Metrics are involved to determine the value of goods and services being sold in an economy – and these metrics differ from economy to economy depending on the financial and economical ecosystem. Under the current indirect tax regime in...
Complying with the laws related to taxes includes compliance with maintaining accounts books, invoices, records etc. Every business must be aware of invoicing, rules related thereto and know these in detail. We have provided an overview, assessing the process...
Taxable events and rate of tax differs from one taxable person to another under the current / erstwhile indirect tax regime. These include Central tax upon removal of excisable goods;VAT on the sale of goods;Service tax on the provision of...
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...