Goods and Services Tax

The judgment of apex court in the case of Formula One World Championship Limited vs Commissioner of Income-Tax (International Taxation)-3, Delhi reported in [2017] 80 taxmann.com 347 (SC) (FOWC)has far reaching implications not only the income tax, but also under the service tax laws or Good & Services Tax (GST)

Brief about GST Applicability of Goods and Services Tax Types of GST Understanding of GST Payment of Goods and Services Tax Reverse Charge for Specified Services Requirement of Registration Composition Scheme Valuation of GST Returns under GST Credits under GST This article is contributed by Partners of SBS and Company LLP

What is Advance Ruling? Advance ruling a mechanism prescribed under a taxing statute to seek clarity on applicability of respective tax. Such rulings or decisions are obtained in advance prior to undertaking a transaction by making suitable applications before the prescribed authorities. Under GST, advance ruling can be sought on any

What is Composition Scheme under GST? Composition scheme under GST is an optional levy provided to the manufacturers, traders and Restaurants to opt for composition scheme whose aggregate turnover in the previous financial year does not exceed Rs. 100 Lakhs which leads to reduction of compliances for small scale businesses i.e.

What is Input Tax Credit under GST? GST is a value added tax where the tax paid by a supplier on all goods or services procured for further supply of goods or services by him shall be available as input tax credit (ITC), which shall be used to pay the GST

Applicability of this document: This document on GST is applicable to all Micro, Small and Medium Enterprises having turnover up to Rs. 1.5 Crore.    Levy of GST: Brief about GST: GST stands for Goods and Services Tax. It is introduced to subsume multiple indirect taxes both at centre and state level.

Overall Scheme of Valuation under GST: The value of supply of goods or services or both shall in general be the transaction value i.e. the price actually paid. In cases where consideration is non-monetary or supplies between related persons, offices/units of same entity located in different states, value shall be determined

What are inter-state and intra-state supplies under GST? What is their relevance? GST is a levy on supply of goods or services. To levy GST, supplies are categorised in two viz inter-state supplies (supplies from one state to another) and intra-state supplies (supplies within the state). In case of inter-state supplies,

SECTION 15- VALUE OF SUPPLY Name of the Speaker: S.Divyasree (Intern) Dept Name: IDT/GST This article is contributed by Partners of SBS and Company LLP – Chartered Accountant Company. You can be reached at info@sbsandco.com

What is Composition Scheme under GST?   Composition scheme under GST is an optional levy provided to the manufacturers, traders and Restaurants to opt for composition scheme whose aggregate turnover in the previous financial year does not exceed Rs.100 Lakhs which leads to reduction of compliances for small scale businesses