Tax invoice.- Subject to rule 54, a tax invoice referred to in section 31 shall be issued by the registered person containing the following particulars, namely,- name, address and Goods and Services Tax Identification Number of the supplier; a…
Category: GST
Input Tax Credit Rules under CGST Rules 2017
Documentary requirements and conditions for claiming input tax credit.- (1)The input tax credit shall be availed by a registered person, including the Input Service Distributor, on the basis of any of the following documents, namely,- an invoice issued…
Determination of Value of Supply Rules under CGST Rules 2017
Value of supply of goods or services where the consideration is not wholly in — Where the supply of goods or services is for a consideration not wholly in money, the value of the supply shall,- be the open market…
Registration Rules under CGST Rules 2017
8. Application for registration.- (1) Every person, other than a non-resident taxable person, a person required to deduct tax at source under section 51, a person required to collect tax at source under section 52 and a person supplying online information…
Composition Rules of CGST Rules 2017
3. Intimation for composition levy.- (1) Any person who has been granted registration on a provisional basis under clause (b) of sub-rule (1) of rule 24 and who opts to pay tax under section 10, shall electronically file an intimation…
Central Goods and Services Tax (CGST) Rules, 2017
CHAPTER I PRELIMINARY CHAPTER I PRELIMINARY 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, 2017.2. Definitions.- In these…
GST rate will be lower than speculated 27%
Finance Minister Arun Jaitley cleared the air on the GST (Goods and Services Tax) rate. While replying to the debate on the Constitution Amendment Bill, which was subsequently passed by the Lok Sabha, he said the GST rate will be…
GST threshold set at Rs 5 lakh for Northeast & Rs.10 Lakh for the rest
Traders with a turnover below R10 lakh a year won’t have to register for or pay the goods and services tax (GST), and those with annual sales of R10 lakh to R50 lakh will need to pay the tax at…
IT platform for GST will be ready on time
The Empowered Committee of Finance Ministers on Goods and Services Tax (GST) feels confident that the required IT platform would be ready by the time GST is introduced. “We have considered the progress and action plan of GST Network Company…
Govt agrees, Lok Sabha to take up GST after finance Bill
The government on Monday acceded to the Congress-led opposition’s demand in Parliament to defer a discussion on the goods and services tax (GST) constitutional amendment bill till after the passage of the finance bill in the Lok Sabha. The Congress and…