With the ratification of the GST Bill by more than half of the State Legislatures, it is now certain that GST is round the corner with even the Prime Misnister Modi endorsing April 1, 2017 as its go live date. Whether it will go live by then or will need couple of months more is a matter of time and depends on the outcome of the GST council meets. However, it is about time what we start educating ourselves about the Biggest Tax Reform of our times.
In this presentation, I have tried to present the basic idea, framework and advantages of GST regime over the present Indirect Tax Structure.
Taxpert Professionals || Presentation on Goods and Services TaxTAXPERT PROFESSIONALS
This document provides an overview of the framework and key aspects of the Goods and Services Tax (GST) that was implemented in India in 2017. It discusses the present indirect tax structure, taxes that will be subsumed under GST, the proposed GST rate structure, and key concepts like taxable supply, time and place of supply, input tax credit, returns and compliance requirements. It also covers transitional provisions and highlights aspects businesses need to consider to prepare for GST, such as registration requirements, determining the place of supply, and increased compliance. Taxpert Professionals can help businesses with impact analysis, implementation support, and ongoing assistance to navigate GST requirements.
1. GST unifies multiple indirect taxes into a single tax applied to goods and services.
2. Key features include one nation, one tax, one market; events are based on the concept of supply; streamlining and cross utilization of input tax credits; and an invoice matching concept.
3. The document discusses the concept of supply under GST, time of supply, tax invoices and rates, composition levy, input tax credits, tax deduction at source, payment of taxes, filing of returns, refunds, audits, and penalty and prosecution provisions.
The document outlines Goods and Services Tax transition provisions, including allowing existing taxpayers to provisionally register for GST and carry forward input tax credits from prior taxes, as well as provisions for works contracts, stock transfers, and price revisions between the prior and GST tax regimes. It also addresses issues around determining the eligible carried forward amounts based on admissibility under both prior and GST laws.
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
A brief understanding of proposed provisions of Goods & Service Tax, 2016. It includes Dual Structure of GST, Input Credit of GST, Returns or Payments in GST, TDS/TCS in GST.
This document provides an overview of key concepts and provisions under the Goods and Services Tax (GST) in India, as presented by Dr. RamSingh from Quantum University, Roorkee India. It covers topics such as the concept of supply, registrations, tax invoices and rates, input tax credits, tax deduction at source, payment of taxes, and transitional provisions for migrating to GST. Some key points include that GST is based on the concept of supply rather than individual taxes, there will be a single registration system across states, tax credits can be claimed across goods and service taxes, and the document provides guidance on carrying forward credits and assets from prior tax regimes to GST.
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 provides an overview of supply of goods and services under the GST regime. It defines key concepts such as supply, composite supply, mixed supply, time and place of supply, and taxable value. It distinguishes between inter-state and intra-state supply. Various types of supplies such as sale, transfer, barter, rental are explained. The document also discusses composite supply vs mixed supply and sets out the applicable GST rates. It concludes by summarizing the provisions relating to time and place of supply of goods and services.
Taxpert Professionals || Presentation on Goods and Services TaxTAXPERT PROFESSIONALS
This document provides an overview of the framework and key aspects of the Goods and Services Tax (GST) that was implemented in India in 2017. It discusses the present indirect tax structure, taxes that will be subsumed under GST, the proposed GST rate structure, and key concepts like taxable supply, time and place of supply, input tax credit, returns and compliance requirements. It also covers transitional provisions and highlights aspects businesses need to consider to prepare for GST, such as registration requirements, determining the place of supply, and increased compliance. Taxpert Professionals can help businesses with impact analysis, implementation support, and ongoing assistance to navigate GST requirements.
1. GST unifies multiple indirect taxes into a single tax applied to goods and services.
2. Key features include one nation, one tax, one market; events are based on the concept of supply; streamlining and cross utilization of input tax credits; and an invoice matching concept.
3. The document discusses the concept of supply under GST, time of supply, tax invoices and rates, composition levy, input tax credits, tax deduction at source, payment of taxes, filing of returns, refunds, audits, and penalty and prosecution provisions.
The document outlines Goods and Services Tax transition provisions, including allowing existing taxpayers to provisionally register for GST and carry forward input tax credits from prior taxes, as well as provisions for works contracts, stock transfers, and price revisions between the prior and GST tax regimes. It also addresses issues around determining the eligible carried forward amounts based on admissibility under both prior and GST laws.
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
A brief understanding of proposed provisions of Goods & Service Tax, 2016. It includes Dual Structure of GST, Input Credit of GST, Returns or Payments in GST, TDS/TCS in GST.
This document provides an overview of key concepts and provisions under the Goods and Services Tax (GST) in India, as presented by Dr. RamSingh from Quantum University, Roorkee India. It covers topics such as the concept of supply, registrations, tax invoices and rates, input tax credits, tax deduction at source, payment of taxes, and transitional provisions for migrating to GST. Some key points include that GST is based on the concept of supply rather than individual taxes, there will be a single registration system across states, tax credits can be claimed across goods and service taxes, and the document provides guidance on carrying forward credits and assets from prior tax regimes to GST.
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 provides an overview of supply of goods and services under the GST regime. It defines key concepts such as supply, composite supply, mixed supply, time and place of supply, and taxable value. It distinguishes between inter-state and intra-state supply. Various types of supplies such as sale, transfer, barter, rental are explained. The document also discusses composite supply vs mixed supply and sets out the applicable GST rates. It concludes by summarizing the provisions relating to time and place of supply of goods and services.
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 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.
