1) The document discusses the provisions under the CGST Act for determining the value of supply of goods and services. It provides the mechanisms for valuing supplies between unrelated persons where price is the sole consideration.
2) The transaction value is generally the value of supply, including additional charges like taxes and subsidies. Discounts given before or at supply are excluded. Credit/debit notes can be issued to amend the value.
3) Alternative valuation methods apply when the transaction value cannot be determined, such as supplies between related parties. Specific valuation rules are provided for certain notified supplies like lottery, second-hand goods, foreign currency exchange etc.
An overview on "Value of Supply" in GST. The presentation covers the provisions related to valuation of supply of goods or services or both made in different circumstances and to different persons.
K. Vijaya Kumar, Asst. Commissioner of C.Excise, presents on the determination of value of goods and services under GST law. The key points are:
1. The determination of value is essential for calculating tax liability under GST law. Section 15 of the CGST Act outlines how to determine the transaction value, which is the price actually paid or payable.
2. The valuation rules provide various methods for determining value when the transaction value is not available, such as open market value, value of like goods/services, and cost plus 10% method.
3. Specific rules cover valuation of supplies between related parties, through agents, and supplies where consideration is not wholly monetary
1) The document discusses various provisions around determining the value of taxable supply under the Goods and Services Tax (GST) in India. It covers topics such as inclusion/exclusions from value of supply, treatment of discounts, valuation methods for related/unrelated parties, supply through agents, open market value, and valuation of specific supplies.
2) Key valuation methods discussed are transaction value, open market value, value of like kind/quality supplies, and cost plus 10% markup. Specific valuation rules are provided for money changing, insurance, air tickets, second-hand goods, and tokens/vouchers.
3) The exchange rate to use for determining value of non-INR supplies is the applicable reference
The document outlines rules for determining the value of supply of goods or services where the consideration is not wholly in money under the CGST Act 2017.
It provides that the value shall be the open market value, or the value of supply of like goods/services if open market value is not available. If that is also not determinable, the value shall be calculated using Rules 30 or 31 which consider cost of goods/services or a reasonable means consistent with tax principles.
Specific rules are provided for related/unrelated distinct persons, agents, cost-based valuation and a residual method. Exceptions and options are given for certain supplies like money changing, air tickets, insurance etc. Exchange rates and the treatment of taxes
The document provides an overview of the framework of GST laws in India. It discusses key concepts such as the types of GST (CGST, SGST, IGST), taxes subsumed under GST, exclusions from GST, laws governing GST, and the GST council. It also explains important aspects like the administration of GST, levy and collection of tax, the concept of supply which is the taxable event, and import of services under GST.
The document discusses the valuation of supply under the Goods and Services Tax (GST) in India. It explains that as per Section 15(1), the value of supply between unrelated persons where price is the sole consideration is the transaction value. It also discusses various inclusions and exclusions in determining the value of supply such as taxes, interest, subsidies, discounts etc. The valuation methods explained are transaction value for unrelated persons, open market value for related persons, and cost plus 10% or reasonable value determined consistently with Section 15 for other cases. The document provides examples to illustrate these valuation principles.
This document provides general instructions and special conditions for a purchase order. It outlines requirements for invoicing, delivery, packaging, rejection of supplies, payment terms, certifications, and other contractual terms. Key points include:
- The supplier must submit invoices in triplicate along with supplies and bills must include purchase order number, account details, and certifications.
- Consignments must be dispatched by post or rail as specified. Rejected supplies must be removed within 21 days.
- Payment will be made by cheque sent via speed post. The document defines certification requirements, statutory variation terms, payment terms including advance payments, guarantee periods, and option clauses allowing quantity variations.
An overview on "Value of Supply" in GST. The presentation covers the provisions related to valuation of supply of goods or services or both made in different circumstances and to different persons.
K. Vijaya Kumar, Asst. Commissioner of C.Excise, presents on the determination of value of goods and services under GST law. The key points are:
1. The determination of value is essential for calculating tax liability under GST law. Section 15 of the CGST Act outlines how to determine the transaction value, which is the price actually paid or payable.
2. The valuation rules provide various methods for determining value when the transaction value is not available, such as open market value, value of like goods/services, and cost plus 10% method.
3. Specific rules cover valuation of supplies between related parties, through agents, and supplies where consideration is not wholly monetary
1) The document discusses various provisions around determining the value of taxable supply under the Goods and Services Tax (GST) in India. It covers topics such as inclusion/exclusions from value of supply, treatment of discounts, valuation methods for related/unrelated parties, supply through agents, open market value, and valuation of specific supplies.
2) Key valuation methods discussed are transaction value, open market value, value of like kind/quality supplies, and cost plus 10% markup. Specific valuation rules are provided for money changing, insurance, air tickets, second-hand goods, and tokens/vouchers.
3) The exchange rate to use for determining value of non-INR supplies is the applicable reference
The document outlines rules for determining the value of supply of goods or services where the consideration is not wholly in money under the CGST Act 2017.
It provides that the value shall be the open market value, or the value of supply of like goods/services if open market value is not available. If that is also not determinable, the value shall be calculated using Rules 30 or 31 which consider cost of goods/services or a reasonable means consistent with tax principles.
Specific rules are provided for related/unrelated distinct persons, agents, cost-based valuation and a residual method. Exceptions and options are given for certain supplies like money changing, air tickets, insurance etc. Exchange rates and the treatment of taxes
The document provides an overview of the framework of GST laws in India. It discusses key concepts such as the types of GST (CGST, SGST, IGST), taxes subsumed under GST, exclusions from GST, laws governing GST, and the GST council. It also explains important aspects like the administration of GST, levy and collection of tax, the concept of supply which is the taxable event, and import of services under GST.
The document discusses the valuation of supply under the Goods and Services Tax (GST) in India. It explains that as per Section 15(1), the value of supply between unrelated persons where price is the sole consideration is the transaction value. It also discusses various inclusions and exclusions in determining the value of supply such as taxes, interest, subsidies, discounts etc. The valuation methods explained are transaction value for unrelated persons, open market value for related persons, and cost plus 10% or reasonable value determined consistently with Section 15 for other cases. The document provides examples to illustrate these valuation principles.
This document provides general instructions and special conditions for a purchase order. It outlines requirements for invoicing, delivery, packaging, rejection of supplies, payment terms, certifications, and other contractual terms. Key points include:
- The supplier must submit invoices in triplicate along with supplies and bills must include purchase order number, account details, and certifications.
- Consignments must be dispatched by post or rail as specified. Rejected supplies must be removed within 21 days.
- Payment will be made by cheque sent via speed post. The document defines certification requirements, statutory variation terms, payment terms including advance payments, guarantee periods, and option clauses allowing quantity variations.
This is a presentation created by our team on the new upcoming transfer pricing field. Please view and leave your comments. brainstorming is always welcome.
The document discusses the preparedness required by the textile industry for implementing GST by July 1st, 2017. It outlines the indicated GST rates for various textile products and provides 21 steps that the textile industry needs to take immediately, such as taking stock of raw materials and finished goods, finalizing software and invoice/order formats, updating supplier details, and understanding return filing requirements. It also notes that in July 2017, the GST rate on merchant services was sharply cut to 5% from 18% for textile manufacturers.
GST - Illustrative Example of Time of supply of goods Ramandeep Bhatia
The document summarizes key provisions related to the time of supply of goods under the GST law. It discusses when the liability to pay GST arises, which is the earliest of the date of removal, invoice, payment, or receipt shown in books. For continuous supplies, the period covered by statements/payments determines the time. Reverse charge supplies use the earliest of receipt, payment, invoice, or debit date. Special cases like approval basis, unknown supplies, and inability to determine date use alternative rules. Illustrations provide examples applying the provisions to different supply scenarios.
