CA Alok Jain
13 articles written by CA Alok Jain on ConsultEase.
In Case of Import IGST to be Charged at What Value?
As per the Model GST Law, the GST should be payable on the transaction value of imported goods plus any duties/ taxes, etc, levied under any statute other than the GST laws. This should mean that while paying IGST on the imported goods, basic customs
How GST will Help the Poor Population In India
Most of the poor states are those which are not industrialized. The examples are UP, Bihar, West Bengal, MP, Rajasthan etc. These states are only the consumers of goods and services rather than the producers/manufacturer. GST is a destination based tax. This means that tax
Steps by Center and states for implementation of GST
For the implementation of GST in the country the Central and State Governments have jointly registered Goods and Services Tax Network (GSTN) as a not-for-profit, non-Government Company to provide shared IT infrastructure and services to Central and State Governments, tax payers and other stakeholders. The
What is Supply as Per Section 3 of Model GST Law
1) General Meaning- (ST-BEL-RLD) Sale, Transfer, Barter, Exchange, Licence, Rental, Lease, Disposal A) Supplies Should be made by supplier who is engaged in Business (Defined U/S 2(17)) B) Should Involve Delivery of Goods or services to another Person C) Supplier should get something in return
Provision Related to Job Work U/S 43A of Model GST Law
1) Registered Taxable Person Can send taxable goods to Job Worker without Payment of Tax, provided a permission is taken In advance from the Commissioner. 2) One Job Worker can further send the good to another job worker without payment of Tax. 3) The Good
Important Point Related To Debit Note or Credit Note as Per Section 24 of the Model GST Law
Important Point Related To Debit Note or Credit Note as Per Section 24 of the Model GST Law 1) Tax Charged/ Taxable Value > or < Tax Charged/ Taxable Value (w.r.t. that supply), then Credit Note or Debit Note is required to be issued. 2)
Good Example showing how to Claim Input Tax Credit under GST
X Ltd supplies manufactured goods to Y Ltd for Rs 5000 in April 2017; CGST thereon is, say, Rs 500 assuming Tax Rate 10%. Unfortunately X Ltd did not furnish these details in its outward supply to Y Ltd. While matching the credit, Y Ltd
Important Points relating to Tax Invoice as Per Section 23 of the Model GST Law
1) At present, invoices or bills of sale etc. can be issued inclusive of tax in certain cases, whereas it is mandatory to indicate the tax charged in the GST regime. 2) Revised invoice shall be raised by the registered taxable person against the invoice
Government ended 92 Year old Practice by merging the Railway Budget with General Budget
Government ended 92 Year old Practice by merging the Railway Budget with General Budget. It also in Principle Decided to advance the presentation of Union Budget from Last Day of February to the first week of February. ???????????????????? CA JAIN ALOK 9899259011 NIRC Member
TDS Provision as Per Section 37 Under GST Model Law/GST Act 2016
1) Following Persons required to Deduct TDS @ 1% from the Payment made or Credited to the Supplier of Goods or Services- a) A department or establishment of the Central or State Government, b) Local authority, c) Governmental agencies, d) Such persons or category of
Outcome of Second Meeting of GST Council on 30th Sept 2016
GST council finalized rules for registration, rules for payments, returns, refunds and invoices. With this as many as six issues have been settled by the council, that has representatives of all the states, in two meetings in a span of one week. Discussions on service
Agenda for third meeting of GST council and why it is crucial
As the crucial three-day meeting of the GST Council, comprising state finance ministers, starts Today- As the crucial three-day meeting of the GST Council, comprising state finance ministers, starts Today, here is a look at the the agenda and key challenges before the council. Agenda