Tag: #gstindia

Principle of Input Tax Credit availability between CGST, SGST and IGST

Input Tax Credit of the taxes paid under CGST against SGST and vice versa: The basic requirement of implementing CGST and SGST under Dual GST through different statues in the country was to maintain the revenue share of the State and Centre and to maintain their sovereignty along with minimum dependence on each other for revenue. Thus, in situation where such complex are the relations and ...

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Specific and General rule for Place of Supply of Service: Rationale Explained

In the last update, we had discussed about the general rule for the determination of Place of Supply of Service. The general rule provides that wherein recipient is a registered person i.e. B2B Supply or in case wherein recipient is unregistered person i.e. B2C Supply but his address is available on record, location of such recipient would be the place of supply of service. In ...

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80 Items Likely to be on the Exemption List under GST

The Exemption List under GST is under Preparation. It is expected that Grains, Non-Mineral Water might be exempt and Biscuits, Butter and Cheese might attract GST. At present there are about 300 items which are exempt under Excise Duty and about 90 items are exempt under State VAT. The exemption list is going to be cut short so that there are minimum exemptions and the supply chain ...

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Why Place of Supply Rules for goods and services in GST

Now, until this update, we have discussed about destination and origin based taxation, differentiation between B2B Supply and B2C Supply, how Destination based taxation allows free flow of credit and how IGST Model in India allows Indian GST to be destination based taxation. It has also been discussed that how the revenue accrues to the importing state where the goods and/or services are consumed under ...

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Place of Supply Rules:- Whether in India we would be having GST based on destination based taxation

The big question is whether in present scenario of GST in India, whether we are following destination based taxation and if we are not following ideal destination based taxation system, then how tax would accrue to the consuming state. As per the proposed model, IGST would be levied in the state wherein the goods or services are supplied and the consumption state would not be ...

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How Destination Based Taxation allows seamless flow of credit from one business to another

Lets discuss how Destination Based Taxation allows seamless flow of credit and how B2B supplies and B2C supplies play their part in determining the jurisdiction to which revenue would accrue. Businesses to be relieved of Tax burden and allowed credit of tax paid in case of Business to Business supplies and final burden of tax to be borne by consumer in Business to Consumer supplies ...

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