This pertains to the GST law specifically for IT organisations. This shall help one to quickly understand the law, the transition provisions, certain dos and donts, and the immediate deliverables.
This document discusses valuation rules under the Goods and Services Tax (GST) in India. It begins by defining consideration and outlining what should be included in the transaction value under section 15 of the GST Act, such as taxes and incidental expenses. It then explains the valuation rules, noting that the transaction value between unrelated parties is the primary basis, but related party transactions and those without consideration are also covered. The document reviews rules for valuation when consideration is not wholly in money, through agents, and residual valuation methods.
Specified Domestic Transactions under Transfer PricingMitesh Katira
- The document discusses specified domestic transactions (SDT) under Indian tax law, which were introduced to align domestic transfer pricing with international standards.
- SDT provisions allow tax authorities to make adjustments if payments between related parties or tax holiday-eligible transactions are not at arm's length prices.
- Taxpayers must maintain documentation and obtain audit certificates to demonstrate compliance with SDT rules. Non-compliance can result in penalties.
- The definition and computation of arm's length price is analyzed, along with applicable documentation requirements and assessment procedures for SDTs. Key cases and issues are also discussed.
Transfer pricing report guidelines and safe harbour rulesANAND GAWADE
This document discusses transfer pricing services for companies with international transactions. It provides an overview of key transfer pricing concepts and requirements in India, including:
1) Calculating arm's length pricing and preparing transfer pricing documentation for tax authorities.
2) Common transfer pricing methods like comparable uncontrolled price, resale price, and cost plus.
3) What constitutes an international transaction and associated enterprises according to Indian law.
4) Documentation requirements like ownership details and foreign group profiles that must be maintained for international deals.
The document discusses the reverse charge mechanism under GST. Under reverse charge, the recipient of goods or services is responsible for paying the tax instead of the supplier. All persons liable for tax under reverse charge must register for GST regardless of turnover thresholds. Reverse charge applies in situations like unregistered dealers selling to registered dealers, services provided through e-commerce operators, and certain services specified by authorities. The document provides details on the time of supply and input tax credit availability for reverse charge transactions.
The document discusses various transitional provisions under GST relating to carry forward of credits from existing tax laws to GST. It addresses questions around treatment of closing balances, stock credits, capital goods credits, input tax credits for inputs in transit, and treatment of registered persons engaged in both taxable and exempted activities. Key provisions covered include migration of existing taxpayers to GST, availment of input tax credit on closing balances as per last returns, deemed credit for inputs in stock, and carry forward of unavailed capital goods credit. Conditions, timelines and clarifications relating to these transitional measures are also provided.
Customs special valuation branch recent changesoswinfo
This document outlines new procedures for Special Valuation Branch (SVB) investigations of related party transactions under Indian customs valuation rules. Key points include: SVB investigations will now be based on questionnaires submitted with bills of entry rather than automatic for related parties; no extra duty deposits will be required upfront but can be imposed if information is not provided; SVB has strict timelines to issue investigation reports to streamline assessments; renewals of SVB orders are discontinued; importers can make one-time declarations to close existing renewal cases. The changes aim to reduce transaction costs and delays associated with SVB investigations.
This document contains questions and answers related to VAT audit issues. Some key points addressed include:
- A dealer changing from the composition scheme to the normal VAT system does not need to declare stock on hand from the previous year.
- A works contractor under the composition scheme is not eligible for standard deductions before tax is levied.
- Excess purchases in one period under the composition scheme for retailers cannot be adjusted in later periods.
- A contractor can issue Form C for materials purchased from outside Maharashtra if used for works contracts within Maharashtra.
- Modifying the CST registration to include a capital asset is necessary before Form C can be issued for its purchase.
The document discusses various topics related to CENVAT (Central Value Added Tax), including:
- CENVAT aims to levy tax only on value added at each stage.
- VAT allows credit/set off of all taxes on all bought out items, while CENVAT only allows credit of excise duty and additional duties on inputs, capital goods, and input services for manufacturers and service providers.
- Those eligible for CENVAT credit include manufacturers and service providers, and the credit covers taxes like basic excise duty, special additional duty, education cess, and service tax.
VAT driven local purchases
Cost driven CST purchases
Duty burden on imports
Complex State Laws
Ever changing tax landscape
Different decisions on the same issue
Border controls
The document discusses provisions around place of supply under the Integrated Goods and Services Tax (IGST) Act. It explains that IGST is levied on inter-state supplies of goods or services. It outlines the key provisions to determine whether a supply is inter-state or intra-state, including looking at the location of the supplier and place of supply. It also summarizes the relevant sections that govern place of supply of goods (Section 10), imports/exports of goods (Section 11), and place of supply of services (Section 12).
Central Sales Tax (CST) is a tax levied by the Central Government of India on the inter-state sale of goods between Indian states, with various forms like Form C and Form E used to document inter-state sales and claim lower CST rates; the tax collected is given to the state where the goods were sold. Certain goods like cereals, coal, and sugar are considered "declared goods" subject to lower CST rates compared to other goods.
The document discusses key aspects of the Goods and Services Tax (GST) in India, including:
1. It defines the scope of supply under GST to include all forms of supply of goods and services for consideration in the course of business. It also covers import of certain services.
2. It outlines various taxable, exempt and non-taxable supplies. Exempt supplies include basic food items and petroleum products.
3. It provides details around composition scheme for small businesses with turnover up to Rs. 50 lakhs, which allows payment of tax at concessional rates and simplified compliance.
If you have any Query you can contact Us
Mail id:- ca.sanjiv.nanda@gmail.com
Youtube Channel :- https://www.youtube.com/channel/UCmmx2GFXeoF-DNtNjwnpYJA
Website :- http://www.sanjivnanda.com/
Facebook link :- https://www.facebook.com/ca.sanjivnanda919/
Twitter :- https://twitter.com/
Transfer pricing: practical manual for developing countries - Appendix II Doc...saiprasadbagrecha
This document provides examples of country rules on transfer pricing documentation from Korea and India.
For Korea, it outlines requirements for taxpayers to report their transfer pricing method to tax authorities, provide requested information on international transactions, face sanctions for non-compliance, and be exempt from under-reporting penalties if contemporaneous documentation is provided.
For India, it states that documentation must be maintained under section 92D of the Finance Act, including enterprise-wise documents describing the taxpayer, transaction-specific documents, and computation documents. It provides examples of the enterprise-wise documents required.
This document is the June 2013 catalog from MinnPar providing replacement parts for Iveco engines. It contains terms and conditions of sale, general company information, definitions for interpreting product listings, an index of the engine components covered (such as valves, pistons, rods, crankshafts, gaskets, cooling systems, and filters). Customers are directed to the company's website for additional information and online ordering.
C Form is a declaration form used under the Central Sales Tax Act for inter-state sale or purchase of goods at a concessional Central Sales Tax rate. The form contains details of the purchasing dealer, selling dealer, goods purchased, and a declaration that the goods are for resale, manufacturing, or other approved uses. The completed form must be submitted by the purchasing dealer to the selling dealer and assessing authority. If a C Form is lost, an indemnity bond can be submitted to obtain a duplicate form. Using a valid C Form allows the purchasing dealer to benefit from a reduced material cost.
