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Blog posts : "GST"

REVERSE CHARGE UNDER GST

Introduction

With the introduction of GST, came a new and maiden concept “Reverse Charge”. The concept of “Reverse Charge” was not available in any of the earlier laws. Under the GST rules, where in, a registered person receives any goods or services or both, which is taxable, from an unregistere…

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PLACE OF SUPPLY IN RELATION TO IMMOVABLE PROPERTY

THE  LAW

Sec 12(3) states :

The place of supply of services, ––

  1. directly in relation to an immovable property, including services provided by architects, interior decorators, surveyors, engineers and other related experts or estate agents, any service provided by way of grant of rig…

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FOREIGN INWARD REMITTANCE CERTIFICATE (FIRC) THROUGH PAYPAL

Exports are priority of any country, Goods and services are to be exported, taxes are not to be exported. WTO stipulates free and fair global trade. Giving export incentives will be against principle of fair trade and hence export incentives are not allowed under WTO. However, goods and services can…

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CONCEPT OF CONTINUOUS SUPPLY

Continuous supply of goods – The Law

“Continuous supply of goods” means a supply of goods which is provided, or agreed to be provided, continuously or on recurrent basis, under a contract, whether by means of a wire, cable, pipeline or other conduit, and for which the supplier invoices the reci…

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CONCEPT OF VOUCHERS UNDER GST

Introduction on various types of “payment instruments”:

The electronic world/Virtual world is slowly developing and evolving into new mode of payment instruments facilitating people for purchase of various goods and services. These so called “payments instruments” of future are:

a) Pa…

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BLOCKED CREDITS UNDER GST - Sec 17(5)

One of the most talked about feature of the Goods and Services Tax Law is seamless input tax credit.

Section 16 of the CGST/SGST Act reads as under:

“Every registered person shall, subject to such conditions and restrictions as may be prescribed and in the manner specified in section 49, be en…

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EXPORT OF GOODS UNDER GST

EXPORT OF GOODS UNDER GST

Sec 2(5) of the IGST Act, defines “export of goods” with its grammatical variations and cognate expressions, means taking goods out of India to a place outside India.

Place of supply in case of export of goods:

In case of export of goods, place of supply shall …

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CONCEPT OF INTERMEDIARY UNDER GST

CONCEPT OF INTERMEDIARY UNDER GST

In terms of provisions of Section 2(13) of the IGST Act, 2017, “Intermediary” means a broker, an agent or any other person, by whatever name called, who arranges or facilitates the supply of goods or services or both or securities, between two or more pers…

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GSTR - 3B

The GST Council has relaxed filing rules for the first two months post implementation. GSTR 3B is a simpler return that businesses need to file in the first two months of GST (July and August, 2017) instead of the normal returns – GSTR 1, 2 and 3.GSTR 3B is a consolidated return which is required to…

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SALE OF OLD JEWELLERY UNDER GST

The old jewellery given by a Customer does not constitute supply under GST law. As per section 7 of the CGST Act, one of the essential elements of supply is furtherance of business of the person making the supply. In the instant case, sale of personal jewellery by a customer does not constitute furt…

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CONCEPT OF COMPOSITE SUPPLY AND MIXED SUPPLY UNDER GST

COMPOSITE SUPPLY

Sec 2(30) of CGST Act, 2017 defines “composite supply” means a supply made by a taxable person to a recipient consisting of two or more taxable supplies of goods or services or both, or any combination thereof, which are naturally bundled and supplied in conjunction with each oth…

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CONCEPT OF E-WAY BILL UNDER GST

GST e-way bill is an electronic bill which will be required for the movement of goods in case the value of the goods are above fifty thousand rupees. The bill can be generated from the GSTN portal.

There are various rules and regulations issued by the CBEC for the handling of e-way bill. Central …

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

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

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

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

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

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

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

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

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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