This document summarizes key information about preparing for the Goods and Services Tax (GST) in India. It outlines advantages like availability of input tax credits and consolidated compliance. It recommends businesses undertake impact assessments, migrate registrations, and revisit costing. It also notes hurdles like the inability to register centrally and procedural complexity. Support needed includes guidance on migration, returns, and vendor management before and after GST implementation on July 1, 2017.
The document discusses input tax credit (ITC) under the Goods and Services Tax (GST) regime in India. Some key points:
1. ITC aims to ensure tax is levied only on value addition at each stage of supply chain to eliminate cascading of taxes. Only registered taxpayers can claim ITC subject to certain conditions.
2. Eligible inputs/services include those used in business. Capital goods are eligible for ITC over multiple years. ITC must be claimed within prescribed time limits and supported by valid documents.
3. ITC is allowed for taxable and zero-rated supplies but not for exempt, non-taxable or personal consumption. Credit must be apportioned
Refunds under GST & Impact of GST Audit on Statutory/ Tax AuditsGST Law India
The following presentation enumerates how to claim refund under GST and also auditing mechanism such as auditing by a chartered accountant, taxing authorities and special audit under GST. The presentation also details out the treatment of zero rated supplies and deemed export.
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.
1. There are three key electronic ledgers under GST law - the electronic cash ledger, credit ledger, and liability register.
2. The cash ledger reflects all tax deposits made while the credit ledger contains input tax credits.
3. The liability register shows a taxpayer's total tax liability for a period which is paid by adjusting credits in the ledger or making deposits shown 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.
1. The document discusses various transitional provisions under the GST law regarding migration of existing taxpayers, availability of CENVAT/VAT credits, treatment of inputs in stock or semi-finished goods, and other tax-related matters during the transition period.
2. It provides details on the migration process for existing taxpayers, conditions for carrying forward CENVAT/VAT credits, availability of credits for inputs in stock, and timelines for availing credits on capital goods and inputs for manufacturers.
3. The treatment of various tax-related processes during the transition like refunds/appeals/assessments from previous laws, goods sent on approval basis, and TDS provisions are
1) Tax invoices must be issued by registered taxpayers for taxable supplies of goods or services, before or at the time of removal, delivery, or provision. Credit and debit notes can be issued for adjustments.
2) Composition dealers and exempt supplies require bills of supply instead of tax invoices. Receipts are given for advances, and payment vouchers for reverse charge supplies from unregistered persons.
3) Credit notes must be issued within 30 days of the end of the financial year for excess charges. Debit notes are for short charges. Details must be declared in GST returns.
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 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.
#GST Fundamentals for Export - Import# By SN PanigrahiSN Panigrahi, PMP
SN Panigrahi is an experienced professional with over 29 years of experience in various domains including project management, contract management, supply chain management, procurement, strategic sourcing, global sourcing, logistics, exports, and imports. He is certified in several areas such as Project Management Professional (PMP), Lean Six Sigma Green Belt, and GST. He has conducted over 150 workshops and published more than 500 articles. SN Panigrahi offers his expertise as an international corporate trainer, mentor, and author.
Maintenance of Accounts and Records, GST compliances and process of GST return filings. Type of Return under GST. Return under CGST, SGST, IGST. GSTR1, GSTR2, GSTR3,
This presentation enumerates a detailed study on the need of GST, concept, benefit, constitutional provisions and amendments, important definitions and how goods and services will be taxed under GST and how to take refund of tax paid through ITC.
Workshop on Understanding the Amended law of Service Tax dated 03.09.2014 Ses...Agarwal sanjiv & Co
This document summarizes the key aspects of the adjudication process for service tax demands in India. It discusses the triggers for issuance of a show cause notice, the contents and timing of show cause notices, the handling and adjudication of show cause notices, and the consequences after an adjudication order is issued. The presentation covers the demand determination process, principles of natural justice that must be followed, requirements for a valid adjudication order, and jurisdictional limits for different tax officers to adjudicate cases involving certain demand amounts.
Transitional provisions and CTD draft rules under GST in Indiasanjay gupta
Transitional provisions and rules notified in GST in India for migration and availing credits on stock in hand and draft rules for CTD ( Credit transfer document)
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.
GST will replace current indirect tax system in India. Brokers need to understand how GST applies to their business, including applicable rates, input tax credits, registration requirements, and compliance obligations like filing returns. Authorized persons may need to register depending on broker arrangements. Mistakes can only be rectified within annual or September return filing period. INMACS can help brokers with GST migration, compliance, advisory services, and identifying optimization opportunities.
The document defines price elasticity of demand (PED) and explains the different types of elasticity:
1) Perfectly elastic demand has a PED of infinity and quantity demanded does not change with price.
2) Perfectly inelastic demand has a PED of zero and quantity demanded does not change with price.
3) Elastic, inelastic, and unitary elastic demands are defined by their PED falling between the extremes of 0 and infinity.
This presentation discusses the different types of price elasticity of demand. There are five types: perfectly elastic demand, relatively elastic demand, unitary elastic demand, relatively inelastic demand, and perfectly inelastic demand. Perfectly elastic demand means that demand changes proportionally to any change in price, while perfectly inelastic demand means that demand does not change with price changes. There are several methods used to measure price elasticity of demand quantitatively, including percentage change, total revenue, and geometric methods.
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 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.
This document summarizes key information about preparing for the Goods and Services Tax (GST) in India. It outlines advantages like availability of input tax credits and consolidated compliance. It recommends businesses undertake impact assessments, migrate registrations, and revisit costing. It also notes hurdles like the inability to register centrally and procedural complexity. Support needed includes guidance on migration, returns, and vendor management before and after GST implementation on July 1, 2017.