GST AUDIT and its Impact on Statutory Audit/Tax AuditGST Law India
The following presentation enumerates the Auditor’s Comments on the correctness of Valuations including transaction value, Section 15 provisions, Valuation Rules, Value of supply of services in case of pure agent, Reimbursement of expenses and Margin scheme and other special valuations.
This document discusses valuation rules under the GST regime. It explains key concepts like consideration, transaction value, and open market value. Consideration includes payments made for a supply as well as certain other amounts like taxes and commissions. Transaction value is the price actually paid if the parties are unrelated. If transaction value cannot be determined, the valuation rules provide sequential methods like comparable price, cost plus 10%, and residual valuation. The rules aim to provide clarity on valuing related party and non-monetary consideration supplies under GST.
This is a presentation created by our team on the new upcoming transfer pricing field. Please view and leave your comments. brainstorming is always welcome.
The document discusses the preparedness required by the textile industry for implementing GST by July 1st, 2017. It outlines the indicated GST rates for various textile products and provides 21 steps that the textile industry needs to take immediately, such as taking stock of raw materials and finished goods, finalizing software and invoice/order formats, updating supplier details, and understanding return filing requirements. It also notes that in July 2017, the GST rate on merchant services was sharply cut to 5% from 18% for textile manufacturers.
GST - Illustrative Example of Time of supply of goods Ramandeep Bhatia
The document summarizes key provisions related to the time of supply of goods under the GST law. It discusses when the liability to pay GST arises, which is the earliest of the date of removal, invoice, payment, or receipt shown in books. For continuous supplies, the period covered by statements/payments determines the time. Reverse charge supplies use the earliest of receipt, payment, invoice, or debit date. Special cases like approval basis, unknown supplies, and inability to determine date use alternative rules. Illustrations provide examples applying the provisions to different supply scenarios.
This pertains to the GST law specifically for IT organisations. This shall help one to quickly understand the law, the transition provisions, certain dos and donts, and the immediate deliverables.
This document discusses valuation rules under the Goods and Services Tax (GST) in India. It begins by defining consideration and outlining what should be included in the transaction value under section 15 of the GST Act, such as taxes and incidental expenses. It then explains the valuation rules, noting that the transaction value between unrelated parties is the primary basis, but related party transactions and those without consideration are also covered. The document reviews rules for valuation when consideration is not wholly in money, through agents, and residual valuation methods.
Specified Domestic Transactions under Transfer PricingMitesh Katira
- The document discusses specified domestic transactions (SDT) under Indian tax law, which were introduced to align domestic transfer pricing with international standards.
- SDT provisions allow tax authorities to make adjustments if payments between related parties or tax holiday-eligible transactions are not at arm's length prices.
- Taxpayers must maintain documentation and obtain audit certificates to demonstrate compliance with SDT rules. Non-compliance can result in penalties.
- The definition and computation of arm's length price is analyzed, along with applicable documentation requirements and assessment procedures for SDTs. Key cases and issues are also discussed.
Transfer pricing report guidelines and safe harbour rulesANAND GAWADE
This document discusses transfer pricing services for companies with international transactions. It provides an overview of key transfer pricing concepts and requirements in India, including:
1) Calculating arm's length pricing and preparing transfer pricing documentation for tax authorities.
2) Common transfer pricing methods like comparable uncontrolled price, resale price, and cost plus.
3) What constitutes an international transaction and associated enterprises according to Indian law.
4) Documentation requirements like ownership details and foreign group profiles that must be maintained for international deals.
The document discusses the reverse charge mechanism under GST. Under reverse charge, the recipient of goods or services is responsible for paying the tax instead of the supplier. All persons liable for tax under reverse charge must register for GST regardless of turnover thresholds. Reverse charge applies in situations like unregistered dealers selling to registered dealers, services provided through e-commerce operators, and certain services specified by authorities. The document provides details on the time of supply and input tax credit availability for reverse charge transactions.
The document discusses various transitional provisions under GST relating to carry forward of credits from existing tax laws to GST. It addresses questions around treatment of closing balances, stock credits, capital goods credits, input tax credits for inputs in transit, and treatment of registered persons engaged in both taxable and exempted activities. Key provisions covered include migration of existing taxpayers to GST, availment of input tax credit on closing balances as per last returns, deemed credit for inputs in stock, and carry forward of unavailed capital goods credit. Conditions, timelines and clarifications relating to these transitional measures are also provided.
Customs special valuation branch recent changesoswinfo
This document outlines new procedures for Special Valuation Branch (SVB) investigations of related party transactions under Indian customs valuation rules. Key points include: SVB investigations will now be based on questionnaires submitted with bills of entry rather than automatic for related parties; no extra duty deposits will be required upfront but can be imposed if information is not provided; SVB has strict timelines to issue investigation reports to streamline assessments; renewals of SVB orders are discontinued; importers can make one-time declarations to close existing renewal cases. The changes aim to reduce transaction costs and delays associated with SVB investigations.
This document contains questions and answers related to VAT audit issues. Some key points addressed include:
- A dealer changing from the composition scheme to the normal VAT system does not need to declare stock on hand from the previous year.
- A works contractor under the composition scheme is not eligible for standard deductions before tax is levied.
- Excess purchases in one period under the composition scheme for retailers cannot be adjusted in later periods.
- A contractor can issue Form C for materials purchased from outside Maharashtra if used for works contracts within Maharashtra.
- Modifying the CST registration to include a capital asset is necessary before Form C can be issued for its purchase.
The document discusses various topics related to CENVAT (Central Value Added Tax), including:
- CENVAT aims to levy tax only on value added at each stage.
- VAT allows credit/set off of all taxes on all bought out items, while CENVAT only allows credit of excise duty and additional duties on inputs, capital goods, and input services for manufacturers and service providers.
- Those eligible for CENVAT credit include manufacturers and service providers, and the credit covers taxes like basic excise duty, special additional duty, education cess, and service tax.
VAT driven local purchases
Cost driven CST purchases
Duty burden on imports
Complex State Laws
Ever changing tax landscape
Different decisions on the same issue
Border controls
The document discusses provisions around place of supply under the Integrated Goods and Services Tax (IGST) Act. It explains that IGST is levied on inter-state supplies of goods or services. It outlines the key provisions to determine whether a supply is inter-state or intra-state, including looking at the location of the supplier and place of supply. It also summarizes the relevant sections that govern place of supply of goods (Section 10), imports/exports of goods (Section 11), and place of supply of services (Section 12).
Central Sales Tax (CST) is a tax levied by the Central Government of India on the inter-state sale of goods between Indian states, with various forms like Form C and Form E used to document inter-state sales and claim lower CST rates; the tax collected is given to the state where the goods were sold. Certain goods like cereals, coal, and sugar are considered "declared goods" subject to lower CST rates compared to other goods.
The document discusses key aspects of the Goods and Services Tax (GST) in India, including:
1. It defines the scope of supply under GST to include all forms of supply of goods and services for consideration in the course of business. It also covers import of certain services.
2. It outlines various taxable, exempt and non-taxable supplies. Exempt supplies include basic food items and petroleum products.
3. It provides details around composition scheme for small businesses with turnover up to Rs. 50 lakhs, which allows payment of tax at concessional rates and simplified compliance.
If you have any Query you can contact Us
Mail id:- ca.sanjiv.nanda@gmail.com
Youtube Channel :- https://www.youtube.com/channel/UCmmx2GFXeoF-DNtNjwnpYJA
Website :- http://www.sanjivnanda.com/
Facebook link :- https://www.facebook.com/ca.sanjivnanda919/
Twitter :- https://twitter.com/
Transfer pricing: practical manual for developing countries - Appendix II Doc...saiprasadbagrecha
This document provides examples of country rules on transfer pricing documentation from Korea and India.
