Query: When to issue Tax Invoice in case of continuous supply of services under GST? Answer: Issue of Tax Invoice under GST in case of continuous supply of services will depend on three conditions :- Due date of payment is ascertainable from the contract : The invoice shall be issued before or after the payment is liable… Read More »
Q : In GST, is there nay time limit for taking the Input Tax Credit ? Answer: As per Section 16 (4) of the Revised Model GST Law, Input Tax Credit cannot be taken beyond the month of September of the following Financial Year to which invoice pertains or date of filing of annual return,… Read More »
Query: Is there any difference in the scope of “person” as per GST Act and Finance Act, 1994? Answer: The scope of definition of “Person” u/s 2(73) of Revised Model GST Law is proposed to include: Limited Liability Partenership Any Corporation established by or under any Central, State or Provincial Act or a government company as defined… Read More »
Can GST return once uploaded be revised or rectified? Answer: There is no provision for revision of any return under Revised Model GST Law. The return once filed and matched will become final. The transactions which need revision in any return already filed will be considered in the next month’
Query: What would be treatment of supply discount in calculation of Transaction Value under GST Law? Answer: According to Section 15 (3) – Value of taxable supply of Revised Model GST Law [ Nov 2016] – Discounts can be classified into two parts Discounts given before Supply – Discounts given before or at the time of the supply shall not… Read More »
Query: If an individual buys a car for personal use and after a year sells it to a car dealer. Whether this transaction will be a supply in terms of Model GST Law ? Answer: No, this transaction is not be a supply because supply is not made by the individual in the course or furtherance of… Read More »
Understanding the Child and Dependent Care Tax Credit The IRS urges people not to overlook the Child and Dependent Care Tax Credit. Eligible taxpayers may be able claim it if they paid for someone to care for a child, dependent or spouse last year. Taxpayers can use the IRS Interactive Tax Assistant tool, Am I… Read More »
Common Errors in IDT- To be corrected prior to GST Published on Mar 12, 2017 Related Post on GST Free Video GST Video- Brief Concept of Model GST Law ( CGST, SGST & IGST) (1st Technical session) GST Video – Levy & Composition (2nd Technical Session) GST Video- Valuation of Taxable Supply & Valuation Rules… Read More »
Revised Model GST Law ( Nov 2016) Section 197 Revised Model GST Law ( Nov 2016) Transitional provisions for availing Cenvat credit in certain cases Where any Cenvat credit availed for the input services provided under the earlier law has been reversed due to non-payment of the consideration within a period of three months, such… Read More »
Revised Model GST Law ( Nov 2016) Section 196 Revised Model GST Law ( Nov 2016) Deduction of tax source Where a supplier has made any sale of goods in respect of which tax was required to be deducted at source under the earlier law and has also issued an invoice for the same before… Read More »