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Input Tax Credit Mechanism in GST Law

July 1, 2017September 21, 2021 TaxIndiaUpdates In0 comments7832 views

One of the key features of Goods and Service Tax (GST) in India is its uninterrupted and continuous chain of input tax credit (ITC). In the earlier indirect taxation system, cascading of tax is significant due to non-availability of ITC at various stages. For example … Continue Reading →

Goods and Service Tax

Input Service Distributor (ISD) in GST

July 1, 2017July 20, 2017 TaxIndiaUpdates In0 comments10300 views

In the existing law of Input Service Distributor, an office of manufacturer or service provider who procures services which are used by or intended to be used by the different factories/offices (collectively called ‘units’) of the said manufacturer/service provider can distribute the respective input credit on such services … Continue Reading →

Goods and Service Tax

Returns Process and Matching of Input Tax Credit in GST

July 1, 2017July 21, 2017 TaxIndiaUpdates In0 comments6899 views

Returns Process and Matching of Input Tax Credit in GST: In every Taxation law, Returns provide a framework for working out the tax that becomes payable in the prescribed period applying the legal principles laid down in the tax law to the transactions during the period. A taxable … Continue Reading →

Goods and Service Tax

GST E-Way Rules 2017 | Chapter XVI

June 30, 2017September 2, 2021 TaxIndiaUpdates In0 comments4955 views

GST E-Way Rules 2017 Chapter XVI E-Way Rules RULE 138. Information to be furnished prior to commencement of movement of goods and generation of e-way bill. — (1) Every registered person who causes movement of goods of consignment value exceeding fifty thousand rupees – (i) in … Continue Reading →

Goods and Service Tax

GST Assessment and Audit Rules 2017 | Chapter XI

June 30, 2017July 16, 2021 TaxIndiaUpdates In0 comments4936 views

GST Assessment and Audit Rules 2017 Chapter XI Assessment and Audit RULE 98. Provisional Assessment. — (1) Every registered person requesting for payment of tax on a provisional basis in accordance with the provisions of sub-section (1) of section 60 shall furnish an application along with … Continue Reading →

Goods and Service Tax

GST in India: A Journey of Economic Reforms

June 30, 2017June 30, 2017 TaxIndiaUpdates In1 comments9462 views

GST in India: A Journey of Economic Reforms After 17 years of continuous efforts the present Goods and Services Tax law has come into effect. The journey of GST in India was not simple unlike to other laws. There are many factors which includes political interfere, … Continue Reading →

Goods and Service Tax

GST Accounts and Records Rules 2017

June 30, 2017July 16, 2021 TaxIndiaUpdates In0 comments3884 views

GST Accounts and Records Rules 2017 Chapter VII Accounts and Records RULE 56. Maintenance of accounts by registered persons. — (1) Every registered person shall keep and maintain, in addition to the particulars mentioned in sub-section (1) of section 35, a true and correct account of … Continue Reading →

Goods and Service Tax

The GST Rules 2017: Definitions

June 29, 2017July 16, 2021 TaxIndiaUpdates In0 comments6881 views

The GST Rules 2017: Definitions Chapter I: Preliminary RULE 1. Short title and commencement. — (1) These rules may be called the Central Goods and Services Tax Rules, 2017. (2) They shall come into force with effect from 22nd June, 2017. RULE 2. Definitions. — In these … Continue Reading →

Goods and Service Tax

GST Determination of Value of Supply Rules 2017

June 28, 2017July 17, 2021 TaxIndiaUpdates In0 comments6363 views

GST Determination of Value of Supply Rules 2017 Chapter IV: Determination of Value of Supply RULE 27. Value of supply of goods or services where the consideration is not wholly in money. — Where the supply of goods or services is for a consideration not … Continue Reading →

Goods and Service Tax

GST Transitional Provisions Rules 2017 | Chapter XIV

June 28, 2017July 16, 2021 TaxIndiaUpdates In0 comments5272 views

GST Transitional Provisions Rules 2017 Chapter XIV Transitional Provisions RULE 117. Tax or duty credit carried forward under any existing law or on goods held in stock on the appointed day. — (1) Every registered person entitled to take credit of input tax under section 140 … Continue Reading →