For Korea, it outlines requirements for taxpayers to report their transfer pricing method to tax authorities, provide requested information on international transactions, face sanctions for non-compliance, and be exempt from under-reporting penalties if contemporaneous documentation is provided.
For India, it states that documentation must be maintained under section 92D of the Finance Act, including enterprise-wise documents describing the taxpayer, transaction-specific documents, and computation documents. It provides examples of the enterprise-wise documents required.
This document is the June 2013 catalog from MinnPar providing replacement parts for Iveco engines. It contains terms and conditions of sale, general company information, definitions for interpreting product listings, an index of the engine components covered (such as valves, pistons, rods, crankshafts, gaskets, cooling systems, and filters). Customers are directed to the company's website for additional information and online ordering.
C Form is a declaration form used under the Central Sales Tax Act for inter-state sale or purchase of goods at a concessional Central Sales Tax rate. The form contains details of the purchasing dealer, selling dealer, goods purchased, and a declaration that the goods are for resale, manufacturing, or other approved uses. The completed form must be submitted by the purchasing dealer to the selling dealer and assessing authority. If a C Form is lost, an indemnity bond can be submitted to obtain a duplicate form. Using a valid C Form allows the purchasing dealer to benefit from a reduced material cost.
GST AUDIT and its Impact on Statutory Audit/Tax AuditGST Law India
The following presentation enumerates the Auditor’s Comments on the correctness of Valuations including transaction value, Section 15 provisions, Valuation Rules, Value of supply of services in case of pure agent, Reimbursement of expenses and Margin scheme and other special valuations.
This document discusses valuation rules under the GST regime. It explains key concepts like consideration, transaction value, and open market value. Consideration includes payments made for a supply as well as certain other amounts like taxes and commissions. Transaction value is the price actually paid if the parties are unrelated. If transaction value cannot be determined, the valuation rules provide sequential methods like comparable price, cost plus 10%, and residual valuation. The rules aim to provide clarity on valuing related party and non-monetary consideration supplies under GST.
- The document contains 50 multiple choice questions related to GST concepts and provisions.
- It provides the questions, possible answer choices for each question, and indicates the single correct answer for each question.
- The questions cover topics such as calculation of aggregate turnover, registration requirements, time limits for availing input tax credit, supplies subject to reverse charge, composition scheme provisions, and more.
Presentation on Industry 2020: Emerging GST Issues due to COVID-19Taxmann
Topics Covered in this Webinar:
1. ITC on invoices not uploaded by vendors – Amendment in Rule 36(4)
2. Refund/Adjustment of GST already paid on bad debts, and discounts
3. ITC implications if goods are destroyed/disposed off.
4. Eligibility of ITC on masks and sanitizers
Important Topics Covered in the Webinar:
1. How to claim ITC on Invoices of February to
August 2020?
2.Whether full ITC can be availed on invoices
pertaining to period 09.10.2019 to 03.04.2020 on
which no ITC was previously availed?
3. Whether remaining ITC can be claimed in any of
the subsequent months GSTR 3B’s where partial
ITC (10/20%) was availed previously as per Rule
36(4)?
Dear Readers,
We are pleased to present TransPrice Times for the second fortnight of May 2016. The newsletter provides a round-up of key transfer pricing and international tax developments in India.
One of the most recent key developments prescribed in this issue is draft valuation rules for indirect transfer of shares and notification of Equalization Levy Rules, 2016 (BEPS Action Point 1).
We hope you find this newsletter both timely and useful, and we look forward to your feedback and suggestions to improve it further. You can write to us at akshaykenkre@transprice.in
Happy Reading!!!
Dear Readers,
We are pleased to present TransPrice Times for the second fortnight of May 2016. The newsletter provides a round-up of key transfer pricing and international tax developments in India.
One of the most recent key developments prescribed in this issue is draft valuation rules for indirect transfer of shares and notification of Equalization Levy Rules, 2016 (BEPS Action Point 1).
We hope you find this newsletter both timely and useful, and we look forward to your feedback and suggestions to improve it further. You can write to us at akshaykenkre@transprice.in
Happy Reading!!!
Gst Alert 10 : Changes in registration and return filing normsMeet Raval
The document summarizes recent changes made to key GST rules in India that will impact how taxpayers avail credits and comply. Key changes include:
1) Stricter registration processes requiring Aadhaar authentication and increased processing times from 3 to 7 or 30 days.
2) Increased powers for officers to suspend or cancel registrations for violations like incorrect credit claims or return filing discrepancies.
3) Restrictions on input tax credit claims to 105% of the amount in GSTR 2B from January 2021.
4) Tighter return filing rules preventing filing if earlier returns are not filed and restrictions on using credits if returns are not filed.
5) A new rule restricting the use of
GST Alert 10 Changes in Registration and Return filing normsNiteshJain148
The document summarizes recent changes made to key GST rules in India that will impact how taxpayers avail credits and comply. Key changes include:
1) Stricter registration processes requiring Aadhaar authentication and increased processing times from 3 to 7 or 30 days.
2) Increased powers for officers to suspend or cancel registrations for violations like incorrect credit claims or return filing discrepancies.
3) Restrictions on input tax credit claims to 105% of the amount in GSTR 2B from January 2021.
4) Tighter return filing rules preventing filing if earlier returns are not filed and restrictions on using credits if returns are not filed.
5) A new rule restricting the use of
This document provides sample answers for questions on the Taxation-1 exam for the Professional Stage (Knowledge Level) in Bangladesh. It includes answers on topics like how governments use taxation to manage economies, who is liable for tax and on what types of income, the concept of tax residency, definitions of terms like perquisite, consequences of failing to deduct tax, short notes on topics like tax avoidance and evasion, and procedures for applying for tax holidays. The document is intended as a reference for those preparing to take the Taxation-1 professional exam.
This document provides an overview of the Goods and Services Tax (GST) in India. It defines GST as a comprehensive tax on the manufacture, sale, and consumption of goods and services applied at the national level. The document discusses the need for GST to replace existing multiple tax structures and integrate various taxes to allow for full input tax credits. It outlines the justification for GST at both the central and state levels. The document also covers the key features and benefits of GST, including the types of taxes subsumed under GST, registration requirements, taxable supplies, input tax credits, and returns.
This document clarifies issues related to input tax credit (ITC) availability and valuation for services provided between a head office (HO) and branch offices (BOs).
For common services procured by the HO, it can either distribute ITC to BOs using the input service distributor mechanism or issue tax invoices to BOs allowing them to claim ITC. For internally generated services where BOs can claim full ITC, the HO can issue invoices and the value declared will be deemed the open market value, regardless of components included.
For internally generated services where BOs cannot claim full ITC, the HO does not need to include employee salary costs when determining the taxable value supplied to BOs.
Your guide on the most crucial pillar of GST - Input Tax Credit.
We hope this guide can help you understand the contours of Input Tax credit with regard what you are eligible for and what is explicitly denied in the law.
#GST : Trade Discounts - Sales Promotion Schemes# By SN PanigrahiSN Panigrahi, PMP
#GST : Trade Discounts - Sales Promotion Schemes# By SN Panigrahi
It is a common practice among certain sections of trade and industry, such as, pharmaceutical companies which often provide drug samples to their stockists, dealers, medical practitioners, etc. without charging any consideration.
