Invoice or a bill is a list of goods or services provided along with the amount due for payment. If you have a GST Registered business, you need to provide GST-Complaint invoices to your customers for sale of goods and services.
The document discusses various provisions around tax invoices, credit notes, and debit notes under GST law in India. Some key points:
- Only registered persons can issue tax invoices. Unregistered persons and composition dealers cannot issue tax invoices.
- Tax invoices must be issued before or at the time of removal of goods, or at the time of delivery of goods. For services, invoices must generally be issued within 30 days of supply.
- Invoices must contain certain details like supplier information, serial number, date, recipient information, HSN code, tax amount, etc. as specified in the rules.
- There are special provisions for revised invoices, invoices for small value supplies, bills of
This document summarizes rules regarding tax invoices, credit notes, and debit notes under the CGST Act of 2017 in India.
The key points are:
1) Registered persons must issue a tax invoice before or at the time of supply of goods and within a prescribed period for supply of services.
2) Tax invoices must contain specific details like supplier/recipient names and addresses, HSN codes, tax rates and amounts, etc. to comply with the CGST rules.
3) There are time limits for issuing tax invoices for different types of supplies and rules for invoices in special cases like exports. Credit notes and debit notes are also governed with rules on when they can be issued and required details
The document summarizes key aspects of the GST electronic way bill (e-way bill) system in India. It explains that under GST, an e-way bill must be generated prior to transporting goods over Rs. 50,000 in value, and provides details on who can generate e-way bills, the information required, validity periods, documents that must be carried during transport, and procedures for inspection and verification of goods in transit. Unique e-way bill numbers are issued electronically on the common GST portal to the supplier, recipient, and transporter. E-way bills can generally be generated by suppliers, recipients, and transporters using the GST portal.
The Cabinet Secretary for National Treasury in his Budget speech announced enactment of he long awaited VAT Regulations 2017. This, after thee first drafts were published in 2014.
The subsidiary legislation seeks to streamline the VAT Act with the Tax Procedures Act 2015 and will assist in interpretation and implementation of the VAT Act 2013. These regulations took effect from 4 April 2017.
This document compares tax invoice rules and requirements under the current tax regime to those under the new GST regime. Key changes under GST include requiring place of supply and HSN/accounting codes on invoices. The GST regime introduces provisions for bill of supply, receipt vouchers, refund vouchers, and delivery challans. Special cases like input service distributors and transport agencies have their own invoice requirements. Overall, the GST invoice rules aim to standardize and simplify compliance for taxpayers.
Analysis of Finance Act, 2020 vis-à-vis GST
The Finance Act, 2020 has made several amendments to the CGST Act, 2017 and corresponding amendments to the IGST Act, 2017 and UTGST Act, 2017. We have attempted to analyse the provision wise amendment made by the Finance Act, 2020 to the CGST Act, 2017.
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.
1. The document outlines the procedures for issuing tax invoices and maintaining electronic ledgers for payment of goods and service tax (GST) in India. It specifies that registered taxable persons must issue tax invoices before or after supplying goods or services and what information must be included. 2. It also describes how payment of GST is made through electronic cash and credit ledgers that are maintained on a central portal. Any tax, interest, penalties or other amounts are recorded in these ledgers. 3. Specified forms are used to maintain electronic records of tax liabilities, input tax credits, and deposits made in the cash ledger.
The document discusses various provisions around tax invoices, credit notes, and debit notes under GST law in India. Some key points:
- Only registered persons can issue tax invoices. Unregistered persons and composition dealers cannot issue tax invoices.
- Tax invoices must be issued before or at the time of removal of goods, or at the time of delivery of goods. For services, invoices must generally be issued within 30 days of supply.
- Invoices must contain certain details like supplier information, serial number, date, recipient information, HSN code, tax amount, etc. as specified in the rules.
- There are special provisions for revised invoices, invoices for small value supplies, bills of
This document summarizes rules regarding tax invoices, credit notes, and debit notes under the CGST Act of 2017 in India.
The key points are:
1) Registered persons must issue a tax invoice before or at the time of supply of goods and within a prescribed period for supply of services.
2) Tax invoices must contain specific details like supplier/recipient names and addresses, HSN codes, tax rates and amounts, etc. to comply with the CGST rules.
3) There are time limits for issuing tax invoices for different types of supplies and rules for invoices in special cases like exports. Credit notes and debit notes are also governed with rules on when they can be issued and required details
The document summarizes key aspects of the GST electronic way bill (e-way bill) system in India. It explains that under GST, an e-way bill must be generated prior to transporting goods over Rs. 50,000 in value, and provides details on who can generate e-way bills, the information required, validity periods, documents that must be carried during transport, and procedures for inspection and verification of goods in transit. Unique e-way bill numbers are issued electronically on the common GST portal to the supplier, recipient, and transporter. E-way bills can generally be generated by suppliers, recipients, and transporters using the GST portal.
The Cabinet Secretary for National Treasury in his Budget speech announced enactment of he long awaited VAT Regulations 2017. This, after thee first drafts were published in 2014.
