GST

Latest GST updates

Sinking fund receipts by RWA subject to 18% GST: AAR Karnataka

Summary the AAR held that the GST is triggered on receipt in view of the time of supply as determined under Section 13(2)(a) of the CGST Act, 2017. In other words, the applicant RWA would have to collect and pay GST against the contributions to the sinking fund. The AAR held that said services are …

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Features and Motives of Fake Invoices

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Potential Motives of using Fake Invoices An illustrative motive of generating and using a fake invoice is as follows: Evasion of GST on sales by: a) Availing undue ITC b) Saving GST (cash) by payment of tax liability using undue ITC c) Clandestine supply without invoices and without payment of taxes Converting excess ITC into …

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International Perspective on GST/VAT | About GST

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VAT and GST are used interchangeably as the latter denotes comprehensiveness of VAT by coverage of goods and services. France was the first country to implement VAT, in 1954. Presently, more than 160 countries have implemented GST / VAT in some form or the other. The most popular form of VAT is where taxes paid …

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GST on vouchers and gift cards issue now cleared | Advance Ruling Tamil Nadu (AAAR)

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Levying Goods and Services Tax (GST) on gift vouchers and gift cards has been a complicated matter that may just have been now sought by the order by Appellate Authority for Advance Ruling (AAAR). The ruling by AAAR on March 30 said that the time of supply of gift vouchers or gift cards shall be …

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GST on Sale through E Commerce? | Read this if you are selling products Online

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Who is a Seller selling products through ECO? Section 2(45) “electronic commerce operator” means any person who owns, operates or manages digital or electronic facility or platform for electronic commerce. Examples of ECO, Amazon, Urban Company, Flipkart, etc. GST Compliance of E-Commerce Operators are different from the person selling through E-Commerce Platforms. If you are selling …

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Who is an E Commerce Operator under GST?

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About Electronic Commerce Operator under GST Section 2(44), “electronic commerce” means the supply of goods or services or both, including digital products over digital or electronic network.Section 2(45) “electronic commerce operator” means any person who owns, operates or manages digital or electronic facility or platform for electronic commerce. Services Notified in which, tax to be …

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SC Issued Notice to Centre to track GST Paid by Social Media Websites

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The Apex Court issued notice to the centre on PIL seeking a mechanism to track GST paid by Facebook, Amazon, Google, Twitter, others. The petitioner, Pradeep Goyal has contended that the Government has no mechanism to track total GST paid on the Online Information and Database Access or Retrieval (OIDAR) services used by Non-Taxable Online …

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