The document discusses various transitional provisions under GST relating to input tax credit (ITC). Section 140 provides for ITC on taxes paid under previous laws including CENVAT credit carried forward and unavailed credit on capital goods. It also allows credit of eligible duties on inputs held in stock or contained in final products on the appointed GST date. Certain conditions must be satisfied for claiming this ITC. If conditions are not met, deemed credit will be allowed at a prescribed rate subject to specified limitations and safeguards. Precautions for availing ITC and deemed credit provisions are also summarized.
Part 12-GST- Input Tax Credit & AMP, Job Work & RatingsHina juyal
If you have any Query you can contact Us
Mail id:- ca.sanjiv.nanda@gmail.com
Youtube Channel :- https://www.youtube.com/channel/UCmmx2GFXeoF-DNtNjwnpYJA
Website :- http://www.sanjivnanda.com/
Facebook link :- https://www.facebook.com/ca.sanjivnanda919/
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1. The document discusses the topics of input tax credit (ITC) under the GST law, including eligibility and conditions for availing ITC, time limits, blocked credits, and apportionment of credit.
2. It provides details on the four conditions for availing ITC, the time limit for availing ITC on invoices of a financial year, and the categories of blocked credits where ITC is not available.
3. The document also explains the methodology for apportionment of ITC when inputs/services are used for both taxable and exempt supplies, including the calculation to determine the credit attributable to exempt supplies.
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July, 2017 which was one of the most important reforms in the Indian Economy. Unlike erstwhile indirect tax regime, GST promises seamless credit on goods and services across the entire supply chain with some exceptions. In this webinar, we shall understand and analyse the provisions related to Input Tax Credit under the GST law
Which of the following would be required to register for a Preparer .pdfamitmalik531
Which of the following would be required to register for a Preparer tax identification number?
a)CPA preparing returns in exchange for service but receives no monetary compensation
B)CPA preparing returns for family and friends for no charge
C) CPA preparing a return for an entity as an employee of that enity
d) CPA assistant who enters taxpayers' data into an electronic tax return system.
A tax return preparer may disclose or use tax return information without the taxpayer's consent to
a)facilitate a lender credit evaluation of the tax after the lender signs a confidentiality agreement
b)accommodate the request of a financial institution that needs to determine the amount of
taxpayers sent to it to be forgiven
c) evlaute by the quality or peer review
d)help taxpayer family member with a tax issue.
Unify interaction & engagement across multiple digital touch points to provide personalised experiences to all stakeholders. Improve employee productivity, Transform your legacy systems & processes, Sell omni-channel , Save expenses on Ads
Onebx- The World's Most Complete OKR SolutionChinmay Panda
OneBx is a federated cloud platform that distributes user data across a decentralized network of nodes rather than storing all data on a single company's servers. It allows users to control their digital identity, share and sync files, work collaboratively with team chat features, organize notes and information, and access other productivity tools while keeping data private and secure through encryption. Key features include social sharing, chat, search, automatic document tagging, file editing and access controls.
Everything you need to know about unboxd influencer marketing program unbox...Chinmay Panda
Write about our & our seller partner’s products in your social media profiles and earn commission on each sales happening though your efforts. The commission varies from 40% for softwares , apps to 10–12% for retails, food, consumer durables.
Boost Your Brand Along With Sales- Unboxd Business - BYOQChinmay Panda
We have not spent a single rupee in Ads in our 6 months of marketing journey - What we did for us, We can do for your business/company too.
We rely on Original Content Creation, Social Media Integration, Search Engine Optimisation & Content Amplification, Analytics tools to do the job for us. A very big part of it depends on our network of Associates n Influencers who spread the message organically. When you associate with us, you get the benefit of our whole network of associates, resellers, influencers working for you which will not only boost your sales but also build your brand organically for the long term.
Boost Your Brand Along With Sales - Unboxd BusinessChinmay Panda
We rely on Original Content Creation, Social Media Integration, Search Engine Optimisation & Content Amplification, Analytics tools to do the job for us. A very big part of it depends on our network of Associates n Influencers who spread the message organically. When you associate with us, you get the benefit of our whole network of associates, resellers, influencers working for you which will not only boost your sales but also build your brand organically for the long term.
Unboxd TechLabs is an open-source information management company that provides cloud computing, digital marketing, e-commerce, and contextual advertising solutions. They offer web design, development, digital marketing, e-commerce/ERP/CRM solutions and contextual advertising. Their services include website building with e-commerce and marketing tools, branding, content writing, content marketing, affiliate marketing and Google ads. They aim to provide affordable and customizable solutions through open-source software and emphasize flexibility, transparency and community.
Unboxd TechLabs is an open-source information management company that provides cloud computing, digital marketing, e-commerce, and contextual advertising solutions. They help businesses and enterprises become more productive through technology by reducing costs and improving efficiency. Unboxd offers web design and development, digital marketing, e-commerce/ERP/CRM solutions, and contextual advertising. They also provide graphics design, content writing, content marketing, and affiliate/influencer marketing services.
Unboxd Techlabs is presenting on their customer experience management solutions. They aim to make individuals and organizations more productive through open source information management. Their solutions include live chat and CRM tools like Rocketbots and Hubspot to improve customer service, which Oyo is suffering from due to bad customer service. They also offer customer support ticketing through OS Ticket and Open Supports as well as audience profiling through Mautic to unify interactions and create better customer experiences.
An introduction to unboxd influencer marketing programChinmay Panda
This document discusses influencer marketing and Unboxd's influencer marketing program. It defines influencer marketing as endorsements and product placements by people with expertise or influence in a field. It explains that influencers have specialized knowledge and authority over a target audience. The document outlines Unboxd's program for anyone to become an influencer by building social media accounts and followers. It provides a checklist of social media platforms and tools influencers should use. Finally, it introduces Unboxd as an information management company aiming to help organizations and individuals use technology more productively through an influencer network.
Unboxd Designs is a modern media company that provides digital marketing, creative, and development services to aspiring bloggers, social media stars, startups, and e-commerce companies. It was founded by Chinmay Panda, an IIM Bangalore graduate, to upgrade traditional media through constant innovation, years of experience, and affordable quality service across social media marketing, SEO, web design, content strategy, analytics and more.
Unboxd TechLabs is a venture created by Mr. Chinmay Panda that aims to collect, organize, and distribute verified data and information to deliver the right information to the right person at the right time. The company's vision is to build the world's largest and most reliable content delivery network. Unboxd values focusing on people over products, asking why before how, and chasing excellence rather than just success. It is an open source information management company that helps individuals and organizations become more productive through various apps, products, platforms, and services.
The document discusses the definition of supply under Section 7 of the CGST Act. It provides details on the various types of transactions that are considered a supply, including all forms of sale, transfer, barter, license, rental, lease or disposal of goods and services. It also summarizes the activities listed in Schedules I, II and III of the Act that are treated as supply, with or without consideration. The document further explains concepts of composite supply and mixed supply, and provides examples to distinguish between the two. It clarifies issues related to free samples, buy-one-get-one offers, and principal-agent relationships in the context of what constitutes a supply.
This document discusses place of supply rules under the Indian GST law. It provides examples to illustrate the place of supply for goods and services in various scenarios depending on whether the supplier and recipient are located in India or outside India, and whether one or both are registered. The key rules covered include place of supply for goods in cases involving movement, no movement, and supply on conveyances. For services, the document discusses place of supply rules for various categories like immovable property, restaurants, transport, and passenger transportation.
This document discusses the charging of GST under various sections and scenarios. Some key points:
1. CGST/SGST is levied on intra-state supply of goods/services at a rate up to 20%, paid by the taxable person. Reverse charge applies in some notified cases where the recipient pays instead of supplier.
