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GST Simplified

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Practical problems and solutions on GST

REVERSE CHARGE UNDER GST

August 23, 2017

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

August 23, 2017

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

August 23, 2017

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

August 23, 2017

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

August 23, 2017

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)

August 23, 2017

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

August 23, 2017

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

August 17, 2017

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

August 14, 2017

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

August 11, 2017

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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