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GST is applicable only if transactions constitute the supply. If there is no supply, no GST will be charged. Let us understand the GST implication on lease and sale of motor vehicles.
A combined reading of Section 16(1) of CGST Act, 2017 and definitions it is concluded that registered persons can avail ITC (IGST & CGST & SGST) u/s 16(1) of CGST Act, 2017 and not separately under respective Acts.
In this article, we will discuss the Eight Terms of Supply i.e Sale, Transfer, Barter, Exchange, Lease, Rental, License, and Disposal.
The ITC available in the electronic credit ledger could always be fully utilised for discharging the output tax liability. The new Rule 86B has limited the use of ITC balance for paying its output tax liability.
Discussing the Eligibility, Exercising Option, Details of Outward Supplies, Payment of Tax, GSTR-3B Filing and Applicability of interest and late fee w.r.t the QRMP Scheme.
In this article, we will discuss the GST impact on Sale of Capital Goods (i.e. Business Assets), including the provision of supply.
In this article we will discuss the GST Implication on Bad Debts. Bad debts are not allowed for the reduction in GST liability.
The value of a taxable supply of goods or services or both shall be the "TRANSACTION VALUE". Transaction Value is a combination of three elements.
Directors who are not the employees of the said company, the services provided by them to the Company, in lieu of remuneration as the consideration for the said services, are clearly outside the scope of Schedule III of the CGST Act and are therefore taxable.
Online Information Database Access and Retrieval services (hereinafter referred to as OIDAR) is a category of services provided through the medium of internet and received by the recipient online without having any physical interface with the supplier of such services.
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
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