2. E-commerce operators facilitating sales through their platforms are liable to pay tax on certain notified services as if they are the supplier.
3. Reverse charge applies in some cases of Business to Business transactions as per notifications, with the recipient paying the tax instead of the supplier.
4. Eight categories of goods are notified where reverse charge applies if supplied by unregistered
The document discusses the time of supply provisions under GST law. It provides details on:
1) The general time limit for raising invoices is before or at the time of supply of goods/services. For continuous supply, invoices must be issued before each statement/payment.
2) The time of supply is the earliest of the date of issue of invoice, date of receipt of payment, or date of provision of service. For reverse charge, the time is the earliest of date of receipt of goods/date of payment/61 days from invoice.
3) For vouchers, the time is date of issue if supply identifiable then, else date of redemption. For residual cases it is the due date of
- The document discusses tax rates and rules in the real estate sector under GST in India.
- For new construction projects starting on or after April 1, 2019, the applicable GST rates are 1% without ITC for affordable housing and 5% without ITC for other residential projects and commercial spaces in residential townships.
- The builder/promoter is liable to pay GST under reverse charge mechanism on transfer of development rights or long term lease of land for unsold flats/inventory as on the date of project completion.
A Digital Experience Platform (DXP) aims to improve customer satisfaction by delivering a unified experience across multiple digital touchpoints. Unlike traditional content management systems (CMS) that focus on managing content, DXPs focus on personalizing content for each customer to increase brand loyalty.
A DXP can consist of a single system or multiple integrated systems providing solutions like product discovery, marketing automation, social integration, and engaging content. The specific components of a DXP depend on factors like the target market, audience, channels, and competition.
When selecting a DXP, organizations should consider criteria like whether the platform allows for product discovery with minimal effort, provides personalized marketing automation, integrates with social media selling channels, and offers
Liferay DXP 7.2 provides a centralized digital experience platform with features for content management, integration, identity management, personalization, and developer tools. It includes a modular architecture, support for frameworks like Angular and React, customizable fields, multitenancy, high availability, REST APIs, and search administration. The platform also offers digital asset management, forms, workflows, collaboration tools, analytics integration, and cloud deployment capabilities.
The document discusses taxonomy structures for classifying content, including those from Google, IAB, and Sprig. It notes that these taxonomies are designed to facilitate relevant advertising rather than classifying news content. For classifying news, it recommends using standards from IPTC (International Press Telecommunications Council), which provides technical foundations for the news ecosystem. Specifically, it suggests using IPTC's MediaTopics taxonomy and mapping it to IAB categories for publishers and advertisers. The document acknowledges limitations of current taxonomies and suggests developing a deep learning solution to better classify news content.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Donc Test
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting, 8th Canadian Edition by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Ebook Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Pdf Solution Manual For Financial Accounting 8th Canadian Edition Pdf Download Stuvia Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Financial Accounting 8th Canadian Edition Ebook Download Stuvia Financial Accounting 8th Canadian Edition Pdf Financial Accounting 8th Canadian Edition Pdf Download Stuvia
South Dakota State University degree offer diploma Transcriptynfqplhm
办理美国SDSU毕业证书制作南达科他州立大学假文凭定制Q微168899991做SDSU留信网教留服认证海牙认证改SDSU成绩单GPA做SDSU假学位证假文凭高仿毕业证GRE代考如何申请南达科他州立大学South Dakota State University degree offer diploma Transcript
The Universal Account Number (UAN) by EPFO centralizes multiple PF accounts, simplifying management for Indian employees. It streamlines PF transfers, withdrawals, and KYC updates, providing transparency and reducing employer dependency. Despite challenges like digital literacy and internet access, UAN is vital for financial empowerment and efficient provident fund management in today's digital age.
Discover the Future of Dogecoin with Our Comprehensive Guidance36 Crypto
Learn in-depth about Dogecoin's trajectory and stay informed with 36crypto's essential and up-to-date information about the crypto space.
Our presentation delves into Dogecoin's potential future, exploring whether it's destined to skyrocket to the moon or face a downward spiral. In addition, it highlights invaluable insights. Don't miss out on this opportunity to enhance your crypto understanding!
https://36crypto.com/the-future-of-dogecoin-how-high-can-this-cryptocurrency-reach/
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
Economic Risk Factor Update: June 2024 [SlideShare]
GST in 14 Days - Day 5 new
1. CH.SUDHEER C.A, C.M.A
7.1Queries contact: vjabranchofsircoficai@gmail.com
Value of SupplyDay 5
Chapter 7
VALUE OF SUPPLY
Section 15 of the CGST Act provides common provisions for determining the value of goods and
services. It provides the mechanism for determining the value of a supply which is made between
unrelated persons and when price and only the price is the sole consideration of the supply.
VALUE OF SUPPLY
A. Supply to Unrelated
persons where price is the
sole consideration for sale
B. Supplies where value
cannot be determined
u/s 15(1)
A. Supply to Unrelated persons where price is the sole consideration for
(i) Transaction value [S.15 (1)]
C. Notified
Supplies
2. CH.SUDHEER C.A, C.M.A
7.2Queries contact: vjabranchofsircoficai@gmail.com
Value of SupplyDay 5
(ii) Inclusions in transaction value [S.15(2)]
1. Price actually paid or
payable for the supply
2. Taxes other than GST, if charged
separately by the supplier
3. Payments made to third parties by the
recipient on behalf of the supplier in relation to
the supply
4. Incidental expenses in relation to
supply
5. Interest, late fee and penalty for
delayed payment charged if any
6. Non-Government Subsidies
Eg:- Few examples of such incidental expenses
are-
Freight
Packing
Inspection or certification charges
Installation and testing charges
There items have to be included only if they are
charged from Customers
Eg:- The selling price of a notebook is ₹ 50.
For notebooks sold to students in
Government schools, a company uses its CSR
funds to pay the seller ₹ 30, so that the
students pay only ₹ 20 per notebook. The
taxable value of the notebook will be ₹ 50, as
this is a non-government subsidy.
3. CH.SUDHEER C.A, C.M.A
7.3Queries contact: vjabranchofsircoficai@gmail.com
Value of SupplyDay 5
(iii) Exclusion of discounts from transaction value [Section 15(3)]
The principle here is that price as established at the time of supply forms the basis of taxable value.
Discounts that are allowed are as follows:
Discounts that are allowed before or at the time of
supply and shown in the invoice
E.g., pre-supply discounts like trade discount, quantity
discount etc. recorded in the invoice;
Discounts that are allowed after supply,
a) worked out invoice-wise &
b) GST Credit Note is issued &
c) Proportionate ITC is reversed by the recipient.
