As we are already aware of the fact that the taxable supplies of goods and services attract GST and generally the supplier of taxable goods and service is liable to pay GST. This phenomenon is known as the ‘Forward Charge’ or direct charge, wherein  the supplier of goods or services or both generally collects tax … Continue reading REVERSE CHARGE MECHANISM UNDER GST

In our previous blog, we have discussed the ‘Time of Supply under GST’, wherein we explained that for the purpose of discharging GST liability, it is imperative to understand and know the date on which the tax liability arises. The same way, to determine the right tax to be charged on the invoice, understanding the … Continue reading PLACE OF SUPPLY IN GST

Every fiscal statue contains provision for determining the value, as tax is normally payable on ad-valorem basis (i.e., based on assessed value). Under the GST ambit as well, tax is payable on ad-valorem basis i.e., applicable rate is charged on value of the supply of goods or services.  Section 15 of the CGST Act, 2017 … Continue reading VALUATION UNDER GST

For the purpose of discharging GST liability, it is imperative to understand and know the date on which the tax liability arises i.e., the date on which the charging event has occurred. This concept is known as "Time of Supply" and it is a relevant measure under the GST law for every transaction entered into … Continue reading TIME OF SUPPLY IN GST

The process of creating the GST Council was facilitated by the Constitutional (122nd Amendment) Bill, 2016 (“CAB”) which was introduced in the Parliament. The CAB was passed by the Lok Sabha in May, 2015. The Bill was referred to the Select Committee of Rajya Sabha on 12.05.2015. The Select Committee had submitted its Report on … Continue reading GOODS AND SERVICES TAX COUNCIL