The document discusses input tax credit (ITC) under the Goods and Services Tax (GST) regime in India. Some key points:
1. ITC aims to ensure tax is levied only on value addition at each stage of supply chain to eliminate cascading of taxes. Only registered taxpayers can claim ITC subject to certain conditions.
2. Eligible inputs/services include those used in business. Capital goods are eligible for ITC over multiple years. ITC must be claimed within prescribed time limits and supported by valid documents.
3. ITC is allowed for taxable and zero-rated supplies but not for exempt, non-taxable or personal consumption. Credit must be apportioned
Refunds under GST & Impact of GST Audit on Statutory/ Tax AuditsGST Law India
The following presentation enumerates how to claim refund under GST and also auditing mechanism such as auditing by a chartered accountant, taxing authorities and special audit under GST. The presentation also details out the treatment of zero rated supplies and deemed export.
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.
1. There are three key electronic ledgers under GST law - the electronic cash ledger, credit ledger, and liability register.
2. The cash ledger reflects all tax deposits made while the credit ledger contains input tax credits.
3. The liability register shows a taxpayer's total tax liability for a period which is paid by adjusting credits in the ledger or making deposits shown 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.
1. The document discusses various transitional provisions under the GST law regarding migration of existing taxpayers, availability of CENVAT/VAT credits, treatment of inputs in stock or semi-finished goods, and other tax-related matters during the transition period.
2. It provides details on the migration process for existing taxpayers, conditions for carrying forward CENVAT/VAT credits, availability of credits for inputs in stock, and timelines for availing credits on capital goods and inputs for manufacturers.
3. The treatment of various tax-related processes during the transition like refunds/appeals/assessments from previous laws, goods sent on approval basis, and TDS provisions are
1) Tax invoices must be issued by registered taxpayers for taxable supplies of goods or services, before or at the time of removal, delivery, or provision. Credit and debit notes can be issued for adjustments.
2) Composition dealers and exempt supplies require bills of supply instead of tax invoices. Receipts are given for advances, and payment vouchers for reverse charge supplies from unregistered persons.
3) Credit notes must be issued within 30 days of the end of the financial year for excess charges. Debit notes are for short charges. Details must be declared in GST returns.
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 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.
#GST Fundamentals for Export - Import# By SN PanigrahiSN Panigrahi, PMP
SN Panigrahi is an experienced professional with over 29 years of experience in various domains including project management, contract management, supply chain management, procurement, strategic sourcing, global sourcing, logistics, exports, and imports. He is certified in several areas such as Project Management Professional (PMP), Lean Six Sigma Green Belt, and GST. He has conducted over 150 workshops and published more than 500 articles. SN Panigrahi offers his expertise as an international corporate trainer, mentor, and author.
Maintenance of Accounts and Records, GST compliances and process of GST return filings. Type of Return under GST. Return under CGST, SGST, IGST. GSTR1, GSTR2, GSTR3,
This presentation enumerates a detailed study on the need of GST, concept, benefit, constitutional provisions and amendments, important definitions and how goods and services will be taxed under GST and how to take refund of tax paid through ITC.
Workshop on Understanding the Amended law of Service Tax dated 03.09.2014 Ses...Agarwal sanjiv & Co
This document summarizes the key aspects of the adjudication process for service tax demands in India. It discusses the triggers for issuance of a show cause notice, the contents and timing of show cause notices, the handling and adjudication of show cause notices, and the consequences after an adjudication order is issued. The presentation covers the demand determination process, principles of natural justice that must be followed, requirements for a valid adjudication order, and jurisdictional limits for different tax officers to adjudicate cases involving certain demand amounts.
Transitional provisions and CTD draft rules under GST in Indiasanjay gupta
Transitional provisions and rules notified in GST in India for migration and availing credits on stock in hand and draft rules for CTD ( Credit transfer document)
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.
GST will replace current indirect tax system in India. Brokers need to understand how GST applies to their business, including applicable rates, input tax credits, registration requirements, and compliance obligations like filing returns. Authorized persons may need to register depending on broker arrangements. Mistakes can only be rectified within annual or September return filing period. INMACS can help brokers with GST migration, compliance, advisory services, and identifying optimization opportunities.
The document defines price elasticity of demand (PED) and explains the different types of elasticity:
1) Perfectly elastic demand has a PED of infinity and quantity demanded does not change with price.
2) Perfectly inelastic demand has a PED of zero and quantity demanded does not change with price.
3) Elastic, inelastic, and unitary elastic demands are defined by their PED falling between the extremes of 0 and infinity.
This presentation discusses the different types of price elasticity of demand. There are five types: perfectly elastic demand, relatively elastic demand, unitary elastic demand, relatively inelastic demand, and perfectly inelastic demand. Perfectly elastic demand means that demand changes proportionally to any change in price, while perfectly inelastic demand means that demand does not change with price changes. There are several methods used to measure price elasticity of demand quantitatively, including percentage change, total revenue, and geometric methods.
Concept of Elasticity
Types of Elasticity
Price Elasticity of Demand
Classification of price elasticity of demand
Determinants of price elasticity of demand
Price Elasticity of Supply
Classification of Price elasticity of supply
Determinants of Price elasticity of supply
Income Elasticity of Demand
Cross Elasticity of Demand
Alfred Marshall
The document discusses the concept of elasticity, which measures the responsiveness of quantity demanded or supplied to price changes. There are three types of elasticity:
1. Price elasticity measures how quantity demanded responds to price changes. Demand can be elastic, inelastic, or unitary.
