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GOODS & SERVICE TAX

GOODS & SERVICE TAX. TOPIC: CONCEPT OF SUPPLY UNDER GST Presented by: Kanika Aggarwal Team www.atulkhurana.com. Definition of GST.

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GOODS & SERVICE TAX

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  1. GOODS & SERVICE TAX TOPIC: CONCEPT OF SUPPLY UNDER GST Presented by: KanikaAggarwal Team www.atulkhurana.com

  2. Definition of GST The Term GST is defined in Article 366(12A) to mean”any tax on supply of goods or services or both except taxes on supply of the alcoholic liquor for human consumption.”

  3. Supply – Taxable Event As per section 8(1) of the revised GST act, the supply of goods or services is a taxable event. Hence, liability to pay have been shifted from sale (as in case of existing sales tax / VAT act) or provision of services (as in the case of service tax) or manufacture (as in the case of excise duty etc.) to supply of goods or services.

  4. What is supply under GST ? Supplies – where consideration is necessary • Clause (a) In the course or furtherance of business that includes: Sale, Transfer ,Barter, Exchange ,License ,Rental, Lease, Disposal etc. • Clause (b) Importation of services which is whether or not in the course or furtherance of business.

  5. Clause (c) Supplies – where consideration is not necessary • Permanent transfer/disposal of business assets where ITC has been availed on such assets • Supply between related person or distinct person made in the course or furtherance of business. • Supply of goods by principle to his agent or vice versa, where agent undertakes to supply / received such goods on behalf of the principle. • Importation of services by a taxable person from – a.     A related person b.     Any of his other establishment outsid India

  6. What is not supply under GST? • Services by an employee to the employer • Services by any Court or Tribunal •   Function / duties performed by: a.     MP / MLA b.     Members of Panchayats c.     Members of Municipalities d.     Members of other local authorities • Services by a foreign diplomatic mission •    Services of funeral, burial, crematorium or mortuary

  7. COMPOSITE SUPPLY composite supply” means a supply made by a taxable person to a recipient comprising two or more supplies of goods or services, or any combination thereof, which are naturally bundled and supplied in combination with each other in the ordinary course of business, one of which is a principal supply; & such composite supply shall be treated as a supply of such principal supply.

  8. MIXED SUPPLY Mixed supply” means two or more individual supplies of goods or services, or any combination thereof, made in combination with each other by a taxable person for a single price where such supply does not constitute a composite supply; A mixed supply shall be treated as supply of that particular supply which attracts the highest rate of tax.

  9. Classification of Supply

  10. TIME OF SUPPLY: • The time of supply shall be the earlier of the following dates – (a) The date of issuing of invoice (or the last day by which invoice should   have been issued)or(b) The date of receipt of payment -whichever is earlier • For (a) and (b)- The supply shall be assumed to have been made to the extent it is covered by the invoice or the payment (as the case may be). • For (b)- the date of receipt of payment shall be earlier of- 1. The date on which he entered the payment in his books or 2. The date on which the payment is credited to his bank account

  11. TIME OF SUPPLY UNDER REVERSE CHARGE In case of reverse charge, the time of supply shall be the earliest of the following dates— (a) the date of receipt of goods OR(b) the date of payment OR(c) the date immediately after THIRTY days from the date of issue of invoice by the supplier (60 days for services) If it is not possible to determine the time of supply under (a), (b) or (c), the time of supply shall be the date of entry in the books of account of the recipient. For clause (b)- the date of payment shall be earlier of-(a) The date on which the recipient entered the payment in his books or (b) The date on which the payment is debited from his bank account

  12. whether implementation of GST is beneficial for india or not?……….

  13. Share your views at kaggarwal840@gmail.comorinfo@atulkhurana.com

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