4. CH.SUDHEER C.A, C.M.A
7.4Queries contact: vjabranchofsircoficai@gmail.com
Value of SupplyDay 5
2. Credit and Debit Notes (Section 34)
GST Credit Notes
1. Purpose of GST Credit Notes
To decrease
value of
supply &
Respective
Tax
To
decrease
Tax
Goods are
returned
(or)
rejected
2. Conditions for issuing GST Credit Note 3. Upon issue of GST Credit Note
To be issued
within time
limit specified
in point no.4
Original invoice
number/ numbers
should be
mentioned on
credit notes
Supplies
liability in
decrease
Recipient
should
reverse ITC
4. Time limit for issuing GST credit note
Within due date of filing GSTR-1 of year
September month of succeeding Year
Or
Date of filing GSTR-9 of that F.Y
5. Where to disclose?
a) GSTR-1
(i) Original - Table 9B
(ii) Amendments- Table 9c
b) GSTR – 3B, Table 3.1(a) i.e.,
Reduced from o/w supplies
6. Issue of Financial Credit Note
(i.e, credit note does not contain GST)
Supplies liability will
not decrease
Recipient need not
reverse ITC/ pay tax
Circular No.105/24/2019
Circular No.112/31/2019
Supplier may issue GST Credit Notes
5. CH.SUDHEER C.A, C.M.A
7.5Queries contact: vjabranchofsircoficai@gmail.com
Value of SupplyDay 5
GST Debit Notes
1. Purpose of GST Debit Notes
To increase
value of
supply &
Respective
Tax
To
increase
Tax
2. Conditions for issuing GST Debit Note 3. Upon issue of GST Debit Note
To be issued
within time
limit specified
in point no.4
Original invoice
number/ numbers
should be
mentioned on Debit
notes
Supplies
liability in
increase
Recipient can
claim ITC
4. Time limit for issuing GST Debit note
Within due date of filing GSTR-1 of year
September month of succeeding Year
Or
Date of filing GSTR-9
5. Where to disclose? 6. Issue of Financial Debit Note
(i.e., Debit note does not GST
Not possible. Issue of GST
Debit note is Mandatory
Supplier shall issue GST Credit Notes
a) GSTR-1
(i) Original - Table 9B
(ii) Amendments- Table 9c
b) GSTR – 3B, Table 3.1(a) i.e.,
added to o/w supplies
6. CH.SUDHEER C.A, C.M.A
7.6Queries contact: vjabranchofsircoficai@gmail.com
Value of SupplyDay 5
B. Supplies where value cannot be determined u/s 15(1) & Notified Supplies
Rule 27 - Value of supply of goods or services where the consideration is not wholly in money
Open market
value
Monetary consideration (+) Money value of non – monetary consideration
Value of supply of like kind and quality
Monetary consideration + Money value of non –
monetary consideration computed on the basis of
110% of cost of supply or by other reasonable means
1
4
2
3
7. CH.SUDHEER C.A, C.M.A
7.7Queries contact: vjabranchofsircoficai@gmail.com
Value of SupplyDay 5
Rule 28 - Value of supply of goods or services or both between distinct or related persons, other than through an agent
The open market value
of such supply or
The value of supply of
goods or services of
like kind and quality
If value cannot be determined
under the above methods, it
must be worked out based on
The cost of
the supply
plus 10%
mark-up
(a)
(b)
(c)
Or
By other
reasonable
means
Note: If the recipient is eligible for full ITC then Transaction value is accepted as open market value
8. CH.SUDHEER C.A, C.M.A
7.8Queries contact: vjabranchofsircoficai@gmail.com
Value of SupplyDay 5
RELATED PARTY DEFINITION UNDER GST
i. Such persons are officers
or directors of one another’s
businesses
ii. Such persons are legally
recognized partners in
business
iii. Such persons are
employer and employee
iv. Any person directly or
indirectly owns, controls or holds
twenty-five per cent or more of
the outstanding voting stock or
shares of both of them
In such case A Ltd & B Ltd
are related parties Company A & B are
relatives
A ltd B ltd
Officer
Officer
Major SH Major SH
is Mr. A is Mr. B
AB & Co partnership firm
In such case Mr. A & Mr. B
are related parties
Partners
Mr. Mr. B
Mr. X
Company
A
Company
B
25%25%
9. CH.SUDHEER C.A, C.M.A
7.9Queries contact: vjabranchofsircoficai@gmail.com
Value of SupplyDay 5
v. One of them directly or
indirectly controls the other
vi. Both of them are directly or
indirectly controlled by a third
person
EG:1) A ltd B ltd
A ltd & B ltd are related
EG: 2) Mr. A ltd Z ltd
Mr. A & Z ltd are related
This also includes significant
role in. Corporate policy, design
specification, marketing etc.,
51%
Then A ltd & B ltd are
relatives
X Ltd
A Ltd B Ltd
ControlsBoD
ControlsBoD
Vii. Together they directly
or indirectly control a
third person
Then A ltd & B ltd are
relatives
X Ltd
A Ltd B Ltd
ControlBoD
ControlBoD
viii. They are
members of the
same family
ix. sole agent or sole distributor or sole
concessionaire
80%
a) spouse
b) children
c) parents
d) grand-parents,
e) brothers
f) sisters
if they are wholly
or mainly
dependent on the
said person
10. CH.SUDHEER C.A, C.M.A
7.10Queries contact: vjabranchofsircoficai@gmail.com
Value of SupplyDay 5
Rule 29 – Value of supply of goods or received through an agent
(This rule is applicable only for supply of goods)
Open Market
Value
1
2
110% of cost
of supply
Best judgement
Method (value using
reasonable means)
3
Rule 30 – Value of supply of goods or services or both based on cost
Note: Service providers have the option to directly move to rule 31 bypassing rule 30. If the
value of a supply of goods and/or services cannot be worked out by the foregoing methods, its
value will be 110% of the cost of production/ manufacture/acquisition of such goods or cost of
provision of such services
Rule 31 – Value of supply in Residual Cases
The supplier of goods needs to sequentially follow rules 27 to 30 before valuing goods as per this
residual rule 31. Service providers, however, have the option of valuing services as per rule 30 or
rule 31 after sequentially following rules 27 to 29.
The residual method consists of determination of value by using reasonable means consistent with
the principles and general provisions of section 15 and these Rules.
11. CH.SUDHEER C.A, C.M.A
7.11Queries contact: vjabranchofsircoficai@gmail.com
Value of SupplyDay 5
Supply Value
Supply of lottery run by State Governments Higher of the two amounts to be deemed as the
value
a) 100/112 of the face value of ticket
(OR)
b) 100/112 of the price as notified in the
Official Gazette by the organising State
Supply of lottery authorised by State
Governments
Higher of the two amounts to be deemed as the
value
a) 100/128 of the face value of ticket
(OR)
b) 100/128 of the price as notified in the
Official Gazette by the organising State
Supply of actionable claim in the form of chance
to win in betting, gambling or horse racing in a
race club
100% of the face value of the bet or the amount paid
into the totalisator
Rule 31A introduced in CGST Rules to provide for valuation of supply of lottery
Rule 32 – Determination of value in respect of certain supplies
This rule provides the valuation methods for five specific supplies.
This rule overrides other rules of valuation. Thus, the supplies prescribed in this rule
need not be valued by sequentially following rules 27 to 31.
The valuation methods prescribed under this rule are optional; the supplier can use
them if he so desires. He can also opt to value his supplies in accordance with other
valuation rules.
