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

GST is the biggest tax reform in India which has tremendously improved the ease of doing business and increasing the taxpayer base in India by including millions of small businesses. The GST law mandates that all persons involved in supply of goods or services or both are required take registration. Registration is mandatory once the … Continue reading REGISTRATION UNDER GST LAW

For the benefit of the taxpayers, the Government of India has established various methods of levy of tax. One of such is the Composition Levy, which has been designed in such a way that it becomes an easy alternative for small taxpayers in India. Through Composition Levy, small taxpayers have a benefit of getting rid … Continue reading COMPOSITION LEVY SCHEME UNDER GST