The subsidiary legislation seeks to streamline the VAT Act with the Tax Procedures Act 2015 and will assist in interpretation and implementation of the VAT Act 2013. These regulations took effect from 4 April 2017.
This document compares tax invoice rules and requirements under the current tax regime to those under the new GST regime. Key changes under GST include requiring place of supply and HSN/accounting codes on invoices. The GST regime introduces provisions for bill of supply, receipt vouchers, refund vouchers, and delivery challans. Special cases like input service distributors and transport agencies have their own invoice requirements. Overall, the GST invoice rules aim to standardize and simplify compliance for taxpayers.
Analysis of Finance Act, 2020 vis-à-vis GST
The Finance Act, 2020 has made several amendments to the CGST Act, 2017 and corresponding amendments to the IGST Act, 2017 and UTGST Act, 2017. We have attempted to analyse the provision wise amendment made by the Finance Act, 2020 to the CGST Act, 2017.
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.
1. The document outlines the procedures for issuing tax invoices and maintaining electronic ledgers for payment of goods and service tax (GST) in India. It specifies that registered taxable persons must issue tax invoices before or after supplying goods or services and what information must be included. 2. It also describes how payment of GST is made through electronic cash and credit ledgers that are maintained on a central portal. Any tax, interest, penalties or other amounts are recorded in these ledgers. 3. Specified forms are used to maintain electronic records of tax liabilities, input tax credits, and deposits made in the cash ledger.
This document discusses Goods and Services Tax (GST) invoices and bills of supply in India. It provides details on the content requirements for tax invoices for goods and services, export invoices, bills of supply, transportation documents, and delivery challans. It also discusses HSN code requirements for invoices based on business turnover amounts. Invoices for goods must be prepared in triplicate and invoices for services must be prepared in duplicate. Transportation documents like delivery challans must contain details of the supplier, recipient, goods, tax amounts, and signatures.
#GST Invoice under RCM# By SN Panigrahi
Invoice under Reverse Charge
A registered person who is liable to pay tax under reverse charge has to mandatorily issue an invoice in respect of goods or services both received by him.
As per Sec 31(3) (f) of the CGST Act, 2017 read with Rule 46 of the CGST Rules, 2017, every tax invoice has to mention whether the tax in respect of supply in the invoice is payable on reverse charge.
The recipient of the supply is liable to pay tax based on Self Generated Invoice.
Every person who is paying tax on reverse charge basis has to mention “Tax Being Paid on Reverse Charge” in his tax invoice.
There will be a single copy of such invoice which he shall retain for return filing purpose.
K. Vijaya Kumar, Assistant Commissioner of Central Tax in Belgaum, summarized the key provisions around refunds under the GST Act. Section 54 allows refund claims for excess tax paid within two years of the relevant date, and also provides for refund of unutilized input tax credit. Section 55 covers refunds on notified supplies, while Section 56 provides for interest payment on delayed refunds. Sections 57-58 establish a Consumer Welfare Fund for amounts otherwise refundable, to be used for consumer welfare. The document outlines timelines and documentation required for different refund types such as exports, SEZ supplies, and provisional assessments.
The document discusses the determination of value of supply under the Goods and Services Tax (GST) in India. It outlines that the transaction value is generally the price paid or payable and includes certain other payments. Exceptions to the transaction value are provided for related parties and discounts. Specific valuation rules are given for supplies without money consideration, related parties, and certain services like insurance. The key aspects covered are determining open market value, treatment of agents, and exclusions from value.
This document is a bill that proposes to provide compensation to states for any loss of revenue from the implementation of GST for a period of five years. It defines key terms and outlines how the base year revenue will be calculated for each state. It also describes how the projected revenue and compensation amounts will be determined annually. States will receive provisional compensation amounts quarterly with final amounts calculated after audited revenue figures are available. A GST Compensation Cess will be levied on certain supplies to fund the compensation, and returns and payments will generally follow CGST procedures. Proceeds will go to a GST Compensation Fund to pay states as per the calculations, with unused funds transferred after five years.
1. The document discusses the key concepts of supply, time of supply, and valuation under the GST laws of India. It defines various types of supplies, specifies activities that constitute supply, and outlines the schedules for determining the nature of supply transactions.
2. Regarding time of supply, it provides rules for goods and services, composite/mixed supplies, supply of vouchers, and the rates applicable before and after a change in tax rates.
3. On valuation, it states that the transaction value shall be the value of supply between unrelated parties, and includes certain additions while excluding specified discounts and abatements in determining value.
The document provides information on electronic way (e-way) bills under the Goods and Services Tax (GST) regime in India. Some key points:
- E-way bills are required to be generated for the movement of goods of over Rs. 50,000 in value.
- Various notifications provide details on the nationwide implementation of the e-way bill system from January 2018.
- CGST Rules specify the procedures for generating e-way bills, including which parties are responsible for Parts A and B, validity periods, transfer procedures and exemptions.
- Non-compliance can attract penalties, and e-way bills help verify movement of goods and prevent tax evasion.
