Two states and entities are involved in the case of a bill to ship transactions model, a very common model observed these days. This means that the billing and the shipping are done separately. Therefore, to eliminate the cascading effect of taxation throughout the different levels of such a complex transaction, only the first sale…
Under the current indirect tax regime, any taxable service being provided or rendered is subject to payment of service tax. Service tax is levied centrally and thus is charged irrespective of whether the service has been provided on an intrastate or interstate basis. However, the GST regime has taken one step forward as the place…
An immovable property refers to a property that is attached to the earth and cannot be moved or uprooted from where it has been constructed for placing in another location, such as land and buildings. Under the current indirect tax regime, service tax is levied on a taxable service rendered in relation to immovable property,…
In this article, we aim to highlight how to ascertain the place of supply of specific services. We have provided a brief overview of the kind of specific services and provided an example to supplement the same as follows – Specific Service Recipient Place of Supply Illustration Restaurant and catering services N.A. At the location…
Metrics are involved to determine the value of goods and services being sold in an economy – and these metrics differ from economy to economy depending on the financial and economical ecosystem. Under the current indirect tax regime in India, the value of a good or service in terms of its taxability is calculated taking…
Complying with the laws related to taxes includes compliance with maintaining accounts books, invoices, records etc. Every business must be aware of invoicing, rules related thereto and know these in detail. We have provided an overview, assessing the process of invoicing under GST as against the traditional indirect tax regime. Current indirect tax regime – Under…
Taxable events and rate of tax differ from one taxable person to another under the current/erstwhile indirect tax regime. These include Central tax upon removal of excisable goods; VAT on the sale of goods; Service tax on the provision of taxable services. Under the GST regime, the supply of goods and services amounts to being…
We have previously discussed how supply of goods and services takes place under the GST with respect to business activities related to operations such as sales, disposal of assets, transfer of assets etc. In this article, we aim to touch on the exceptions to the rule where supplies are taxable, namely – When a supply…