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Under GST, the Time of supply concept helps to determine the point when goods and services are considered as supplied or provided, i.e., the time when the taxpayer is liable to pay the taxes. In simple terms, it determines the time when the tax payment is liable to make the payment of taxes. The time
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The Goods and Services Tax (GST) was introduced in India on July 1, 2017, bringing a major change to the country’s tax system. By combining different state and central taxes into a single tax structure, GST has made the process simpler and removed tax duplication. Among the various GST compliance requirements, filing GSTR-9 and GSTR-9C
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Are you familiar with India’s essential export regulations? If you receive payments from abroad in foreign currency, you are exempt from paying GST. Per the export regulations set by the Indian government, the export of goods and services is considered a zero-rated supply if payments are received in foreign currency. Since payments are received later,
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Introduction Supply Definition: As per the Act, Supply means all forms of supply of goods or services, e.g., sale, transfer, barter exchange, lease, disposal made or agreed to be made for a consideration by a person in the course of furtherance of business In the dynamic world of commerce, where every supply holds a story
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GST (Goods and Services Tax) replaces indirect taxes such as VAT, excise duty, and services tax. It is a levy on the supply of goods and services. A non-resident taxpayer has to register under GST for doing business in India. The registration is to be obtained within five days before commencing the business. All non-resident
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Collection of input tax credit happens when the tax paid on inputs is more than the output tax liability. Such collection will have to be carried over to the next financial year until the registered person can utilize it to pay an output tax liability. However, the GST law permits refund of unutilized ITC in
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Every registered taxpayer must file GSTR-3B monthly, which summarizes all the inward and outward supplies taken during the month. The taxpayer can file the GSTR-3B by online & offline mode available on GST Portal. Further, if no sales and purchases are made during the year, the registered taxpayer needs to file NIL GSTR-3B. Failure to
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Sale and lease back (hereinafter referred to as “SLB”) transaction may be defined as a financial transaction where one person sells an asset and take it back on a long term lease which means one continues to use the asset but does not own it. After buying an asset, the buyer enters a long-term sale
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With the initiation of goods and service tax from July 1, 2017, the indirect tax laws governing works contract have changed significantly. Taxability of works contract under GST law According to section 2(119) of the central goods and service tax act, 2017 (CGST act), the “works contract” is defined as a contract for Building, construction,
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An input tax credit means claiming the credit of the GST paid on the purchase of goods and services utilized to further business. The mechanism of an input tax credit is the backbone of GST and is one of the most prime basis for the introduction of GST. It is a pretty common practice that
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