This document discusses transitional provisions under the Goods and Services Tax (GST) in India. It summarizes that under GST, various central and state taxes will be subsumed. It outlines the taxes that will be replaced and transitional provisions that allow transition from existing laws to GST. It discusses GST registration procedures for existing taxpayers, availability of credits for taxes paid previously, and treatment of returns, capital goods and inventory during the transition period to GST.
This document provides information about banking operations related to government receipts in Pakistan. It discusses how the State Bank of Pakistan is obligated to accept money for the central and provincial governments. It outlines the various types of government receipts like taxes, duties, and savings. It describes the process for accepting cash and check deposits for credit to government accounts, including the use of challans and ensuring deposits are properly recorded in the Globus system. The roles of the public accounts unit, treasury cash division, and NIFT clearing house in processing receipts are also summarized.
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.
German Federal Network Agency - Allocation RulesThomas Müller
The document outlines the provisional rules for allocating freephone numbers in Germany. [1] Freephone numbers start with 800 and follow the E.164 international numbering format. [2] Numbers are allocated by the regulatory authority according to the rules based on applications from eligible users. [3] The application process and requirements for maintaining and returning numbers are described.
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.
1. The document discusses the transitional provisions under GST for existing taxpayers migrating to GST. It provides details on the provisional registration process, input tax credit provisions such as carry forward of CENVAT credit and availing of credits on stock, and other miscellaneous provisions related to returns, refunds, appeals etc.
2. It explains that existing taxpayers having a valid PAN will be issued a provisional GST registration, which may be cancelled if the application is found to be incorrect or incomplete. It also outlines the various credits that taxpayers can avail in their electronic credit ledger during the transition.
3. The document covers transitional arrangements for inputs, input tax credit, job workers, returns and various other aspects
This document provides information on Goods and Service Tax (GST) registration in India. It discusses that registration under GST can occur through migration of existing registrants or through fresh registration. It outlines who is required to register including individuals, companies, partnerships and other legal entities. Key advantages of registration are outlined such as being able to collect tax and claim input tax credits. Threshold limits for mandatory registration are provided based on aggregate annual turnover. Certain categories of persons must register irrespective of the turnover threshold. The registration process and features are described including use of PAN number and deemed approval within three days.
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
This document provides an overview of the Goods and Service Tax (GST) system that will be implemented in India. It states that GST is a destination-based tax on the consumption of goods and services. It will replace many existing taxes levied by the central and state governments. The document outlines the key features of GST, including what will be taxed, the types of GST (CGST, SGST, IGST), invoice requirements, input tax credit rules, registration requirements, and transitional provisions for existing taxpayers. It concludes by listing several actions businesses need to take to prepare for GST implementation, such as classifying items and updating vendor/customer information.
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 discusses the accounting and record keeping requirements for Goods and Services Tax (GST) in India. It outlines that registered persons must maintain accounts and records including invoices, bills of supply, delivery challans, payment and refund vouchers. Records must include details of suppliers, customers, goods in transit and stock. Manufacturers and job contractors have additional record keeping for production, raw materials used, and works contracts. Transporters and warehouse operators must also maintain records of goods, consigners and consignees. The accounting structure captures tax on inputs and outputs separately. Transactions like advances, reverse charge and missing payments require specific documentation and tax treatment.
Composition Scheme Registration Invoicing Returns Payment of Tax under GST.GST Law India
The following presentation focuses on Composition Scheme under GST, how Registration under composition scheme is to be done, invoicing, filing of returns and how is to be paid under this scheme.
This document discusses Goods and Services Tax (GST) invoices and bills of supply in India. It provides details on the content requirements for tax invoices for goods and services, export invoices, bills of supply, transportation documents, and delivery challans. It also discusses HSN code requirements for invoices based on business turnover amounts. Invoices for goods must be prepared in triplicate and invoices for services must be prepared in duplicate. Transportation documents like delivery challans must contain details of the supplier, recipient, goods, tax amounts, and signatures.
#GST Invoice under RCM# By SN Panigrahi
Invoice under Reverse Charge
A registered person who is liable to pay tax under reverse charge has to mandatorily issue an invoice in respect of goods or services both received by him.
As per Sec 31(3) (f) of the CGST Act, 2017 read with Rule 46 of the CGST Rules, 2017, every tax invoice has to mention whether the tax in respect of supply in the invoice is payable on reverse charge.
The recipient of the supply is liable to pay tax based on Self Generated Invoice.
Every person who is paying tax on reverse charge basis has to mention “Tax Being Paid on Reverse Charge” in his tax invoice.
There will be a single copy of such invoice which he shall retain for return filing purpose.
K. Vijaya Kumar, Assistant Commissioner of Central Tax in Belgaum, summarized the key provisions around refunds under the GST Act. Section 54 allows refund claims for excess tax paid within two years of the relevant date, and also provides for refund of unutilized input tax credit. Section 55 covers refunds on notified supplies, while Section 56 provides for interest payment on delayed refunds. Sections 57-58 establish a Consumer Welfare Fund for amounts otherwise refundable, to be used for consumer welfare. The document outlines timelines and documentation required for different refund types such as exports, SEZ supplies, and provisional assessments.
