Application in respect of tax or duty credit carried forward under any existing law or on goods held in stock on the appointed day Rule 1 of draft GST Transitional Provision Rules requires voluminous details like the amount of tax or duty availed or utilized by way of input tax credit under each of the… Read More »
Gujarat assembly passes state GST Bill The Gujarat assembly passed the state Goods and Services Tax(GST) Bill unanimously during a day-long special session here on Tuesday. The state assembly also passed two other related bills. The Parliament on April 6 had passed four legislations to pave the way for nation wide roll-out of the GST… Read More »
Illustration required in Rule 6(5) of Determination of Value of Supply Rules Rule 6(5) of draft GST Determination of Value of Supply Rules provides for method of valuation in case of supply of second hand goods. (5) Where a taxable supply is provided by a person dealing in buying and selling of second hand goods… Read More »
Value of supply of services in relation to life insurance business Rule 6(4) of draft GST Valuation Rules provides that the value of supply of services in relation to life insurance business shall be: (a) the gross premium charged from a policy holder reduced by the amount allocated for investment, or savings on behalf of… Read More »
Value of supply of services in relation to purchase or sale of foreign currency, including money changing Rule 6(2) of draft GST Valuation Rules provides that the value of supply of services in relation to purchase or sale of foreign currency, including money changing, shall be determined by the supplier of service in the following… Read More »
Manner to determine Value of Reputation of a Product Explanation (b) to Rule 8 to draft GST Valuation Rules provide that “supply of goods or services or both of like kind and quality” means any other supply of goods or services or both made under similar circumstances that, in respect of the characteristics, quality, quantity,… Read More »
Rate of exchange of currency Rule 8 of draft GST valuation Rules provides that the rate of exchange for determination of value of taxable goods or services or both shall be the applicable reference rate for that currency as determined by the Reserve Bank of India on the date when point of taxation arises in… Read More »
Value in case of Pure Agent Rule 7 of draft GST Valuation Rules provides that the expenditure or costs incurred by the supplier as a pure agent of the recipient of supply of services shall be excluded from the value of supply if the following conditions are satisfied: (i) the supplier acts as a pure… Read More »
Held Original asset was sold on 22.3.2010 but the assessee had not been able to construct the residential house before 22.03.2013 Mere purchase of residential plot is not sufficient compliance of provisions of section 54F. What was expected from the assessee was to prove on record that the assessee had purchased or constructed a house… Read More »
Section 60 Rajashtan GST Act 2017 Section 60 Rajashtan GST Act 2017 explains Provisional assessment and is covered in Chapter XII Assessment ( Note Rajashtan GST Act 2017 received the assent of the Governor on the 28th day of April 2017. Rajashtan GST Act 2017 make a provision for levy and collection of tax on intra-State supply of goods or… Read More »