12. CH.SUDHEER C.A, C.M.A
7.12Queries contact: vjabranchofsircoficai@gmail.com
Value of SupplyDay 5
Purchase or sale of
foreign currency
including money
changing
Booking of
tickets for air
travel by an air
travel agent
Life
insurance
business
Value of supply
of second hand
goods
Value of
redeemable
vouchers/stamps
/coupons/tokens
SPECIAL VALUATION
METHODS FOR 5
SUPPLIES
The special provisions related to determination of value of such specific supplies are discussed below- 5 situations
13. CH.SUDHEER C.A, C.M.A
7.13Queries contact: vjabranchofsircoficai@gmail.com
Value of SupplyDay 5
S.N Currency exchanged Value of supply
1. Upto ₹ 1,00,000 1% of the gross amount of
currency exchanged
OR
₹ 250 whichever is higher
2. Exceeding ₹ 1,00,000
and upto ₹ 10,00,000
₹ 1,000 + 0.50% of the (gross
amount of currency exchanged
- ₹ 1,00,000)
3. Exceeding ₹ 10,00,000 ₹ 5,500 + 0.1% of the (gross
amount of currency exchanged
- ₹ 10,00,000)
OR
₹ 60,000 whichever is lower
1. Service of purchase or sale of foreign currency including money changing
The value of service in relation to purchase or sale of foreign currency, including money changing, is determined by either of the
two methods:
Case 1: Transaction where one of the currencies exchanged is Indian Rupees
value of supply = difference between buying rate or selling rate of currency
and RBI reference rate
Case 2 : If RBI reference rate for a currency is not available then
value of supply =1% of the gross amount of Indian Rupees
Case 3: Transaction where neither of the currencies exchanged is Indian Rupees
First convert both the currencies into Indian Rupees using RBI Reference
rate, then Value of supply = 1% of the lesser of the two amounts
Method - I Method - II
14. CH.SUDHEER C.A, C.M.A
7.14Queries contact: vjabranchofsircoficai@gmail.com
Value of SupplyDay 5
2. Service of booking of tickets for air travel by an air travel agent
5% of basic
fare
Domesti
c air
travel
10% of basic
fare
Internati
onal air
travel
BASIC FARE
Air fare on which
commission is normally
paid
To the air travel agent by
the airlines
Note:
Passenger Service Fee (PSF) & User Development Fee (UDF) levied under rule 89 of the Aircraft rules 1937 to be
included in the value of Supply for purpose of levying GST
15. CH.SUDHEER C.A, C.M.A
7.15Queries contact: vjabranchofsircoficai@gmail.com
Value of SupplyDay 5
Taxable value =
Gross premium charged
(-)
amount allocated for
investments/ savings
if such allocation is intimated
to the policy holder at the
time of collection of premium
Taxable value = 10% of the
single premium charged from
the policy holder
Taxable value =
a) 25% of premium charged
from the policy holder in
the 1st year and
b) 12.5% of premium
charged for subsequent
years
Taxable value = Entire
premium charged from the
policy holder
When ITC is not availed [Margin Scheme] When ITC is availed
• Value = Selling price – Purchase price
• Selling price < Purchase price ⇒ Ignore
negative value
• Normal valuation as per other
applicable provisions
3. Life insurance business
Policy with dual
benefits of risk
coverage &
investment
Single premium
annuity policy
Other Cases Policy with
ONLY risk cover
4. Value of second hand goods – Margin Scheme
Value of Second Hand Goods
16. CH.SUDHEER C.A, C.M.A
7.16Queries contact: vjabranchofsircoficai@gmail.com
Value of SupplyDay 5
Chapter 7
(Notification 8/2018 CT (R)
ITC not availed
either in earlier
law (or) GST law
ITC availed either
in law earlier law
(or) GST law
GST payable on
sales
consideration
Rate of GST on Motor Vehicle
MOS = Sale
Value (-) WDV
If depreciated
claimed u/s of IT
Act
If depreciated
not claimed
Petrol (or) CNG Vehicle
with engine capacity
1200cc or more
If MOS is negative, then ignore
MOS Means
Sale of Motor Vehicle
GST payable on
margin of supply
MOS = SP - PP
Diesel with engine
capacity 1500cc or
more
Sports vehicles
(SUV) with 1500cc
or more
Any other
vehicles
18% 18% 18% 12%18% 18% 12%
17. CH.SUDHEER C.A, C.M.A
7.17Queries contact: vjabranchofsircoficai@gmail.com
Value of SupplyDay 5
5. Redeemable vouchers/stamps/coupons/tokens
The value of a token, voucher or coupon, which is redeemable against a supply of goods and/or
services is equal to the money value of the goods and/or services redeemable against such token,
voucher, coupon or stamp.
Eg: If ₹ 1,500 worth of Sodexo is supplied by the taxable person, the value of supply under GST law
will also be ₹ 1,500.
Rule 33 – Value of supply of services in case of pure agent
Means
While
making a
supply to the
recipient,
also receives
and incurs
expenditure
on some
other supply
on behalf of
the recipient
and
Claims
reimbursem
ent (as
actual,
without
adding it to
the value of
his own
supply) for
such
supplies
from the
recipient of
the main
supply
Enters into
contractual
agreement
with
principal to
act as his
pure agent
to incur
expenditur
e/costs in
the course
of supply of
goods and
/or services
Does not
hold or
intends to
hold any
title to the
goods and /
or services
so procured
or supplied
as pure
agent of
principal
Does not
use for
his own
interest
such
goods or
services
so
procured
and
Receives
only the
actual
amount
incurred
to
procure
such
goods or
services
(apart
from the
amount
for the
services
provided
on his
own
account)
While the relationship between them (provider of service and recipient of
service) in respect of the main service is on a principal to principal basis, the
relationship between them in respect of other ancillary services is on pure agent
basis.
The supplier needs to fulfil ALL the above conditions in order to qualify as a pure
agent. In case the conditions are not satisfied, such expenditure incurred is
included in the value of supply under GST.
18. CH.SUDHEER C.A, C.M.A
7.18SUDHEER TAX CLASSES, CONTACT: 8688398888 -
Value ofChapter 7
Queries contact: vjabranchofsircoficai@gmail.com
Eg 1: The following illustration will make the concept clearer:
EG Corporate services firm A is engaged to handle the legal work pertaining to the
incorporation of Company B.
• Other than its service fees, A also recovers from B, registration fee and approval fee for
the name of the company paid to Registrar of the Companies.
• The fees charged by the Registrar of the Companies for registration and approval of the
name are compulsorily levied on B.
• A is merely acting as a pure agent in the payment of those fees.
• Therefore, A’s recovery of such expenses is a disbursement and not part of the value of
supply made by A to B.
Eg 2: Some examples of expenditure/costs incurred as pure agent are:
1. Port fees, port charges, custom duty, dock dues, transport charges etc. paid by customs
broker on behalf of the owner of goods.
2. Expenses incurred by C&F agent and reimbursed by principal such as freight, godown
charges.
Eg 3: Suppose a customs broker issues an invoice for reimbursement of a few expenses and
for consideration towards agency service rendered to an importer. the amounts charged by
the customs broker are as below:
S.N Component charged in invoice Amount
1. Agency income ₹ 10000/-
2. Travelling expenses Hotel
expenses
₹ 15,000/-
3. Customs duty ₹ 55,000/-
4. Docks dues ₹ 5000/
In the above situation, agency income and travelling/ hotel expenses shall be added for
determining the value of supply by the customs broker whereas docks dues and the customs
duty shall not be added to the value, provided the conditions of pure agent are satisfied.
19. CH.SUDHEER C.A, C.M.A
7.19SUDHEER TAX CLASSES, CONTACT: 8688398888 -
Value ofChapter 7
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Rule 34 - Rate of exchange of currency, other than Indian rupees, for determination of value
of Goods and services
Goods
The relevant rate of
exchange for
determining the value of
taxable goods is the rate
notified by CBIC under
section 14 of the
Customs Act, 1962,
prevalent on the date of
time of supply of said
goods
Rule 35 - Value of supply inclusive of integrated tax, central tax, State tax, Union territory
tax
Where the value of supply is inclusive of GST, the tax amount is
determined in the following manner:
Eg: If the value inclusive of tax is ₹ 100/- and applicable GST
rate is 18% [IGST or CGST, SGST/UTGST] then,
Tax amount = (100x18) / (100+18)= 1800/118=₹ 15.25
Services
The relevant rate of
exchange for
determining the value of
taxable service is the
rate determined as per
GAAP, prevalent on the
date of time of supply of
said service.