2. Income elasticity measures how quantity demanded responds to changes in consumer income.
3. Cross elasticity measures how the quantity demanded of one good responds to price changes of another good. It shows whether goods are substitutes or complements.
Elasticity of supply also measures how quantity supplied responds to price changes. Determinants like storage costs, production ability, and time affect whether supply is elastic or
The document discusses four types of elasticity of demand: price elasticity, cross elasticity, income elasticity, and advertising elasticity. It provides details on cross elasticity, explaining that it measures the responsiveness of the quantity demanded of a good to a change in the price of a related good. Cross elasticity can be positive, negative, or zero depending on whether the goods are substitutes, complements, or unrelated. Income elasticity measures the responsiveness of demand for a good to a change in consumer income. It too can be positive, negative, or zero, depending on whether the good is normal, inferior, or if demand is unchanged by income changes. Advertising elasticity measures the responsiveness of demand
Price Elasticity of Demand measures how responsive demand is to changes in price. It is calculated by taking the percentage change in quantity demanded divided by the percentage change in price. Perfectly inelastic demand does not change with price changes. Inelastic demand changes less than proportionately to price changes. Unit elastic demand changes proportionately. Elastic demand changes more than proportionately. Factors like substitutes, necessity, income share, and time period impact price elasticity. Producers use elasticity estimates to predict revenue and tax impacts and for price discrimination.
Elasticity measures how much buyers and sellers respond to changes in market conditions, allowing for more precise analysis of supply and demand. Price elasticity of demand is the percentage change in quantity demanded given a percentage change in price. Demand tends to be more elastic for luxuries, over longer time periods, with more substitutes, and in more narrowly defined markets. Elasticity is calculated as the percentage change in quantity divided by the percentage change in price, and the midpoint formula is preferable. Elasticity can fall into ranges from perfectly inelastic to perfectly elastic, depending on how much quantity demanded responds to price changes. The slope of the demand curve is closely related to elasticity.
Principles of economics concept of elasticityKhriztel NaTsu
This document discusses the concept of elasticity in economics. It defines elasticity as measuring how changing one economic variable affects others, such as how much more a product will sell if the price is lowered or how much less it will sell if the price is raised. It provides mathematical definitions for elasticity and discusses several specific types of elasticities, including price elasticity of demand, income elasticity of demand, cross elasticity of demand between firms, and elasticity of supply. It explains how these different elasticities capture the responsiveness of economic variables, such as quantity demanded or supplied, to changes in factors like price, income, or other prices.
This document discusses the concept of elasticity of demand in economics. It defines elasticity of demand as the percentage change in quantity demanded divided by the percentage change in a determinant of demand. The key determinants discussed are price, income, and the price of related goods. The document outlines different types of price elasticity including perfectly elastic, perfectly inelastic, relatively elastic, and relatively inelastic. It also discusses methods for measuring price elasticity including percentage, point, and arc methods. Finally, it covers income elasticity and cross elasticity as well as factors that influence elasticity and applications of elasticity concepts.
This document discusses elasticity, which measures how responsive buyers and sellers are to changes in market conditions like price. It defines price elasticity of demand as the percentage change in quantity demanded given a percentage change in price. Demand can be elastic, inelastic, or unit elastic depending on how much quantities change relative to price changes. The document then examines factors that determine a good's elasticity like availability of substitutes, percentage of income spent, and whether it is a necessity or luxury. It also defines income elasticity as the responsiveness of quantity demanded to changes in consumer income.
Elasticity measures the extent to which demand changes in response to a change in price. There are different degrees of price elasticity including perfectly elastic, perfectly inelastic, unitary elastic, relatively elastic, and relatively inelastic demand. Cross elasticity and income elasticity also measure responsiveness of demand but to other factors like substitute goods and consumer income levels respectively. Methods for measuring price elasticity include the total expenditure method, percentage method, point method, arc elasticity, and revenue method.
Normal laws of demand suggest that as prices increase demand decreases whilst firms attempt to supply more (with the opposite happening as prices decrease). The concept of elasticities asks the question ‘by how much does demand and supply change?’ Recent examination reports have made it clear that “price elasticity is an important topic and students should be prepared to apply it to the examination context as well as quote the formulas.” There is a lot to learn in this section – start with a good understanding of what elasticity it and how it is measured. Then consider why it matters for businesses to have a working knowledge / estimate of the coefficient of price elasticity of demand.
In this you will find a detailed introduction about GST and its conceptual aspects.
1. What is GST.
2. benefit of GST.
3. Importance for different class of people.
4. Registration requiremnets.
5. Supply
6. Place of supply.
7. Value of supply.
8. Time of supply.
9. Returns
In this you will find a detailed introduction about GST and its conceptual aspects.
1. What is GST.
2. benefit of GST.
3. Importance for different class of people.
4. Registration requiremnets.
5. Supply
6. Place of supply.
7. Value of supply.
8. Time of supply.
9. Returns
Basic Concept and Impact Presentation on GST by RAMAKapil Bansal
India is fast moving towards one of the most critical tax reforms i.e. the Goods and Services Tax (GST). In fact, as widely acclaimed GST is not just a reform in tax structure rather it is a paradigm shift in the way business is conducted in India. Attached herewith is a brief thoughtful presentation, prepared by the team RAMA, aimed to assist in understanding the basics of GST and its wide impact on businesses. Will be delighted to have your feedback on the subject (please do share as appropriate).
A radical shift is going to happen with the introduction of biggest business reform i.e. Goods and Service Tax Law. Almost all the key things have been decided by the GST council. GST roll out is on the door step of us.
For the benefit of the readers I am herewith attaching GST presentation, hoping it would be useful.
