Important Provisions in GST

SUPPLY OF GOODS & SERVICES
img_20160930_192531
 Supply of goods & services is the taxable event in GST.
 Supply requires consideration.
 However, in some cases specified supply without consideration will be subject to GST.
 Supply covers supply MADE or AGREED to be made in the course of furtherance of business.
 Covers Advanced Receipt also.

PLACE OF SUPPLY OF GOODS –

 If any goods are sent on the direction of any Third Person, then it is to be deemed that the third person has received goods.
 If goods are assembled at site, then the site will be the place of goods.
 Sale by transfer of documents, then the place of customer is Place of supply.

LOCATION OF SUPPLIER OR RECEIPENT OF SERVICES –

 Normally where registration is obtained will be the location of supplier or recipient.
 Temporary place cannot be location of supplier.
 A fixed Establishment from where services are provided or received will be location of supplier.
 If more than one establishment, then the most relevant one.
 Registered office of company will be location of supplier.
 Though there are some exceptions also.

E – ledgers –

It is a statement of CASH & ITC.
And every tax payer have an “ELECTRONIC TAX LIABLITY REGISTER “
Once a taxpayer is registered on GSTN it will be automatically opened & dispayed on his dashboard at all times.

Tax liability Register will reflects TOTAL TAX LIABLITY after netting for a month.

“ CASH LEDGERS “

Reflects all deposits made in CASH & TDS/TCS made on account of taxpayers.
The information will be reflected on “ Real time basis ”.
This ledger can be used for making any payment of account of GST.
Whereas, ITC Ledger – ( only tax can be paid no int , penalty , fee etc )

Message Sent (go back)

Leave a Reply

Your email address will not be published. Required fields are marked *