GST is not payable on goods procured from vendors outside India, where the goods so purchased are not brought down into India.
The levy of GST on development charges is a matter of dispute as sale of land per se is out of the ambit of GST law.
Reverse Charge Mechanism was first introduced in Service Tax Law.Now, the Government has incorporated RCM in GST.
The issue of taxability on the director's remuneration always remains in controversy under the Service Tax as well as Goods and Service Tax Regime.
Interest on PPF, Bank saving interest, other bank interest for personal FDs etc & Interest on personal advances will not be part of supply.
Directors, who are not the Employee of the Company, is the remuneration paid to such independent directors, or those directors, by whatever name called, who are not employees of the said company, is taxable in hands of the company, on RCM
It becomes important to understand the legal provisions under GST law while finalizing books of accounts and preparation of Balance Sheet.
GST on Merchant Trade Transaction shall be payable on the supply of goods outside India directly through a vendor outside India. No GST payable on goods purchased from vendor located outside India as goods are not brought into India.
Various due dates of returns and compliances in many laws has been extended. Here are the GST Returns to be filed before 30th June 2020.
The proper office may cancel the registration on his motion or on an application filed (In Form GST REG 16) by the registered person or his legal heirs, in case of death of such person.
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