Saturday, 7 October 2017

Recommendations made by the GST Council in the 22nd meeting at New Delhi on 6th October, 2017

Composition Scheme
1. The composition scheme shall be made available to taxpayers having annual aggregate turnover of up to Rs. 1 crore as compared to the current turnover threshold of Rs. 75 lacs. This threshold of turnover for special category States, except Jammu & Kashmir and Uttarakhand, shall be increased to Rs. 75 lacs from Rs. 50 lacs. The turnover threshold for Jammu & Kashmir and Uttarakhand shall be Rs. 1 crore.

Tuesday, 29 August 2017

Place of Supply of services to Determine Taxability in GST

Place of supply of services in case of Domestic Supplies [Section12]

(Where the location of supplier of services and the  recipient of services is in India)

Default provision has been prescribed as under:

Sn.Description of SupplyPlace of Supply
1B2BLocation of such Registered Person
2B2C(i) Location of the recipient where the address on record exists,
(ii) Location of the supplier of services in other cases

Sunday, 30 July 2017

Documents on the basis of which Input Tax credit can be availed

 Input Tax Credit (ITC) can be taken on the basis of following documents:-
  • Invoice issued by a supplier of goods or services or both.
  • Invoice issued by recipient along with proof of payment of tax.
  •  Debit note issued by supplier.
  • Bill of entry or similar document prescribed under Customs Act.
  •  Revised invoiceDocument issued by Input Service Distributor.

Saturday, 8 July 2017

Accounts and Records to be Maintained in GST

Registered Person is required to maintain records and accounts of:

  • Production or Manufacture of goods supplies ( inward/outward supply, supplier and recipient details, invoice ,credit/debit note,delivery Challan)
  • Stock (receipt,used, lost, balance and location where goods are stored including transit).