GST is a single tax on the supply of goods and services that will replace multiple taxes. It is composed of Central GST (CGST) and State GST (SGST) which will simultaneously be levied on all transactions. Input tax credit can be claimed at each stage to avoid double taxation. Key aspects include exemptions, tax rates of 5%, 12%, 18% and 28%, registration requirements, return filing process and special provisions for e-commerce.
The document discusses Goods and Services Tax (GST) in India. It explains the need for GST, key features of GST like taxes subsumed, rates, registration process, time and place of supply. It also summarizes important aspects like input tax credit including set off, invoice matching, exclusion from ITC and time limit for claiming ITC. GST aims to simplify indirect taxation system by introducing a single tax to replace multiple taxes, while ensuring a seamless credit mechanism across the supply chain.
The document summarizes key aspects of the introduction of service tax version 2.0 in India through the Finance Act of 2012, which introduced a negative list approach to taxation of services.
Some key points include:
- Service tax revenue has grown significantly over time, with a record 37% growth in FY 2011-12.
- The new system aims to provide clearer definitions and reduce gaps and loopholes to improve tax collection.
- A "service" is defined as an activity carried out for consideration, which can be monetary or non-monetary.
- Various rules are provided to determine the location or "place of provision" of different types of services.
- A negative list of 17 services
This document provides an overview of Goods and Services Tax (GST) in India. Some key points:
- GST is a single, destination-based tax levied on the supply of goods and services. It replaces existing indirect taxes and duties.
- GST consists of Central GST (CGST), State GST (SGST), and Integrated GST (IGST). CGST and SGST apply to intra-state supplies, while IGST applies to inter-state supplies.
- Major taxes subsumed under GST include central excise duty, services tax, VAT/sales tax, entry tax, etc. Some items like alcohol, petrol, electricity are excluded.
The document provides an overview of the key features and provisions of the proposed Indian Goods and Services Tax (GST) model law, including details about the tax structure, rates, implementation timeline, and rules around chargeability, time and place of supply, and transition. It is intended to help readers understand and digest the key aspects of the new indirect tax regime in a simplified manner.
1. The document provides an overview of key aspects of the Goods and Services Tax (GST) regime in India such as the basic GST model, taxes subsumed under GST, timelines for implementation, meaning of supply, time and place of supply, valuation of supply, and impact on key areas like imports, job works, stock transfers etc. compared to the current indirect tax regime.
2. It outlines the proposed dual GST structure of Central GST and State GST, applicable rates, and input tax credit mechanics. Transition roadmap, registration requirements, return filing, and refund process under GST are also summarized.
3. Key scenarios involving local and inter-state supplies to related
This document discusses the changes to service tax laws in India that took effect on July 1, 2012, moving from a positive list system to a negative list system. Key points include:
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2) The number of taxable services was reduced and definitions were simplified compared to the previous system which had over 100 taxable services.
3) A works contract is taxable only on the service portion, with set valuations to determine this portion.
4) Certain services involve reverse charge mechanism where the liability shifts entirely or partially to the service recipient.
5)
Time, place, and value of supply are important concepts under the GST system. The time of supply determines when tax must be paid and refers to the earliest date that goods or services are supplied. The place of supply generally refers to the location of the recipient. Special rules determine the place for certain types of services. Value of supply means the money collected from the recipient but if parties are related, the transaction value between unrelated parties in the normal course of business is used to ensure proper tax is paid.
What is GST?
How GST works?
Concept of GST
Major taxes that are Subsumed.
Section 3 – Meaning and Scope of Supply
Levy of, and Exemption from Tax
Time and Value of supply
Input Tax Credit
Utilization of Input Credit
Registration
Returns
Section 29A - Matching, reversal and reclaim of input tax credit
Levy of late fee
Payment of Tax
Offences And Penalties
Benefits of GST
Basic Overview of Goods & Service Tax. this report covers various taxable events, exemption, Input Tax Credit, Place of supply, tax invoice, other voucher and penalty and offence. This is for common user for their first hand use.
How will be the impact of GST on manufacturing industry?
“The government also realizes that becoming a manufacturing hub will need several strategic reforms to simplify manufacturing in India. One of the proposed reforms, in line with Make in India, is the implementation of the Goods and Services Tax (GST). “
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NirbhayJha provides a summary of key concepts from the document on supply under GST in India. The document discusses various types of supplies such as individual, composite, and mixed supplies. It also covers topics like time and place of supply, input tax credit, and classification of goods and services.
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4. Meaning and Concept
GST would be applicable on “Supply”
of goods and services as against
“Manufacture” or “Sales” of goods or
“Provision of Services”.
GST is a stage wise destination based
consumption tax.
• GST is a value-added tax levied at all points in the
supply chain with credit allowed for any tax paid on
input acquired for use in making the supply. It would
apply to both goods and services in a comprehensive
manner, with exemptions restricted to a minimum.
4
6. Taxes to be Subsumed Taxes to be left out of
Under GST GST
GST
Excise
Duty
Service
Tax
CVD/SAD
Central
Sales Tax
Luxury/
Entertain
ment Tax
Octroi
Entry /
Purchase
Tax
State
Sales Tax Customs Duty Property tax
Lottery Betting
& Gambling
Tax
Toll Tax
Stamp Duty Electricity Duty
6
7. Legislations to be Repealed
GSTThe Entry Tax
Act
Chapter V of
Finance Act,
1994
The Luxury Tax
Act
Medicinal and
Toilet
Preparation
Act
The
Entertainment
Tax Act
7
8. Structure Proposed – Dual GST
• Central GST (CGST)
• State GST (SGST)
Intra-state supply of
Goods & Services
• Integrated GST (IGST)
Inter-state supply of
Goods & Services
• Basic Customs Duty
• Integrated GST (in place of CVD and SAD)
Imports
• Zero RatedExports
8
9. Probable Rate Structure in GST
SGST + CGST / IGST (as the case maybe)
In %
Description of Goods and Services
Zero Rated
Goods and Services of National Importance viz. Defense etc.
