Valuation in GST – Rules for Supply of Goods or Services

Valuation in GST

Section 15 of the CGST Act and Determination of Value of Supply, CGST Rules, 2017 contains the provisions related to the valuation in GST for the supply of goods or services made in different circumstances and to different persons. Valuation in GST Every fiscal statue makes provision for the determination of value as the tax […]

Want to Register Under GST? Here are 6 Things To Know

Register under GST

Every person shall be liable to register under GST in the State or Union territory from where he makes a taxable supply of goods or services or both if his aggregate turnover in a financial year exceeds Rs 20 lakhs. This limit of Rs 20 lakhs is reduced to Rs 10 lakhs if the person […]

GST Invoice for Goods and Services

GST Invoice

The Government of India has specified the Rules regarding the issuance of GST invoice, a time frame for the issuance of the invoice and the type of invoice under the GST law. The invoice shall be in GSTINV01. You can access the format of the invoice here. The GST Rules has specified two types of […]

GST Impact on Indian Sectors – Who are the Winners & Losers?

GST Impact on Indian Sectors

Previously we wrote about the complete list of GST rates for Goods and Services that was finalized by the GST council last week in Srinagar. The Council has broadly approved the GST rates for goods and services at nil rate, 5%, 12%, 18% and 28%. Today we will dive deep into the GST impact on […]

A Complete List of GST Rates for Services 2017

GST rates for services

The GST Council has decided the GST rates for services and with this GST is one step closer to being rolled out on 1st July 17. The Finance Minister of India, Mr. Arun Jaitley, who is also the chairman of the GST council, said that the next council meeting will be held on June 3rd.

Tax Implication on Imports and Exports Under GST

Imports and Exports Under GST

In the present tax scenario, laws on VAT, Service Tax, Customs duty and Excise duty are the ones that lay down the respective tax treatment of imports and exports. However, under the GST regime, the VAT, Service Tax, Excise, and Customs would all be comprehended within GST and the duties on Customs would still continue […]

The most frequent problems that business owners face are to do with accounting & regulatory compliance. Entrepreneurs view time invested in doing both as unproductive time.

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