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Blog posts July 2017

A NOTE ON MAJOR INCLUSIONS IN “SUPPLY” UNDER THE GST REGIME

July 30, 2017

Sec 7(1) of the CGST Act states, the expression “supply” includes – “ All forms of supply of goods or services or both such as sale, transfer, barter, exchange, license, rental, lease or disposal, made or agreed to be made for a consideration by a person in the course or furtherance of business.”…

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IMPACT OF GST ON UNIVERSITIES

July 28, 2017

Services provided by an educational institution to its students, faculty and staff are exempted from GST.

Further all universities providing qualification recognized by the Government are also exempt. All Government educational institutions including vocational education courses are also exempt. …

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IMPACT OF GST ON SALE OF LAND AND BUILDING

July 27, 2017

GST is levied on supply of goods and services.

GOODS’’ means every kind of movable property other than money and securities but includes actionable claimgrowing crops, grass and things attached to or forming part of the land which are agreed to be severed before supply or under a co…

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IMPACT OF GST ON RENTING OF IMMOVABLE PROPERTY

July 27, 2017

Renting of immovable property shall be considered as a supply of services under GST regime.

Renting in common parlance means allowing, permitting or granting access to someone to have the use of a room or a property in return for payment.

As we further elaborate, “Immovable property” shall inc…

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GST ON EXPORT OF GOODS

July 24, 2017

Our valuable client who is a merchant exporter has raised the following queries in relation to sealing of containers, refund under GST and Letter of Undertaking which have been answered serially.

Q.1. Central Excise Truck sealing is mandatory or not against any excisable goods.

A.1. Sealing of…

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IMPACT OF GST ON JOB WORK

July 21, 2017

Introduction

Job-work refers to the processing of goods supplied by the principal. The concept of job-work already exists in Central Excise, wherein a principal manufacturer can send inputs or semi - finished goods to a job worker for further processing.

The GST Act makes special provisions wi…

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TAX INVOICE AND OTHER RELEVANT DOCUMENTS UNDER GST REGIME

July 21, 2017

GST Act gives immense importance to invoice because it is one of the most important documents based on which tax credit is availed by the recipient of goods or services or both. Section 31 of the CGST/SGST Act deals with the subject of ‘tax invoice’.

An “invoice” or “tax invoice” is a documen…

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GST – TAXATION ON SECOND HAND GOODS – MARGINAL SCHEME

July 18, 2017

The clarification relating to taxation of second hand goods comes after doubts were raised regarding the applicability of the Margin Scheme under the GST for dealers in second-hand goods in general and for dealers in old and used empty bottles in particular.

A second-hand dealer of goods work…

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ALL ABOUT COMPOSITION SCHEME UNDER GST

July 18, 2017

GST Composition Scheme contains an option for a registered taxable person having turnover less than the particular limit to pay tax at a lower rate subject to certain specified conditions.

This scheme has been introduced in order to help the small businesses from the larger compliance aspects…

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IMPACT OF GST ON HOUSING COOPERATIVE SOCIETIES

July 17, 2017

GST, as the name suggests is a tax on goods and services, the sole taxable being event being “supply”.

Under Sec 7(1) of the CGST Act, the expression “Supply” includes – all forms of supply of goods or services or both such as sale, transfer, barter, exchange, license, rental, lease or dispos…

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IMPACT OF GST ON HOSPITALS, REGISTRATION AND CLAIM OF ITC

July 14, 2017

The following services related to healthcare are exempted from GST regime :

  1. Healthcare services by a clinical establishment, an authorised medical practitioner or para-medics.
  2. Services provided by way of transportation of a patient in an ambulance, other than those specified in (i) above

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IMPACT OF GST ON BPO/KPO INDUSTRY

July 14, 2017

Business Process Outsourcing (“BPO”) and Knowledge Process Outsourcing (“KPO”) are engaged in providing back end support to Technology Support and were classifiable under the category of Business Auxiliary Service or Business Support Service upto 30.06.2012 under the selective based taxation regime …

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IMPACT OF GST ON LOGISTICS SERVICE PROVIDER

July 13, 2017

Our client is into the field of transportation and provides time definite logistics services and solutions attaining the highest reliability standards. He has registered office in Kolkata. Majority of his operations is carried out in Chennai. No operations is carried out in Kolkata.He has raised the…

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E - COMMERCE OPERATOR - CONCEPT AND REGISTRATION

July 13, 2017

DEFINITION

Indian GST Law defines an Electronic Commerce Operator (Operator) as every person who, directly or indirectly, owns, operates or manages an electronic platform which is engaged in facilitating the supply of any goods and/or services.

Also a person providing any information or any ot…

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Query on ITC on closing stock on which CST has been paid

July 13, 2017

Query : Our Valuable client has the given question – “Can the opening stock of  purchase made against 2% CST, be declared and input tax credit can be taken upto 60% of the stock value”.

Answer:

You will be allowed to avail the Input Tax credit (only on taxes detailed below) held in the …

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GST ON HOMEMAKER RUNNING A BOUTIQUE

July 3, 2017

GST ON HOMEMAKER RUNNING A BOUTIQUE

 

Our valuable client is a homemaker running a boutique business from her residence. Her turnover for the FY16-17 was within Rs.20 lakh. She expects her turnover to increase beyond Rs.20 lakh in the current financial year. She has raised the following queri…

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Supply of Service by an Indian Consultant to its Foreign Principal whose customers who are located in India.

July 3, 2017

Question. Our valuable client is a professional services engineer based in India. He provides professional services to a company based outside India. But the services are provided mostly within India to the clients of the foreign company present in India. The foreign company has a representative off…

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17 blog posts