Export of Goods and Services, Goods and Services provided to SEZ, UN and Foreign
Diplomatic Mission
Basic Education, Healthcare, Agriculture related, Public Transport etc.
Up to 5%
Gold and Silver ornaments, precious and semi-precious stones
18% Normal GST on all Goods and Services
Rates without Restrictions (De-merit rate) Tobacco, Cigarettes, Lottery tickets, betting and gambling
[SIN Goods and SIN Services]
From date to be notified at a later stage Petrol and Petroleum Procucts
Out of GST Alcoholic Liquor for human consumption
9
10. Short Comings in Current Indirect Tax Structure
Multiple levies and
Complex Compliance
Structure
Burdensome
Procedure for
Inter-State and
Branch transfers
Cascading effect
of taxes
Ineligibility of
Vat credit against
Service Tax /
Excise liability and
vice - versa
Non –
availability of
CST against
any liability
Disputes of
classification,
valuation and
credit eligibility
10
11. Comparison between the Current and Proposed StructureIntra-state(C)
Manufacturer
Excise Duty
Sales Tax
Service Provider
Input Taxes on
Goods/Capital Assets
Service Tax
Trader
Excise (no credit
allowed)
Sales Tax
Intra-state(P)
Manufacturer
CGST
SGST
Service Provider
CGST
SGST
Trader
CGST
SGST
11
12. Comparison between the Current and Proposed StructureInter-state(C)
Manufacturer
Excise Duty
CST / LST
Service Provider
Input Taxes on
Goods/Capital Assets
Service Tax
Trader
Excise (no credit
allowed)
CST / LST
Inter-state(P)
Manufacturer IGST
Service Provider IGST
Trader IGST
12
13. Comparison between the Current and Proposed StructureImports(C)
Manufacturer
Custom Duty
CVD + SAD
Service Provider
NIL
Service Tax
Trader
Custom Duty
CVD + SAD
Imports(P)
Manufacturer
Custom Duty
IGST
Service Provider
NIL
IGST
Trader
Custom Duty
IGST
13
15. Supply Includes
For Consideration in
the course of business:
• Sale
• Barter
• Transfer
• Exchange
• License
• Rental
• Lease
• Disposal
Whether or not for
consideration or business:
• Importation of service
Without Consideration
• Permanent transfer /
disposal of business assets.
• Temporary application of
business assets to a private
or non-business use.
• Services put to a private or
non-business use.
• Assets retained after
deregistration
• Supply of goods and/ or
services by a taxable person
to another taxable or non-
taxable person in course of
business 15
16. Schedule II – Supply of Goods vs. Supply of Services
Supply of Goods Supply of Services
• Transfer in title of goods. • Transfer of goods without transfer of
title.
• Transfer of title in goods under an
agreement which stipulates that
property in goods will pass at a future
date upon payment of full
consideration as agreed, is a supply of
goods.
• Lease, tenancy, easement, etc.
• Transfer of business assets except
transfer made for the private use with
or without consideration
• Treatment or process applied to other
person’s goods.
• Transfer of business assets made for
the private use with or without
consideration
Declared list of supply of goods and supply of services (Refer Schedule II)
16
18. Time of Supply of Goods
• Earliest of:
• Date of removal of goods /
Date on which goods are
made available to recipient .
• Date of issue of invoice.
• Date of receipt of payment.
• Date on which recipient
shows receipt of goods in his
accounts.
Normal
Supply
• Date of expiry of period
requiring issue of
successive statement of
accounts or making
successive payments
• In other cases, earliest
of:
• Date of issue of invoice
• Date of receipt of
payment
Continuous
Supply
18
19. Time of Supply of Goods..
• Earliest of:
• Date of receipt of
goods.
• Date of receipt of
invoice.
• Date of which payment
is made.
• Date of debit in books
of accounts.
Reverse
Charge
• Earliest of:
• Time of supply when
it is known.
• 6 months from the
date of removal.
Goods
sent on
approval
basis
19
20. Time of Supply of Services
• Invoice within time:
• Earliest of Date of issue of
invoice or receipt of payment
• Invoice not within time:
• Earlier of: Date of completion
of service or receipt of
payment
• Other cases: Date of receipt in
books of accounts of recipient.
Normal
Supply
• Due date of payment is
ascertainable: Date on
which payment is liable to
be made irrespective of
invoice or payment
• Due date is not
ascertainable: Earlier of
payment or invoice
• Payment linked to
completion: At the time of
completion
Continuous
Supply
20
21. Time of Supply of Services..
• Earliest of:
• Date of receipt of
service.
• Date of receipt of
invoice.
• Date of which payment
is made.
• Date of debit in books
of accounts.
Reverse
Charge
• Date of filing of
return or;
• Date on which
CGST/SGST is paid.
Other
Cases
21
22. Place of Supply of Goods
Movement of
Goods
The place at
which movement
of goods
terminate
Supply on
direction of
Agent
Location of such
agent.
Supply without
movement
Location of goods
at the time of
delivery to
recipient.
Goods
assembled/
installed at site
Place of
installation /
assembly.
Supply on
board
conveyance
Location at which
goods are taken
onboard.
Other cases
As per law made
by Parliament
based on council’s
recommendation.
