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WHAT IS GST?
It is comprehensive tax which is levied on SUPPLY of
Petroleum Products
Electricity
services
Major indirect taxes are being replaced by GST, making the tax
mechanism simpler.
Time of Supply
Place of Supply
Value of Supply
TIME OF SUPPLY
The time of supply shall be:
The date of issuing invoice OR
The last day on which the invoice should have been
issued OR
The date of receipt of payment
whichever is EARLIER
TIME OF SUPPLY
The date of receipt of payment will be:
The date on which the entry is made in the books of
accounts OR
The date on which the payment is credited in the bank
account
whichever is EARLIER
TIME OF SUPPLY
For example,
a)Date of invoice- 16th May, 2018
b)Date of receipt of payment -11th July, 2018
c) Date when the supplier recorded receipts in the
books- 12th July, 2018
Therefore, Time of Supply will be 16th May, 2018
TIME OF SUPPLY UNDER
REVERSE CHARGE MECHANISM.
In case of reverse charge, time of supply will be:
a)Date of receipt of goods OR
b) Date of Payment OR
c) The date immediately after 30 days from the date of
issue of invoice by the supplier
whichever is earlier.
TIME OF SUPPLY UNDER
REVERSE CHARGE MECHANISM
The date of payment under reverse charge mechanism are:
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.
whichever is earlier.
PLACE OF SUPPLY
PLACE OF SUPPLY
INTRA STATE SUPPLY
Location of Intra-state
Location of
Supplier Supply &
Recipient
“Karnataka” subject to
“Karnataka”
SGST,CGST
Location of Inter-state
Place of
Supplier Supply &
Supply is
“Rajasthan” subject to
“Punjab”
IGST
VALUE OF SUPPLY
Value of supply includes:
Any taxes, duties, cess, etc. except GST
Incidental expenses, such as: packing, commission
Subsidies linked to supply except Government subsidy
Interest, late fee, penalty for delayed payment
Amount paid by the recipient, liable to be paid by the
supplier.
VALUE OF SUPPLY
DISCOUNT
The treatment of discount is different under GST regime.
7. GSTR 7 Return for authorities deducting tax at 10th of the next month
source
8. GSTR 8 Supplies effected through e-commerce 10th of the next month
operator
9. GSTR 9 Annual Return 31st December of next financial year
10 GSTR 10 Final Return Within three months of the date of
cancellation or date of cancellation
order, whichever is later
Accounts
In Class In Exam