TaxIndiaUpdates.In : GST, Service Tax, Income Tax, VAT, Tax Planning

FAQs on Advance Ruling in GST Law

June 9, 2017June 9, 2017 TaxIndiaUpdates In0 comments5515 views

FAQs on Advance Ruling in GST Law Q 1. What is the meaning of Advance Ruling? Ans. As per section 95 of CGST/SGST Law and section 12 of UTGST law, ‘advance ruling’ means a decision provided by the authority or the Appellate Authority to an … Continue Reading →

Goods and Service Tax

FAQs on Input Tax Credit in GST Law

June 9, 2017June 9, 2017 TaxIndiaUpdates In0 comments6489 views

FAQs on Input Tax Credit in GST Law Q 1. What is input tax? Ans. Input tax means the central tax (CGST), State tax (SGST), integrated tax (IGST) or Union territory tax (UTGST) charged on supply of goods or services or both made to a … Continue Reading →

Goods and Service Tax

FAQs on Inspection, Search, Seizure and Arrest in GST Law

June 9, 2017June 9, 2017 TaxIndiaUpdates In0 comments3978 views

FAQs on Inspection, Search, Seizure and Arrest in GST Law Q 1. What is the meaning of the term “Search”? Ans. As per law dictionary and as noted in different judicial pronouncements, the term ‘search’, in simple language, denotes an action of a government machinery … Continue Reading →

Goods and Service Tax

FAQs on Time of Supply in GST Law

June 9, 2017June 9, 2017 TaxIndiaUpdates In0 comments5427 views

FAQs on Time of Supply in GST Law Q 1. What is time of supply? Ans. The time of supply fixes the point when the liability to charge GST arises. It also indicates when a supply is deemed to have been made. The CGST/SGST Act … Continue Reading →

Goods and Service Tax

FAQs on Returns Process and Matching of Input Tax Credit in GST Law

June 9, 2017June 9, 2017 TaxIndiaUpdates In0 comments5033 views

FAQs on Returns Process and Matching of Input Tax Credit in GST Law Q 1. What is the purpose of returns? Ans. a) Mode for transfer of information to tax administration; b) Compliance verification program of tax administration; c) … Continue Reading →

Goods and Service Tax

FAQs on Job Works in GST Law

June 9, 2017June 9, 2017 TaxIndiaUpdates In0 comments6017 views

FAQs on Job Works in GST Law Q 1. What is job work? Ans. Job work means undertaking any treatment or process by a person on goods belonging to another registered taxable person. The person who is treating or processing the goods belonging to other … Continue Reading →

Goods and Service Tax

FAQs on Payment of GST

June 9, 2017June 9, 2017 TaxIndiaUpdates In0 comments5378 views

FAQs on Payment of GST Q 1. What are the Payments to be made in GST regime? Ans. In the GST regime, for any intra-state supply, taxes to be paid are the Central GST (CGST), going into the account of the Central Government) and the … Continue Reading →

Goods and Service Tax

FAQs on Demands and Recovery in GST Law

June 9, 2017June 9, 2017 TaxIndiaUpdates In0 comments5832 views

FAQs on Demands and Recovery in GST Law Q 1. Which are the applicable sections for the purpose of recovery of tax short paid or not paid or amount erroneously refunded or input tax credit wrongly availed or utilized? Ans. Section 73 deals with the … Continue Reading →

Goods and Service Tax

FAQs on Valuation in GST Law

June 9, 2017June 9, 2017 TaxIndiaUpdates In0 comments5156 views

FAQs on Valuation in GST Law Q 1. What is the value of taxable supply to be adopted for the levy of GST? Ans. The value of taxable supply of goods and services shall ordinarily be ‘the transaction value’ which is the price paid or … Continue Reading →

Goods and Service Tax

FAQs on Assessment and Audit in GST Law

June 9, 2017June 9, 2017 TaxIndiaUpdates In0 comments5509 views

FAQs on Assessment and Audit in GST Law Q 1. Who is the person responsible to make assessment of taxes payable under the Act? Ans. Every person registered under the Act shall himself assess the tax payable by him for a tax period and after … Continue Reading →