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.
Every fiscal statue makes provision for the determination of value as the tax which is normally payable on ad-valorem basis. In GST also, the tax is payable on ad-valorem basis i.e percentage of value of the supply of goods or services.
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 is located in the North Eastern states of India.
‘Person’ here includes individuals, HUF, company, firm, LLP, an AOP/BOI, any corporation or Government company, a corporate body incorporated under laws of the foreign country, co-operative society, local authority, government, trust, artificial juridical person.
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 invoices – tax invoice and bill of supply in case of supply of services.
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 the Indian sectors while mentioning the list of winners and losers, as a result, of these tax rates.
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 to be imposed separately.
Before we do a detailed understanding of the impact of imports and exports under GST, let us first understand the basic meaning of import and export of goods and services under the GST laws.