22
23. Place of Supply of Services
Particulars Place of Supply
General Provision • Supply to registered person – Location of such person.
• Supply to any other person – Location of recipient where his address is available and in
other cases, location of supplier of service.
Immovable Property Location of such immovable property.
Restaurant, grooming,
fitness, etc.
Location where the services are performed.
Training and performance
appraisal
• Supply to registered person – Location of such person.
• Supply to any other person – Location where service is performed.
Admission to cultural
event, amusement park
etc.
Place where event is held or park is located.
Banking & Financial
Services
• Account linked service – Location of recipient
• Non account linked service – Location of supplier
23
24. Place of Supply of Services..
Particulars Place of Supply
Organization of cultural,
sporting, etc. events.
• Supply to registered person – Location of such person.
• Supply to any other person – Location where event is held.
Transportation of goods
including mail and
courier.
• Supply to registered person – Location of such person.
• Supply to any other person – Location where goods are handed over for transportation.
Passenger Transportation
Service
• Supply to registered person – Location of such person.
• Supply to any other person – Location from where passenger embarks on the vessel.
Telecommunication
services, including data
transfer, broadcasting,
DTH
• Location where the telecommunication line, leased circuit or cable connection or dish
antenna is installed
• For mobile connection for telecommunication and internet services:
• Post-paid basis - Location of billing address of the recipient
• Pre-paid basis through a voucher - Location where such pre-payment is received /
vouchers are sold
Insurance Service • Supplied to Registered Person - Location of such person
• Supply to any other person - Location of the recipient of services on record of supplier
24
26. Value of Supply
Transaction
Value (unrelated
parties and
price is the sole
consideration)
Transaction Value
Shall Include:
• Amount paid by recipient instead of supplier and not included in price
• Value of goods / services supplied by the recipient free of charge or at reduced cost
• Royalties and License fees related to and as a condition to supply
• Taxes and duties other than GST
• Incidental costs/ expenses
• Subsidies linked to the supply
• Reimbursable expenses incurred on behalf of the supplier
• Discount or incentive allowed after the supply
Shall not Include
• Post supply discount known before supply and linked to invoices
• Any discount allowed before or at the time of supply as recorded in invoice
26
27. Valuation Rules – When transaction value is not
acceptable (Rule 4 to Rule 6)
Rule 4 Value by comparison
• Goods / Services of similar kind,
quality and supplied at the same time
• Adjustments by proper officer
Rule 5 Computed Value
• Cost + Design / brand charges +
general expenses and profit
Rule 6 Residual Method
• Using reasonable means
27
28. Rule 7 : Provides the
mechanism in case of
rejection of declared value by
proper officer
Rule 8 : Valuation in certain
cases :
• Pure agent of service recipient
• Money changer
28
30. Conditions for Entitlement of Input Tax Credit by
Registered Taxable Person
Possession of tax
invoice / debit note
/ supplementary
invoice
Has received goods
and/or services
Tax charged has
been actually paid
Return u/s 27 has
been furnished
30
31. Manner of Utilization of Input Tax Credit
Order of Set-off CGST Credit SGST Credit IGST Credit
1 CGST Liability SGST Liability IGST Liability
2 IGST Liability IGST Liability CGST Liability
3 SGST Liability
31
32. Time Limit for Entitlement of Input Tax Credit
Credit in respect of any invoice for supply of goods
and/or services pertaining to financial year :
• Before filing return for the month of September following the
end of the financial year, or;
• Filing of the relevant annual return;
• Whichever is earlier.
32
33. Input Tax Credit for Capital Goods
• Input tax credit shall not be allowed where the registered taxable person has claimed
depreciation on the tax component of the cost of capital goods under the provisions of the
Income Tax Act, 1961.
• In case of supply of capital goods on which input tax credit has been taken, payment is
required to be made
• for an amount equal to input tax credit reduced by percentage as may be specified, or;
• tax on the transaction value of such capital goods, whichever is higher
33
34. Exclusions from Input Tax Credit
Exclusions from
ITC
Immovable
Property
Construction
Service
Works Contract
Good / Services
Personal Use of
Employee/s
Personal /
Private Use
Taxed under
Composition
Levy
Motor Vehicles
(subject to
exceptions)
34
35. Input Tax Credit in Respect of Inputs Held in Stock and / or
Contained in Semi-finished or Finished Goods
Person Eligible Period of Eligibility
Person who has applied for registration within 30 days
from the date on which he becomes liable to registration
and has been granted such registration
ITC in respect of Inputs held in stock on the day
immediately preceding the date from which he becomes
liable to pay tax under the Act
Person who has taken voluntary registration u/s 19(3) ITC in respect of Inputs held in stock on the date
immediately preceding the date of registration
When a person ceases to pay tax u/s 8 (Composition Levy) ITC in respect of Inputs held in stock on the day
immediately preceding the date from which he becomes
liable to pay tax u/s 7
35
36. Provisions for Switch Over
When a registered taxable person
availing benefit of Input Tax Credit
(ITC)
Switches over to Composition Levy
(section )
1. Shall pay an amount equal to ITC
held in stock or semi finished or
finished goods immediately
preceding the date of such over
or date of exemption
2. Balance amount of ITC; if any;
lying in electronic credit ledger
shall lapse.
Goods / Services supplied by him
become absolutely exempt u/s. 10
36
37. Reversal of ITC
ITC on Goods /
Services
Partly of Business
and Partly for Other
Purpose
ITC attributable to
business shall be
eligible
Party for Taxable
Supply and Partly for
Non-taxable Supply
ITC attributable to
taxable supply will be
eligible
37
38. ITC in case of Inputs / Capital Goods sent for Job Work
The “principal” shall be entitled to take credit on inputs sent for job work if the said
inputs, after completion of job work, are received back within 180 days of them being
sent.