The document discusses the determination of value of supply under the Goods and Services Tax (GST) in India. It outlines that the transaction value is generally the price paid or payable and includes certain other payments. Exceptions to the transaction value are provided for related parties and discounts. Specific valuation rules are given for supplies without money consideration, related parties, and certain services like insurance. The key aspects covered are determining open market value, treatment of agents, and exclusions from value.
This document is a bill that proposes to provide compensation to states for any loss of revenue from the implementation of GST for a period of five years. It defines key terms and outlines how the base year revenue will be calculated for each state. It also describes how the projected revenue and compensation amounts will be determined annually. States will receive provisional compensation amounts quarterly with final amounts calculated after audited revenue figures are available. A GST Compensation Cess will be levied on certain supplies to fund the compensation, and returns and payments will generally follow CGST procedures. Proceeds will go to a GST Compensation Fund to pay states as per the calculations, with unused funds transferred after five years.
1. The document discusses the key concepts of supply, time of supply, and valuation under the GST laws of India. It defines various types of supplies, specifies activities that constitute supply, and outlines the schedules for determining the nature of supply transactions.
2. Regarding time of supply, it provides rules for goods and services, composite/mixed supplies, supply of vouchers, and the rates applicable before and after a change in tax rates.
3. On valuation, it states that the transaction value shall be the value of supply between unrelated parties, and includes certain additions while excluding specified discounts and abatements in determining value.
The document provides information on electronic way (e-way) bills under the Goods and Services Tax (GST) regime in India. Some key points:
- E-way bills are required to be generated for the movement of goods of over Rs. 50,000 in value.
- Various notifications provide details on the nationwide implementation of the e-way bill system from January 2018.
- CGST Rules specify the procedures for generating e-way bills, including which parties are responsible for Parts A and B, validity periods, transfer procedures and exemptions.
- Non-compliance can attract penalties, and e-way bills help verify movement of goods and prevent tax evasion.
This document discusses transitional provisions under the Goods and Services Tax (GST) in India. It summarizes that under GST, various central and state taxes will be subsumed. It outlines the taxes that will be replaced and transitional provisions that allow transition from existing laws to GST. It discusses GST registration procedures for existing taxpayers, availability of credits for taxes paid previously, and treatment of returns, capital goods and inventory during the transition period to GST.
This document provides information about banking operations related to government receipts in Pakistan. It discusses how the State Bank of Pakistan is obligated to accept money for the central and provincial governments. It outlines the various types of government receipts like taxes, duties, and savings. It describes the process for accepting cash and check deposits for credit to government accounts, including the use of challans and ensuring deposits are properly recorded in the Globus system. The roles of the public accounts unit, treasury cash division, and NIFT clearing house in processing receipts are also summarized.
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.
German Federal Network Agency - Allocation RulesThomas Müller
The document outlines the provisional rules for allocating freephone numbers in Germany. [1] Freephone numbers start with 800 and follow the E.164 international numbering format. [2] Numbers are allocated by the regulatory authority according to the rules based on applications from eligible users. [3] The application process and requirements for maintaining and returning numbers are described.
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.
1. The document discusses the transitional provisions under GST for existing taxpayers migrating to GST. It provides details on the provisional registration process, input tax credit provisions such as carry forward of CENVAT credit and availing of credits on stock, and other miscellaneous provisions related to returns, refunds, appeals etc.
2. It explains that existing taxpayers having a valid PAN will be issued a provisional GST registration, which may be cancelled if the application is found to be incorrect or incomplete. It also outlines the various credits that taxpayers can avail in their electronic credit ledger during the transition.
3. The document covers transitional arrangements for inputs, input tax credit, job workers, returns and various other aspects
This document provides information on Goods and Service Tax (GST) registration in India. It discusses that registration under GST can occur through migration of existing registrants or through fresh registration. It outlines who is required to register including individuals, companies, partnerships and other legal entities. Key advantages of registration are outlined such as being able to collect tax and claim input tax credits. Threshold limits for mandatory registration are provided based on aggregate annual turnover. Certain categories of persons must register irrespective of the turnover threshold. The registration process and features are described including use of PAN number and deemed approval within three days.
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
This document provides an overview of the Goods and Service Tax (GST) system that will be implemented in India. It states that GST is a destination-based tax on the consumption of goods and services. It will replace many existing taxes levied by the central and state governments. The document outlines the key features of GST, including what will be taxed, the types of GST (CGST, SGST, IGST), invoice requirements, input tax credit rules, registration requirements, and transitional provisions for existing taxpayers. It concludes by listing several actions businesses need to take to prepare for GST implementation, such as classifying items and updating vendor/customer information.
