Amortisation of cost of moulds and dies treatment under gst law
Whether amortisation cost of Dies & Moulds supplied on Free of Cost (FOC) to Components Supplier to be included in the cost of the components for the purposes of levying GST.
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Valuation of supplies made to related persons in gst
Valuation rules has been provided under CGST Rules dt 01.07.2017 for valuation of supplies. The 28 , 30 and 31 of the said rules provide for valuation of supplies if the buyer is related or the distinct person and no agent is involved Related person has been defined in the Section 15 of CGST Act which is as under: (a) persons shall be deemed to be “related persons” if – (i) such persons are officers or directors of one another’s businesses; Our Comment: This mea...
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Taxability of gta under gst (gst reverse charge mechanism in gta)
According to Section 9(4) of CGST Act, if the Supplier is Unregistered and Recipient is registered then such registered recipient will pay the tax under reverse charge. This Section is suspended from 13th Oct’ 2017 till 30th Sep’ 2019 by following Notifications of Central Tax Rate 38/2017, 10/2018, 12/2018, 22/2018
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Accounts, records and audit under gst
According to Section 35 of CGST Act, every registered person shall keep and maintain all records at his principal place of business. Principal place of business is the place which is mentioned in the certificate of registration. Where more than one place of business specified in certificate of registration, accounts and records of each place of business shall be maintained at such additional place of business.
Read MoreOverview of gst audit
Audit has been defined in the CGST Act.2017 as under: Section 2(13):“audit” means the examination of records, returns and other documents maintained or furnished by the registered person under this Act or the rules made there under or under any other law for the time being in force to verify the correctness of turnover declared, taxes paid, refund claimed and input tax credit availed, and to assess his compliance with the provisions of this Act or the rules made there under;
Read MoreIntermediary services under gst
Section 2 (13) of IGST Act, intermediary’ has been defined to mean a broker, an agent or any other person, by whatever name called, who arranges or facilitates the supply of goods or services or both or securities, between two or more persons, but does not include a person who supplies such goods or services or both or securities on his own account.
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Audit in gst
Audit has been defined in the CGST Act.2017 as under: Section 2(13):“audit” means the examination of records, returns and other documents maintained or furnished by the registered person under this Act or the rules made there under or under any other law for the time being in force to verify the correctness of turnover declared, taxes paid, refund claimed and input tax credit availed, and to assess his compliance with the provisions of this Act or the rules made there under;
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