Interest on wrong claim of transition credit Rule 4 of draft GST Transitional Provision Rules provides that amount credited under sub-rule (3) of rule 1 may be verified and proceedings under Section 73 or, as the case may be Section 74 shall be initiated in respect of any credit wrongly availed, whether wholly or partly. Thus… Read More »
Declaration of Stock held by Principal Rule 2 of draft GST Transitional Provision Rules provides that every person to whom the provisions of Section 141. apply shall, within 60 days of the appointed day, submit an application electronically in FORM GST TRAN-1, specifying therein, the stock or, as the case may be, capital goods held… Read More »
Credit to be allowed when document evidencing payment is not in the possession As per Rule 1(3)(a) of draft GST Transitional Provision Rules a registered person, who was not registered under the existing law, availing credit in accordance with the proviso to sub-section (3) of Section 140 shall be allowed to avail input tax credit… Read More »
Time Limit to carry forward credit under any existing law or on goods held in stock on the appointed day Rule 1 of draft GST Transitional Provision Rules provides that every registered person entitled to take credit of input tax under Section 140 shall, within 60 days of the appointed day, submit an application electronically… Read More »
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 »
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 »