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 discusses the accounting and record keeping requirements for Goods and Services Tax (GST) in India. It outlines that registered persons must maintain accounts and records including invoices, bills of supply, delivery challans, payment and refund vouchers. Records must include details of suppliers, customers, goods in transit and stock. Manufacturers and job contractors have additional record keeping for production, raw materials used, and works contracts. Transporters and warehouse operators must also maintain records of goods, consigners and consignees. The accounting structure captures tax on inputs and outputs separately. Transactions like advances, reverse charge and missing payments require specific documentation and tax treatment.
Composition Scheme Registration Invoicing Returns Payment of Tax under GST.GST Law India
The following presentation focuses on Composition Scheme under GST, how Registration under composition scheme is to be done, invoicing, filing of returns and how is to be paid under this scheme.
GST TRAINING ON VARIOUS CONCEPTS OF GST-2GST Law India
This presentation enumerates about Composition Scheme under GST, registration under GST and composition scheme, invoicing, filing of returns through various forms and payment of tax under GST.
This document provides information on invoicing requirements under the Goods and Services Tax (GST) in India. It discusses what documents (tax invoices or bills of supply) must be issued, when they must be issued, and what information they must contain. Key points include:
- Tax invoices must be issued for taxable supplies, while bills of supply are for exempt or composition supplies. Tax invoices allow input tax credit claims while bills of supply do not.
- Invoices must generally be issued before or at the time of supply, removal of goods, or payment due date for continuous supplies.
- Invoices must contain details like supplier/recipient names and GST numbers, item descriptions, quantities, values
1. The document discusses input tax credit under the Goods and Services Tax (GST) in India. It provides definitions of key terms related to input tax credit like input, input service, capital goods, and input tax.
2. It summarizes the conditions for claiming input tax credit, such as possessing valid tax invoices, receiving the goods or services, ensuring the tax has been paid to the government, and filing returns. There are also time limits for claiming input tax credit.
3. The document outlines circumstances where input tax credit is not available, such as when goods or services are used for non-business purposes or making exempt supplies. It also discusses provisions for apportioning credit between taxable and exempt
The document discusses import and export procedures under India's foreign trade laws. It outlines requirements for importers such as submitting evidence of import and remitting payment within six months. Exporters must realize the full export value through an authorized bank and repatriate proceeds within nine months. Advance payments against imports or exports up to certain limits are allowed. The document also provides definitions and GST provisions related to imports, exports, and special economic zones. Refund procedures for exporters paying integrated GST are described requiring documents like shipping bills and valid tax returns.
What is GST, Framework, Benefits, Highlights of GST, Rate classification of Services, Rate classification of Goods, Payment by credit, Conditions for claiming credit, Features of registration process, Meaning of Supply, Salient features of supply(deemed supply), Time of supply-NCM, Time of supply-RCM, Content of Invoice, Returns, Records Import, Impact on Business
This document discusses various GST concepts related to invoicing such as tax invoices, debit notes, credit notes, and bills of supply. It provides details on:
- When tax invoices must be issued for goods and services, including for continuous supplies.
- The mandatory contents of tax invoices and bills of supply.
- How invoices must be issued, including requirements for original, duplicate, and triplicate copies.
- Situations where delivery challans can be issued instead of invoices when transporting goods.
- What debit notes and credit notes are used for and examples of when they would be issued to increase or decrease the tax amount on a previous invoice.
The document discusses GST invoice requirements and procedures. Key points include:
- Taxpayers must issue tax invoices or bills of supply before or within a specified time of supply under GST. Invoices are required to claim input tax credits.
- Tax invoices must be issued for all taxable supplies by registered taxpayers and include certain mandatory information. Bills of supply are issued for exempt or composition supplies.
- Invoices must be issued before or at certain times depending on if the supply involves goods or services. There are also exceptions for low value and continuous supplies.
- Invoices must include details like business names and GSTIN, invoice numbers, tax rates, quantities, and HSN/SAC
The document summarizes the key rules regarding refund applications under GST as follows:
1. Rule 1(1) outlines how refund applications must be filed electronically in FORM GST RFD-01, directly or through a facilitation center. It provides for certain provisions related to exports, supplies to SEZ, and deemed exports.
2. Rule 1(2) specifies the documentary evidence that must accompany the refund application, including invoices, shipping bills, export orders, payment proofs, depending on the type of refund claimed.
3. The proper officer must acknowledge complete applications within 15 days, and communicate any deficiencies to the applicant in FORM GST RFD-03.
The govt. is trying to move towards ONE NATION ONE TAX- GOODS & SERVICE TAX. Through this presentation we have tried our best to give a clear insight about the biggest tax reform.
1. The document discusses various aspects of GST assessment including tax invoices, credit and debit notes, returns, audits, and special provisions.
2. It covers the process of self-assessment, summary assessment, and scrutiny assessment under GST.
3. Key points covered include the taxability of e-commerce, anti-profiteering measures, issues in return filing, and GST Council meetings.
Input Tax Credit (ITC) in GST with Practical ExamplesGSTIndia.biz
Learn everything you should know about Input Tax Credit (ITC) in GST by Ashu Dalmia (GST Consultant, Trainer & Author)
Credit is backbone of whole GST for all businesses and without proper understanding of input, organisation can be badly hit.
