the government within the … [Read more...] about When Interest on delayed payment of GST is to be paid

As per the standard practice, numerous discounts are given by the supplier to their customers such as trade discount, cash discount, performance discount etc.  These discounts are reduced from the sale price of the supply. Therefore, government of India has made provisions for it in section 15(3) of CGST Act, 2017. Before getting into this article, we suggest you to … [Read more...] about Impact of discount on taxable value of supply calculation under GST Law

Goods and services tax (GST) is levied as a percentage of the value of supply of goods and/or services. Therefore, value of the supplies becomes very important to know before charging GST on it. To know how to arrive at value of supply, we have to go through different provisions of GST law. These provisions set out the mechanism to calculate value of supply on which central … [Read more...] about How taxable value of supply is calculated under GST law