The “principal” shall be entitled to take credit on input tax on capital goods sent for job
work if the said capital goods, after completion of job work, are received back within 2
years of them being sent.
* The “principal” shall be entitled to take credit of input tax on inputs / capital goods
even if the inputs / capital goods are directly sent to a job worker for job-work without
their being first brought to his place of business, and in such a case, the period of 180
days or 2 years as the case maybe shall be counted from the date of receipt of the
inputs by the job worker. 38
40. Registration
• State wise (fresh registration not required if already registered under earlier law)
• Separate registration for multiple business verticals within the state maybe
obtained
• Option of Voluntary Registration is also available.
• Single threshold limit for goods and services. i.e. Rs. 9 Lakhs for normal category
and Rs. 4 Lakhs for Northern Eastern State incl. Sikkim.
• Certain persons required to take compulsory registration. Such as Inter state
supplier, Casual dealer, Person required to pay tax under RCM, Person paying
TDS, Person acting as agent, ISD, e-Commerce operator, Aggregator, Other
persons to be notified by Government.
40
41. Payment
• Single threshold limit for goods and services. i.e. Rs. 10 Lakhs for normal category
and Rs. 5 Lakhs for Northern Eastern State including Sikkim.
• Three modes of payment of tax under GST regime are proposed i.e. through
internet banking / credit or debit card, Over the Counter payment (upto Rs.
10,000 per challan) and payments through NEFT/RTGS.
• The input tax credit as self-assessed in the return of a taxable person shall be
credited to his electronic credit ledger to be maintained in the manner as may be
prescribed.
41
42. Refund
• Refund claim is available in case of
Export and deemed export
Accumulated credit on account of input tax rate being higher than output tax rate
• Claim to be filed within 2 years from the relevant date.
• Refund order to be issued within 90 days from the date of receipt of application.
• Proper officer to release 80% of the claim of refund provisionally and remaining
20% amount after due verification of documents filed by the applicant.
42
43. Return
Type of Return Form To be filed by
Outward Supplier GSTR -1 10th of next month
Inward Supplier GSTR -2 15th of next month
All assesses except specified GSTR -3 20th of next month
Person paying TDS GSTR -7 10th of next month
ISD GSTR -6 13th of next month
Composition Dealer GSTR -4 18th of the month following the end
of quarter
Annual Return GSTR -8 31st December following F.Y.
43
45. Migration of Existing Tax to GST Regime
Issuance of
Provisional
Certificate of
Registration
Provisional
Registration to
be valid for 6
months or
extended period
To furnish such
information as
maybe required
within specified
period
Final Certificate
of Registration
to be issued
after furnishing
the information
Cancellation of
Provisional
Registration on
failure to submit
information
45
46. Carry Forward of Cenvat Credit as Input Tax Credit
Amount of Cenvat Credit / VAT Credit allowed to be carried
forward under GST
Amount of Un-availed* Cenvat credit / VAT Credit of Capital
Goods allowed to be carried forward under GST
1. Amount of eligible credit carried forward in the return filed
under earlier law for the period immediately preceding the
appointed day.
1. Un-availed credit not carried forward in return filed for the
period immediately preceding the appointed day.
* Un-availed credit inn respect of Capital Goods = Aggregate amount if Cenvat Credit Less Credit already availed in respect of
Capital Goods in previous return
46
47. Eligibility of Credit on Input Taxes held in Stock
Eligibility Eligible on Conditions
A registered taxable
person under GST who:
• Was not liable to be
registered under earlier
law
• Who was engaged in
manufacture of exempt
goods
• Was under composition
scheme
Shall be entitled to take
credit of:
• Inputs in stock on the
appointed date
• Inputs contained in
semi finished or
finished goods held in
stock on appointed
date
• Intended to be used
for making taxable
supplies
• Has not availed cenvat
credit under earlier law
due to conditions as
stated above
• Not paying tax under
composition scheme
under GST regime
• Eligible for ITC under
GST regime
• Possession of invoice
issued not earlier than
12 months immediately
preceding the
appointed date 47
48. Eligible Duties and Taxes to be Carried Forward
Service TaxExcise Duty
Additional
Duty of
Excise on
Textile &
Textile
Articles
Additional
Duty of
Excise on
Goods of
Special
Importance
National
Calamity
Contingent
Duty
Special
Additional
Duty
Counter-
Veiling Duty
48
49. Exempted or Duty Paid Goods Returned after Appointed
Date
Exempt/Dutypaidgoodssoldunderearlier
law6monthspriortoappointeddate
Returned within 6 months
from appointed date to any
place of business
No tax payable under GST
Not returned within 6
months from appointed
date
Tax payable by person
returning the goods if such
goods are liable under GST
49
50. Branch Transfer and Goods Sent on Approval Basis
Branch Transfer
• Any amount of input tax credit
reversed prior to the appointed
day shall not be admissible as
credit of input tax under GST
regime
Goods Sent on Approval Basis (not earlier
than 6 months before appointed day)
• Returned within 6 months from
appointed date : No tax will be
payable
• Not returned within 6 months
from appointed date : Tax shall
be payable by person returning
the goods or person who has
sent goods on approval basis
50
51. Price Revision on Contract
Upward Revision A Supplementary Invoice or Debit Note to be issued
within 30 days of revision
Downward Revision A Supplementary Invoice or Debit Note to be issued
within 30 days of revision
Tax Liability to be reduced to the extent of revision
under GST regime.
51