Section 2(63) of the CGST Act, 2017 defines Input Tax Credit (“ITC”)as the credit of input tax. ITC is available only to a registered person under GST and includes- •          IGST charged on import of goods; •          Tax payable under Section 9 of the CGST including tax paid under reverse charge mechanism; •          Tax payable under Section 5 of … Continue reading CONCEPT OF INPUT TAX CREDIT UNDER GST

In our previous blogs, we have discussed about the origin of GST Law in India and the rationale behind the implementation of GST in India. We have also discussed the earlier Indirect Tax regime wherein various taxable events were present for different levies depending upon the nature of tax. The taxable events were also different … Continue reading BROAD FRAMEWORK OF GST

Tax policy plays a major role in the Indian economy through its impact on efficiency and equity. As discussed in our previous blogs that the previous indirect tax regime created various complexities, which forced the Government to overhaul the earlier indirect tax system and introduce a new tax system throughout India with an aim to … Continue reading NEED OF GST

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