Under GST, the ‘Supply’ is a fundamental concept and all the provisions of GST revolves around it. Under Supply, there are three key elements namely time of supply, place of supply and value of supply. These three elements together determine the chargeability of taxes on supply. In this article we will be covering the concept of ‘Place Of Supply’ ‘Place of Supply’ under GST is an important factor as it defines whether the transaction will be counted as intra-state(i.e within the same state) or inter-state(i.e. between two states) and accordingly the changeability of tax, i.e levy of SGST, CGST & IGST will be determined. While determining the levy of taxes based on Place of Supply, two things are considered namely: Location of Supplier:  It is the registered place of business of the supplier Place Of Supply:   It is the registered place of business of the recipient Let’s understand this with the help of two examples! Determining Place of Supply for Intr...

A waybill is a document issued by a  carrier  giving details and instructions relating to the  shipment  of a  consignment  of  goods . Typically it will show the names of the  consignor  and  consignee , the point of origin of the consignment, its destination, and  route . Accordingly, it’s an official shipping document that travels with a shipment, identifies its consignor, consignee, origin and destination, describes the goods, and shows their weight and freight. The Central Government vide Notification No. 27 /2017 – Central Tax dated 30.08.2017 has amended the CGST Rules, 2017, to incorporate the provisions of e-way bill. Detailed analysis of the provisions of e-way bill in question answer form are as follows: 1.  When the provisions of e way bill applicable in India? Ans.   E way bill provisions shall come into force on such date as the Central Government may, by notification in the Offici...

Time of Supply  In order to calculate and discharge tax liability, it is important to know the date when the tax liability arises i.e. the date on which the charging event has occured. In GST law, it is known as Time of Supply. The GST law has provided separate provisions to determine the time of supply of goods and time of supply of services. Section 12, 13 & 14 of the Central GST Act, 2017 (CGST Act) deals with the provisions related to time of supply and by virtue of Section 20 of the Integrated GST Act, 2017 (IGST Act) these provisions are also applicable for the IGST Act. Point of time when supplier receives the payment or date of receipt of payment. The phrase “the date on which supplier receives the payment” or “the date of receipt of payment” means the date on which payment is entered in his books of accounts or the date on which the payment is credited to his bank account, whichever is earlier. Time of issue of invoice for supply  As per section 31 of the CGS...

Introduction In any tax system, registration is the most fundamental requirement for identification of tax payers ensuring tax compliance in the economy. Registration of any business entity under the GST Law implies obtaining a unique number from the concerned tax authorities for the purpose of collecting tax on behalf of the government and to avail Input Tax Credit for the taxes on his inward supplies. Without registration, a person can neither collect tax from his customers nor claim any input Tax Credit of tax paid by him. Need and advantages of registration   Registration will confer the following advantages to a taxpayer: He is legally recognized as supplier of goods or services. He is legally authorized to collect taxes from his customers and pass on the credit of the taxes paid on the goods or services supplied to the purchasers/recipients.  He can claim Input Tax Credit of taxes paid and can utilize the same for payment of taxes due on supply of goods or serv...