Goods and services are often combined and supplied in the market due to several reasons such as a sales strategy for attracting more consumers, or the very nature of the goods that requires them to be supplied along with another good or service. The bundling can be described as mixed or composite. Under the service tax,…
In this article, we have provided a snapshot of the differences between related and distinct persons under the GST regime with respect to supplies without consideration. Who is a Related Person? The Customs Valuation Rules defines a related person and under the GST as well, the definition is somewhat similar. A supply is considered to…
Tax laws applicable to our country prescribe duties to be charged on goods and services on their import and export. Under the erstwhile/current indirect tax regime, excise tax, service tax, customs duty, VAT are all charges on the tax treatment of imports and exports. Under the GST regime, all these taxes have been subsumed into…
The model GST laws have shed clarity on determining supply as the supply of goods vs services by way of Schedule II. The reason for this clarification is because the current indirect tax regime is conflicted when it comes to understanding things like for example, the implication of service tax and VAT on a works…
As a federal nation, the Constitution has empowered the central government to levy taxes and duties on manufacturing and providing services. State governments do this by way of charging taxes on interstate sale of goods and services where goods are being transported between several states and therefore fall under several jurisdictions. In case of such…
GST Invoicing can be broadly classified under two heads – Tax Invoice Bill Of Supply Issued by a registered taxable person Issued by a registered taxable person Issued for the supply of a taxable good or service Issued for the supply of an exempted good or service or for the supply by a composite taxpayer …
Valuing a good or service enables understanding its total cost, including the amount of tax that is required to be levied on it. Both the monetary and non-monetary value of supply needs to be duly computed. In case of undervaluation, tax paid is lesser and this results in non-compliance with state and central laws, loss…
The GST has aimed to unify tax payments across the nation, therefore the key idea is to converge all the taxes – both state and central, and bring it under the ambit of the GST portal. Under the erstwhile regime, each manufacturer was required to file returns under different states in case his business has…