GstTak

Interest in GST. Before the discussing about the liability of Interest in GST, First we will discuss what the provision of GST Act, 2017 says about the Interest liability. Section 50 of CGST Act, 2017:- Interest on delayed payment of tax.                 Every person who is liable to pay tax in accordance with the provisions of this Act or the rules made thereunder, but fails to pay the tax or any part thereof to the Government within the period prescribed, shall for the period for which the tax or any part thereof remains unpaid, pay, on his own, interest at such rate, not exceeding eighteen per cent., as may be notified by the Government on the recommendations of the Council.                 After reading the wordings of section 50 of CGST Act, 2017 the doubt has been raised whether interest of 18% shall be paid on Gross liability or Net liability (i.e. after considering the eligible ITC)? The Finance (No. 2) Act, 2019 No. 23 of 2019 Dt. 1st August, 2019 fina

Now Aadhaar Authentication process has been introduced while application of new GST Registration. (A) Aadhaar Authentication applicable to following persons.                 1) Normal Taxpayer.                 2) Composition Scheme.                 3) Casual Taxable Person.                 4) Input Service Distributor (ISD).                 5) SEZ Developer or SEZ Unit. (B) Under this, Individuals, Authorized signatory of all types of businesses, Managing and Authorized partners of a partnership firm and Karta of a Hindu undivided family, applying for new registration, can opt to undergo e-KYC authentication of their Aadhaar number. (C) Applicants, who, either do not provide Aadhaar, while applying for new registration or whose Aadhar authentication fails in validation, would be subjected to site verification by the tax department. However, Tax authority based on the documents produced can grant registration. (D) Important points while opting for Aadh

In this Article we will discuss about the GST Implication on Bad Debts. Before moving ahead first will discuss the two important sections related to this article. Section 15:- Value of taxable supply. Section 15 of CGST Act, 2017 says that the value of a taxable supply of goods or services or both shall be the "TRANSACTION VALUE". Transaction Value:- It is a combination of three elements. " Price actually paid or payable for the supply (+) Supplier and the recipient of the supply are not related (+) Price is the sole consideration for the supply " Also if you see the exclusion list of section 15 the only one term i.e. "DISCOUNT" shall be exclude from the value of taxable supply and there is no specific exclusion under Section 15 from the value of supply in respect to non-recovery of payments or bad debts. Accordingly, GST is levied on transaction value which is available at the time of supply but does not exclude the

In this Article we will discuss about the Inclusion or Exclusion of Interest, on SB or FD or PPF or Loan given, in the Turnover for GST. As per the Section 2(6) of CGST Act, 2017 “Aggregate turnover” means the aggregate value of all taxable supplies (excluding the value of inward supplies on which tax is payable by a person on reverse charge basis), exempt supplies, exports of goods or services or both and inter-State supplies of persons having the same Permanent Account Number, to be computed on all India basis but excludes central tax, State tax, Union territory tax, integrated tax and cess. From the above definition it is clarify that all the supplies whether taxable or exempt are included in the Aggregate turnover. Now as per Section 2(47) of CGST Act, 2017 “exempt supply” means supply of any goods or services or both which attracts nil rate of tax or which may be wholly exempt from tax under section 11, or under section 6 of the Integrated Goods and Services Tax A