Reading Time: 7 minutesTime of Supply in GST Time of Supply: In order to calculate and discharge tax liability it is important to know the date when the tax liability arises i.e. the date on which the charging event has occurred. In GST law, it is known as Time of Supply. GST law has provided separate provisions to
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Reading Time: 2 minutesGST Rate & HSN Code for Trunks, Suit-cases, Vanity cases as mentioned in Chapter 42. GST Rates & HSN Codes for Trunks, Suit-cases, Vanity cases, Saddlery & Harness for any Animal, Articles of Gut. The GST Council Release GST E-Book which Contains GST Rates on various goods with HSN Code, we have provided Chapter Wise GST Rates for your understanding. In
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Reading Time: 2 minutesGoods and Services which are not eligible for ITC under GST Motor vehicles and conveyances except the below cases:- Such motor vehicles and conveyances are further supplied for sale 1. Transport of passenger 2. Used for imparting training on driving, flying, navigating such vehicle or conveyances. 3. Transportation of goods. Food and beverages, outdoor catering, beauty treatment,
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Reading Time: 5 minutesJob Work under GST Job-work sector constitutes a significant industry in Indian economy. It includes outsourced activities that may or may not culminate into manufacture. The term Job-work itself explains the meaning. It is processing of goods supplied by the principal. The concept of job work already exists in Central Excise, wherein a principal manufacturer
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Reading Time: 8 minutesWorks Contract in GST a works contract is essentially a contract of service which may also involve the supply of goods in the execution of the contract. It is basically a composite supply of both services and goods, with the service element being dominant in the contract between parties. In a general sense, a contract
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Reading Time: 9 minutesE-way Bill Introduction of E-Way Bill or Electronic Way Bill A waybill is a receipt or a document issued by a carrier giving details and instructions relating to the shipment of a consignment of goods and the details include the name of the consignor, consignee, the point of origin of the consignment, its destination, and route.
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Reading Time: 7 minutesReverse Charge Mechanism Under GST When a supplier collects the tax from the buyer and deposits the same after adjusting his output tax liability with input tax credits its called normal supplies, but under Reverse Charge Mechanism liability to pay tax on a “Specific Supply” is on the ‘Recipient of Supply’. reverse charge under gst
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Reading Time: 2 minutesCBEC releases updated compilation of 51 GST Flyers Central Board of Excise & Customs (CBEC) has released Flyers on important topics of GST which is prepared by the National Academy of Customs, Indirect Taxes, &Narcotics (NACIN), NACIN is the Key training institution under the Central Board of Excise & Customs (CBEC). All These Flyers are being
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Reading Time: < 1 minuteThe waived off Late fee amount is now being credited to Cash Ledger The Late fee paid for the period July to Sept Later waived off by Govt, is now being credited to Cash Ledger, Check the cash balance before making payment GSTR3B Dec-2017 A number of taxpayers were waiting for the refund of The waived
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Reading Time: 3 minutesLatest GST Frequently Asked Questions (FAQs) 2018 CBEC has issued a set of Latest GST Frequently Asked Questions (FAQs) 2018 It contains 24 chapters and 558 questions, updated as on 01 January 2018, the FAQs will continue to disseminate knowledge and spread awareness on GST amongst the Tax officials, Trade and Public like gsp. The first
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