GST Issue :- Recipient has to keep track that Supplier pays tax to claim ITC (Input Tax Credit ) On an analysis of Section 37 read with Section 16 of the Revised Model GST Law, relating to matching, reversal and reclaim of input tax credit the following facts emerge: a. Every inward supply of a… Read More »
GST on Vouchers Section 12 (4) of Revised Model GST Law contains the provisions regarding Time of Supply in case Vouchers e.g Gift Vouchers etc are issued by Supplier This Section clarify when GST has to be paid on Vouchers i.e at the time of Issue of Voucehrs or at the Time of redemption of Vouchers. This… Read More »
GST on Services by Overseas branch office to Head Office in India As per the Revised Model GST Law released in Nov 2016 definition of Import of Service has been amended and the person needs to pay GST on Services by Overseas branch office to Head Office in India. “Import of service” as per Revised Model GST… Read More »
Software is Goods or Service under GST ? In the Old Model GST Law released in June 2016 , Definition of Services includes intangible and definition of Goods was excluding Intangibles . Hence it could be said that the Software is to be treated as Service under GST But under the Revised Model GST Law released in Nov 2016… Read More »
While expanding the definition of agriculture to include dairy, poultry and stock breeding, the Goods and Services Tax (GST) Council last month declined entry of individuals leasing out farmland on rent or share cropping as agriculturist, thereby bringing absentee landlords and food processing companies hiring land for farming under the proposed indirect tax net. As… Read More »
GST TRANSITIONAL PROVISIONS GST on Input or Input Service During Transit as per Revised Model GST Law, GST Issue Series -1 : Credit of Taxes paid on Capital Goods received on or after Appointed Date ? There is possibility that capital goods purchased before the appointed day are received by the assessee on or after… Read More »
Credit and debit notes under Revised Model GST Law Section 31 of revised Model GST Law states that credit or debit notes will be raised by the supplier who has supplied such goods and / or services. Thus in case where Vendor – supplier – has supplied material & debit note is raised by recipient for short… Read More »