1) The document outlines the Goods and Services Tax return filing process for suppliers and recipients. It discusses the key GST returns like GSTR-1, GSTR-2, GSTR-1A and relevant due dates.
2) Suppliers must file GSTR-1 by the 11th-15th of every month with invoice-wise details of outward supplies. Recipients will receive these details in GSTR-2A by the 10th.
3) Recipients use GSTR-2A to prepare their GSTR-2, adding any missing invoices. They must file GSTR-2 by the 11th-15th of the next month to confirm or modify supply details received from suppliers
1) The document defines key terms related to sales tax such as input tax, output tax, registered person, taxable supply, and tax invoice. It also outlines sales tax authorities and their subordinate structure.
2) Procedures for computing sales tax liability, filing returns, and special returns are explained. Computation of sales tax involves deducting input tax from output tax. Returns must be filed by the due date each month.
3) Various offenses under the sales tax act are listed along with applicable penalties, such as penalties for failing to register, issue invoices, maintain records, or pay tax on time. Penalties include fines and potential imprisonment.
Latest changes in tax audit report for assessment year 2014-15thesanyamjain
The document describes changes made to tax audit reports for the assessment year 2014-15. Key changes include:
- Adding language to tax audit report forms (3CA, 3CB, 3CD) to note any observations or qualifications to the accuracy of reported particulars.
- Expanding details required in various sections of Form 3CD related to deductions claimed, indirect taxes paid, loans/deposits, tax withholding, distributed profits tax, and audit reports from other regulatory bodies.
- Generally changes aim to capture more comprehensive information to facilitate tax assessment and compliance verification while highlighting any qualifications to reported particulars.
Decoding Notification No. 40-2017-CT & 41-2017-ITPriyank Shah
The document summarizes the benefits, procedures, and implications of Notifications No. 40/2017-CT(Rate) and No. 41/2017-IT(Rate) which provide a concessional GST rate of 0.05% CGST + 0.05% SGST or 0.1% IGST for goods supplied to registered exporters. The supplier and recipient must follow certain pre-supply, supply, and post-export conditions, otherwise the supplier may have to pay the full GST rate and the recipient's export refund claim could be rejected. The recipient can claim a refund of unutilized input tax credit under the inverted duty structure provision.
This document contains sections from Pakistan's Income Tax Ordinance relating to income tax returns, appeals, assessments, and definitions of taxable income. It discusses requirements for individuals and companies to file annual income tax returns under sections 114 and 115, including circumstances where returns are not required. Section 116 covers requirements to file annual wealth statements declaring assets and expenditures. The document is a study guide prepared by Nomi Bro in response to questions from Mr. Ateeq, and notes that it may contain errors as it was prepared by a student.
1. Amardeep M Jadeja has filed a Form 15G declaration for the financial year 2020-2021 to claim income from fixed deposits without tax deduction at source.
2. The declaration includes details of the declarant such as name, PAN, residential status and income details.
3. HDFC Bank, where the fixed deposits are held, is responsible for paying the income and will not deduct tax at source on the fixed deposit interest if the total income does not exceed the taxable limit based on the declaration.
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. Timely refund mechanism is essential in tax administration, as it facilitates trade through the release of blocked funds for working capital, expansion and modernisation of existing business. In this webinar, we shall be learning the procedural aspects of refund under GST law.
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"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.
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China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
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Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
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GST INVOICE Rules
1. 1
Chapter-
TAX INVOICE, CREDIT AND DEBIT NOTES
1. Tax invoice
Subject to rule 7, a tax invoice referred to in section 31 shall be issued by the registered person
containing the following particulars:-
(a) name, address and GSTIN of the supplier;
(b) a consecutive serial number, in one or multiple series, containing alphabets or numerals or
special characters hyphen or dash and slash symbolised as “-” and “/” respectively, and any
combination thereof, unique for a financial year;
(c) date of its issue;
(d) name, address and GSTIN or UIN, if registered, of the recipient;
(e) name and address of the recipient and the address of delivery, along with the name of State
and its code, if such recipient is un-registered and where the value of taxable supply is fifty thousand
rupees or more;
(f) HSN code of goods or Accounting Code of services;
(g) description of goods or services;
(h) quantity in case of goods and unit or Unique Quantity Code thereof;
(i) total value of supply of goods or services or both;
(j) taxable value of supply of goods or services or both taking into account discount or
abatement, if any;
(k) rate of tax (central tax, State tax, integrated tax, Union territory tax or cess);
(l) amount of tax charged in respect of taxable goods or services (central tax, State tax, integrated
tax, Union territory tax or cess);
(m) place of supply along with the name of State, in case of a supply in the course of inter-State
trade or commerce;
(n) address of delivery where the same is different from the place of supply;
(o) whether the tax is payable on reverse charge basis; and
(p) signature or digital signature of the supplier or his authorized representative:
Provided that the Commissioner may, on the recommendations of the Council, by notification,
specify -
(i) the number of digits of HSN code for goods or the Accounting Code for services, that a class
of registered persons shall be required to mention, for such period as may be specified in the said
notification, and
(ii) the class of registered persons that would not be required to mention the HSN code for goods
or the Accounting Code for services, for such period as may be specified in the said notification:
Provided further that in case of exports of goods or services, the invoice shall carry an endorsement
“SUPPLY MEANT FOR EXPORT ON PAYMENT OF IGST” or “SUPPLY MEANT FOR EXPORT
UNDER BOND OR LETTER OF UNDERTAKING WITHOUT PAYMENT OF IGST”, as the case may be,
and shall, in lieu of the details specified in clause (e), contain the following details:
(i) name and address of the recipient;
2. 2
(ii) address of delivery;
(iii) name of the country of destination; and
(iv) number and date of application for removal of goods for export:
Provided also that a registered person may not issue a tax invoice in accordance with the provisions of clause
(b) of sub-section (3) of section 31 subject to the following conditions, namely:-
(a) the recipient is not a registered person; and
(b) the recipient does not require such invoice,
and shall issue a consolidated tax invoice for such supplies at the close of each day in respect of all such
supplies.
