Goods and Service Tax (India) – FAQ 31.03.2017 by CBEC Refunds Chapter 14 Q 1. What is refund? Ans. Refund has been discussed in section 54 of the CGST/SGST Act. “Refund” includes (a) any balance amount in the electronic cash ledger so claimed in the returns, (b) any unutilized input tax credit in respect of (i)… Read More »
Goods and Service Tax (India) – FAQ 31.03.2017 by CBEC Assessment and Audit Chapter 13 Q 1. Who is the person responsible to make assessment of taxes payable under the Act? Ans. Every person registered under the Act shall himself assess the tax payable by him for a tax period and after such assessment he… Read More »
Goods and Service Tax (India) – FAQ 31.03.2017 by CBEC Returns Process and matching of Input Tax Credit Chapter 12 Q 1. What is the purpose of returns? Ans. a) Mode for transfer of information to tax administration; b) Compliance verification program of tax administration; c) Finalization of the tax liabilities of the taxpayer within… Read More »
Goods and Service Tax (India) – FAQ 31.03.2017 by CBEC Concept of Input Service Distributor in GST Chapter 11 Q 1. What is Input Service Distributor (ISD)? Ans. ISD means an office of the supplier of goods or services or both which receives tax invoices towards receipt of input services and issues a prescribed document… Read More »
Goods and Service Tax (India) – FAQ 31.03.2017 by CBEC Input Tax Credit Chapter 10 Q 1. What is input tax? Ans. Input tax means the central tax (CGST), State tax (SGST), integrated tax (IGST) or Union territory tax (UTGST) charged on supply of goods or services or both made to a registered person. It… Read More »
Goods and Service Tax (India) – FAQ 31.03.2017 by CBEC Job Work Chapter 9 Q 1. What is job work? Ans. Job work means undertaking any treatment or process by a person on goods belonging to another registered taxable person. The person who is treating or processing the goods belonging to other person is called… Read More »
Goods and Service Tax (India) – FAQ 31.03.2017 by CBEC Electronic Commerce Chapter 8 Q 1. What is Electronic Commerce? Ans. Electronic Commerce has been defined to mean the supply of goods or services or both, including digital products over digital or electronic network. Q 2. Who is an e-commerce operator? Ans. Electronic Commerce Operator… Read More »
Goods and Service Tax (India) – FAQ 31.03.2017 by CBEC GST Payment of Tax Chapter 7 Q 1. What are the Payments to be made in GST regime? Ans. In the GST regime, for any intra-state supply, taxes to be paid are the Central GST (CGST), going into the account of the Central Government) and… Read More »
Goods and Service Tax (India) – FAQ 31.03.2017 by CBEC Valuation in GST Chapter 6 Q 1. What is the value of taxable supply to be adopted for the levy of GST? Ans. The value of taxable supply of goods and services shall ordinarily be ‘the transaction value’ which is the price paid or payable,… Read More »
Goods and Service Tax (India) – FAQ 31.03.2017 by CBEC Time of Supply Chapter 5 Q1. What is time of supply? Ans. The time of supply fixes the point when the liability to charge GST arises. It also indicates when a supply is deemed to have been made. The CGST/SGST Act provides separate time of… Read More »