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Tag Archives: GST India

GST on Charitable and Religious Trusts and Institutions

GST on Charitable and Religious Trusts and Institutions   The provisions relating to taxation of activities of charitable institutions and religious trusts have been borrowed and carried over from the erstwhile service tax provisions. All services provided by such entities are not exempt. In fact, there are many services that are provided by such entities […]

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Debit Notes in GST

Debit Notes in GST Introduction A supplier of goods or services or both is mandatorily required to issue a tax invoice. However, during the course of trade or commerce, after the invoice has been issued there could be situations like: The supplier has erroneously declared a value which is less than the actual value of […]

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Credit Notes in GST

Credit Notes in GST Introduction A supplier of goods or services or both is mandatorily required to issue a tax invoice. However, during the course of trade or commerce, after the invoice has been issued there could be situations like: The supplier has erroneously declared a value which is more than the actual value of […]

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GST Impact on ITES Sector – Sectoral FAQs released by CBEC

FAQs on IT/ITES Sector released by CBEC Question 1: Whether software is regarded as goods or services in GST? Answer: In terms of Schedule II of the CGST Act 2017, development, design, programming, customisation, adaptation, upgradation, enhancement, implementation of information technology software and temporary transfer or permitting the use or enjoyment of any intellectual property […]

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FAQs on GST on Government Services – Sectoral FAQs released by CBEC

FAQ: GST  on Government Services (Released by CBEC)   Question 1: Are all services provided by the Government or local authority exempted from payment of tax ? Answer: No, all services provided by the Government or a local authority are not exempt from tax. As for instance, services, namely, services by the Department of Posts by […]

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GST Impact on MSME Sector – Sectoral FAQs released by CBEC

GST Impact on MSME Sector   Question 1: What is GST? Answer: GST stands for Goods and Services Tax, which is levied on supply of goods or services. “Supply” is a legal term which has very broad sweep and various types of economic activities are covered by it. For example, sale of goods is a […]

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GST Impact on Drugs & Pharmaceuticals Sector – Sectoral FAQs released by CBEC

GST Impact on Drugs & Pharmaceuticals Sector – Sectoral FAQs released by CBEC Question 1: Whether formulations cleared have to be assessed to GST under transfer price mechanism or on the basis of MRP printed on them? Answer: The assessment of drugs and formulations under GST would be on the basis of transaction value at […]

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GST Impact on Textile Sector – Sectoral FAQs released by CBEC

GST Impact on Textile Sector – Sectoral FAQs released by CBEC Question 1: As per Chapter 53 heading 5303 of the GST rate schedule, raw jute has been kept at the NIL rate slab. Thus, it is presumed that suppliers dealing only in raw jute are not required to register themselves under GST. But Jute […]

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GST Impact on Mining Industry – FAQ’s released by CBEC

Question 1: Can small mining leaseholders with a turnover less than Rs.75 lacs operate under composition scheme?   Answer: As per Sec. 10(1) of the CGST Act, 2017, a registered person whose aggregate turnover in the preceding FY did not exceed Rs.75 lakhs, would be eligible for paying GST under the composition scheme.   Question […]

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