We have previously discussed how supply of goods and services takes place under the GST with respect to business activities related to operations such as sales, disposal of assets, transfer of assets etc. In this article, we aim to...
Goods and services are often combined and supplied in the market due to several reasons such as a sales strategy for attracting more consumers, or the very nature of the goods that requires them to be supplied along with...
In this article, we have provided a snapshot of the differences between related and distinct persons under GST regime with respect to supplies without consideration. Who is a related person? The Customs Valuation Rules defines a related person and...
Tax laws applicable to our country prescribe duties to be charged on goods and services on their import and export. Under the erstwhile/current indirect tax regime, excise tax, service tax, customs duty, VAT are all charges on the tax...
The model GST laws have shed clarity on determining supply as the supply of goods vs services by way of Schedule II. The reason for this clarification is because the current indirect tax regime is conflicted when it comes...
As a federal nation, the Constitution has empowered the central government to levy taxes and duties on manufacturing and providing services. State governments do this by way of charging taxes on interstate sale of goods and services where goods...
GST Invoicing can be broadly classified under two heads – Tax Invoice Bill Of Supply Issued by a registered taxable person Issued by a registered taxable person Issued for the supply of a taxable good or service Issued for the...
Valuing a good or a service enables understanding its total cost, including the amount of tax that is required to be levied on it. Both the monetary and non-monetary value of supply need to be duely computed. In case...