As per Section 17(5) of CGST Act 2017 on the followings Input tax credit would not be available: motor vehicles and other conveyances except when they are used–– for making the following taxable supplies, namely:— further supply of such vehicles…
When to take Input Tax Credit, If Goods is in Transit and/or received in Next Month
When the goods are purchased during the end of the month and received in next month due to return of in every month its create a confusion among the tax payer that when to take input of the same since…
Conditions for taking Input Tax Credit under GST
Section 16 of CGST Act 2017 deals with conditions on taking Input tax Credit: 1) Every registered person shall, subject to such conditions and restrictions as may be prescribed and in the manner specified in section 49, be entitled to…
Tax Rate Applicable when there is a change in Rate of Tax in GST
Section 14 of CGST Act 2017 deals with this: where there is a change in the rate of tax in respect of goods or services or both, shall be determined in the following manner, namely:–– in case the goods or…
Levy and collection of GST
Subject to the provisions of sub-section (2), there shall be levied a tax called the central goods and services tax on all intra-State supplies of goods or services or both, except on the supply of alcoholic liquor for human consumption,…
Taxability of Composite & Mixed Supplies & its Difference under GST
The tax liability on a composite or a mixed supply shall be determined in the following manner, namely:— a composite supply comprising two or more supplies, one of which is a principal supply, shall be treated as a supply of…
Tax liability on composite and mixed supplies under GST
Section-8 of CGST Act 2017 defines the procedure of Taxability of composite and mixed Supply: The tax liability on a composite or a mixed supply shall be determined in the following manner, namely:— a composite supply comprising two or more…
Activities of Transaction on which GST would not be charged
Schedule-III of CGST Act 2017 ACTIVITIES OR TRANSACTIONS WHICH SHALL BE TREATED NEITHER AS A SUPPLY OF GOODS NOR A SUPPLY OF SERVICES Services by an employee to the employer in the course of or in relation to his Services…
Activities which are to be treated as supply of Goods or Supply of Services under GST
Its been defined in Schedule-II of the CGST Act 2017. Transfer any transfer of the title in goods is a supply of goods; any transfer of right in goods or of undivided share in goods without the transfer of title…
Activities to be Treated as Supply under GST even if made without consideration
Schedule-I of the CGST Rules 2017 prescribes the activities which would be treated as as Supply under GST even if made without consideration. Permanent transfer or disposal of business assets where input tax credit has been availed on such Supply of…
Meaning of Supply under CGST Act 2017
As per CGST Act 2017 GST to be levied on SUPPLY of Goods or Services. Therefor the meaning of Supply is very much crucial for laving GST on any transaction. For Lavting GST on any Taxable Goods the transaction in…