2. Time limit for issuing tax invoice
The invoice referred to in rule 1, in case of taxable supply of services, shall be issued within a period
of thirty days from the date of supply of service:
Provided that where the supplier of services is an insurer or a banking company or a financial
institution, including a non-banking financial company, the period within which the invoice or any document
in lieu thereof is to be issued shall be forty five days from the date of supply of service:
Provided further that where the supplier of services is an insurer or a banking company or a financial
institution, including a non-banking financial company, or a telecom operator, or any other class of supplier
of services as may be notified by the Government on the recommendations of the Council, making taxable
supplies of services between distinct persons as specified in section 25 as referred to in Entry 2 of Schedule
I, may issue the invoice before or at the time such supplier records the same in his books of account or before
the expiry of the quarter during which the supply was made.
3. Manner of issuing invoice
(1) The invoice shall be prepared in triplicate, in case of supply of goods, in the following manner:–
(a) the original copy being marked as ORIGINAL FOR RECIPIENT;
(b) the duplicate copy being marked as DUPLICATE FOR TRANSPORTER; and
(c) the triplicate copy being marked as TRIPLICATE FOR SUPPLIER.
(2) The invoice shall be prepared in duplicate, in case of supply of services, in the following manner:-
(a) the original copy being marked as ORIGINAL FOR RECIPIENT; and
(b) the duplicate copy being marked as DUPLICATE FOR SUPPLIER.
(3) The serial number of invoices issued during a tax period shall be furnished electronically through the
Common Portal in FORM GSTR-1.
4. Bill of supply
A bill of supply referred to in clause (c) of sub-section (3) of section 31 shall be issued by the supplier
containing the following details:-
(a) name, address and GSTIN of the supplier;
(b) a consecutive serial number, in one or multiple series, containing alphabets or numerals or
special characters -hyphen or dash and slash symbolised as “-” and “/”respectively, and any
combination thereof, unique for a financial year;
(c) date of its issue;
3. 3
(d) name, address and GSTIN or UIN, if registered, of the recipient;
(e) HSN Code of goods or Accounting Code for services;
(f) description of goods or services or both;
(g) value of supply of goods or services or both taking into account discount or abatement, if
any; and
(h) signature or digital signature of the supplier or his authorized representative:
Provided that the provisos to rule 1 shall., mutatis mutandis, apply to the bill of supply issued under
this rule.
5. Receipt voucher
A receipt voucher referred to in clause (d) of sub-section (3) of section 31 shall contain the following
particulars:
(a) name, address and GSTIN of the supplier;
(b) a consecutive serial number containing alphabets or numerals or special characters -hyphen
or dash and slash symbolised as “-” and “/”respectively, and any combination thereof, unique for a
financial year
(c) date of its issue;
(d) name, address and GSTIN or UIN, if registered, of the recipient;
(e) description of goods or services;
(f) amount of advance taken;
(g) rate of tax (central tax, State tax, integrated tax, Union territory tax or cess);
(h) amount of tax charged in respect of taxable goods or services (central tax, State tax, integrated
tax, Union territory tax or cess);
(i) place of supply along with the name of State and its code, in case of a supply in the course
of inter-State trade or commerce;
(j) whether the tax is payable on reverse charge basis; and
(k) signature or digital signature of the supplier or his authorized representative.
