The decision of the GST Committee to allow transitional credit towards discharging tax liabilities of July, the extension of due dates for tax payment & filing of GSTR-3B by 25th August has provided much-needed relief to traders & businesses. GSTR-3B has been extended for the month from July to December 2017. To help you…
Services provided or agreed to be provided by a Goods Transport Agency (GTA) In respect of transportation of goods by road to: any factory registered under or governed by the Factories Act, 1948; any society registered under the Societies Registration Act, 1860 or under any other law for the time…
Usually, the supplier pays tax on supply. But in this case, the receiver or recipient becomes liable to pay tax which means the chargeability gets reversed & hence, it is known as the Reverse Charge Mechanism. In simple words, it means the liability to pay tax is on the…
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…