Mixed supply under GST means two or more individual supplies of goods or services, or any combination, made in conjunction with each other by a taxable person for a single price, where this supply does not constitute for a composite supply. Each of these items can be supplied separately and is…
GST Composite Supply means a supply comprises of two or more goods or services, which are naturally bundled and are supplied in with each other in the ordinary course of business, one of which is a principal supply. These items cannot be supplied separately. Conditions for GST Composite Supply: Any supply…
The principal is eligible for ITC on the inputs and capital goods sent for job work. WHEN INPUTS OR CAPITAL GOODS ARE SENT FOR JOB WORK No tax is applicable when Inputs or Capital Goods are sent for Job work. The Principal must Issue a Delivery Challan while removing the…
1. MEANING OF JOB WORK UNDER GST The manufacturer (principal) may send his goods to a job worker on contract basis after the purchase of inputs and/or capital goods for initial processing, packing or any other process of completion & then supply such goods to its customers or use any…
A bill of supply is a document of the transaction and is different from a tax invoice as it will not have any tax amount (as tax cannot be charged in the following cases of a bill of supply). Bill of supply is issued when: a registered person is a supplier…
HSN stands for Harmonized system of Nomenclature, it is an internationally accepted product coding system used for maintaining the uniformity in the classification of goods. Goods traded across the world are known by different names due to language differences. Similarly, in IT-enabled multinational trade, a unique code is given to each…
An Invoice is required for every form of supply such as transfer, barter, exchange, license, rental, lease or disposal. GST requires a Tax Invoice or Bill of Supply to be issued before or on the occurrence of a certain event or within a prescribed period of time allowing a seamless…
1. ACCOUNTS & RECORDS Accounts & Records maintained by an Organisation are a crucial and important part of the day to day business. They are relied upon at the time of financial reporting, proposals, audits, assessments, etc. The current GST laws prescribe the manner in which the books of accounts…
The procedure of GST Registration has already started and below you may see the complete analysis on model Goods and Service Tax (GST) Law Transitional Provisions. In this article, we have strived to provide complete details for Transitional Provisions analysis. FOR OFFICERS APPOINTED UNDER THE GST LAW: Officers appointed under…