6. Supplementary tax invoice and Credit or debit notes
(1) A revised tax invoice referred to in section 31 and credit or debit note referred to in section 34 shall contain
the following particulars -
(a) the word “Revised Invoice”, wherever applicable, indicated prominently;
(b) name, address and GSTIN of the supplier;
(c) nature of the document;
(d) a consecutive serial number containing alphabets or numerals or special characters -hyphen or
dash and slash symbolised as “-” and “/”respectively,, and any combination thereof, unique
for a financial year;
(e) date of issue of the document;
(f) name, address and GSTIN or UIN, if registered, of the recipient;
(g) name and address of the recipient and the address of delivery, along with the name of State and
its code, if such recipient is un-registered;
(h) serial number and date of the corresponding tax invoice or, as the case may be, bill of supply;
(i) value of taxable supply of goods or services, rate of tax and the amount of the tax credited or,
as the case may be, debited to the recipient; and
4. 4
(j) signature or digital signature of the supplier or his authorized representative:
(2) Every registered person who has been granted registration with effect from a date earlier than the
date of issuance of certificate of registration to him, may issue revised tax invoices in respect of taxable
supplies effected during the period starting from the effective date of registration till the date of issuance of
certificate of registration:
Provided that the registered person may issue a consolidated revised tax invoice in respect of all
taxable supplies made to a recipient who is not registered under the Act during such period:
Provided further that in case of inter-State supplies, where the value of a supply does not exceed two
lakh and fifty thousand rupees, a consolidated revised invoice may be issued separately in respect of all
recipients located in a State, who are not registered under the Act.
(3) Any invoice or debit note issued in pursuance of any tax payable in accordance with the provisions of
section 74 or section 129 or section 130 shall prominently contain the words “INPUT TAX CREDIT NOT
ADMISSIBLE”.
7. Tax Invoice in special cases
(1) An ISD invoice or, as the case may be, an ISD credit note issued by an Input Service Distributor shall
contain the following details:-
(a) name, address and GSTIN of the Input Service Distributor;
(b) a consecutive serial number containing alphabets or numerals or special characters hyphen
or dash and slash symbolised as , “-”, “/”, respectively, and any combination thereof, unique for a
financial year;
(c) date of its issue;
(d) name, address and GSTIN of the recipient to whom the credit is distributed;
(e) amount of the credit distributed; and
(f) signature or digital signature of the Input Service Distributor or his authorized representative:
Provided that where the Input Service Distributor is an office of a banking company or a financial institution,
including a non-banking financial company, a tax invoice shall include any document in lieu thereof, by
whatever name called, whether or not serially numbered but containing the information as prescribed above.
(2) Where the supplier of taxable service is an insurer or a banking company or a financial institution,
including a non-banking financial company, the said supplier shall issue a tax invoice or any other document
in lieu thereof, by whatever name called, whether or not serially numbered, and whether or not containing the
address of the recipient of taxable service but containing other information as prescribed under rule 1.
(3) Where the supplier of taxable service is a goods transport agency supplying services in relation to
transportation of goods by road in a goods carriage, the said supplier shall issue a tax invoice or any other
document in lieu thereof, by whatever name called, containing the gross weight of the consignment, name of
the consignor and the consignee, registration number of goods carriage in which the goods are transported,
details of goods transported, details of place of origin and destination, GSTIN of the person liable for paying
tax whether as consignor, consignee or goods transport agency, and also containing other information as
prescribed under rule 1.
(4) Where the supplier of taxable service is supplying passenger transportation service, a tax invoice
shall include ticket in any form, by whatever name called, whether or not serially numbered, and whether or
not containing the address of the recipient of service but containing other information as prescribed under
rule 1.
8. Transportation of goods without issue of invoice
5. 5
(1) For the purposes of
(a) supply of liquid gas where the quantity at the time of removal from the place of business of
the supplier is not known,
(b) transportation of goods for job work,
(c) transportation of goods for reasons other than by way of supply, or
(d) such other supplies as may be notified by the Board,
the consigner may issue a delivery challan, serially numbered, in lieu of invoice at the time of removal of
goods for transportation, containing following details:
(i) date and number of the delivery challan,
(ii) name, address and GSTIN of the consigner, if registered,
(iii) name, address and GSTIN or UIN of the consignee, if registered,
(iv) HSN code and description of goods,
(v) quantity (provisional, where the exact quantity being supplied is not known),
(vi) taxable value,
(vii) tax rate and tax amount – central tax, State tax, integrated tax, Union territory tax or cess,
where the transportation is for supply to the consignee,
(viii) place of supply, in case of inter-State movement, and
(ix) signature.
(2) The delivery challan shall be prepared in triplicate, in case of supply of goods, in the following
manner:–
(a) the original copy being marked as ORIGINAL FOR CONSIGNEE;
(b) the duplicate copy being marked as DUPLICATE FOR TRANSPORTER; and
(c) the triplicate copy being marked as TRIPLICATE FOR CONSIGNER.
(3) Where goods are being transported on a delivery challan in lieu of invoice, the same shall be declared
in FORM [WAYBILL].
(4) Where the goods being transported are for the purpose of supply to the recipient but the tax invoice
could not be issued at the time of removal of goods for the purpose of supply, the supplier shall issue a tax
invoice after delivery of goods.
(5) Where the goods are being transported in a semi knocked down or completely knocked down
condition,
(a) the supplier shall issue the complete invoice before dispatch of the first consignment;
(b) the supplier shall issue a delivery challan for each of the subsequent consignments, giving
reference of the invoice;
(c) each consignment shall be accompanied by copies of the corresponding delivery challan
along with a duly certified copy of the invoice; and
(d) the original copy of the invoice shall be sent along with the last consignment.
******