What is the time limit for claiming ITC? In India, the time limit for claiming Input Tax Credit (ITC) is governed by the provisions of the Goods and Services Tax (GST) Act, not the Constitution of India. The provisions for claiming ITC are defined under the Central Goods and Services Tax Act, 2017 (CGST Act), […]
How is ITC passed on through the supply chain? The passing of Input Tax Credit (ITC) through the supply chain is a fundamental principle under the Goods and Services Tax (GST) regime in India, designed to eliminate tax cascading and promote seamless credit flow from one taxpayer to another in the supply chain. Under the
What is blocked credit under GST? Under the Goods and Services Tax (GST) framework in India, Blocked Credit refers to the input tax credit (ITC) that cannot be claimed by a registered taxpayer. Even though the taxpayer incurs GST on certain goods and services, they are not allowed to claim credit for the tax paid
What is the definition of “supply” under GST? Under India’s Goods and Services Tax (GST) regime, the term “supply” is fundamental to the tax structure because GST is levied on the supply of goods and services. The definition of supply is broad and includes all forms of supply of goods and services, whether for a
How is the place of supply determined for services? Under the Goods and Services Tax (GST) regime, the place of supply for services is crucial for determining whether the supply is intra-state or inter-state, which ultimately dictates whether CGST + SGST or IGST is applicable. The place of supply for services is governed by the
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What is meant by “continuous supply” of goods/services? Continuous Supply of Goods and Services under GST The term “continuous supply” refers to a situation where the supply of goods or services is provided on a recurring basis over a period of time, rather than in a one-time or single transaction. Under GST, continuous supply is
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How is the value of supply determined? he value of supply under the Goods and Services Tax (GST) is the transaction value of the goods or services provided, subject to certain adjustments, deductions, or inclusions based on specific provisions under the CGST Act, 2017, and IGST Act, 2017. Definition and General Provisions under GST Under
What is a “taxable supply”? A “taxable supply” refers to any supply of goods or services that is subject to GST under the provisions of the Goods and Services Tax (GST) law. It is a transaction where the supply of goods or services is made by a taxable person, and it is not exempt from
Are exports and imports considered taxable under GST? Under the Goods and Services Tax (GST) regime in India, exports and imports have distinct treatment in relation to taxation. While they are generally considered to be supply under the law, the taxation treatment differs significantly due to the special provisions related to exports and imports. Exports
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What is the time of supply for goods? Time of Supply for Goods under GST The time of supply is an important concept in the Goods and Services Tax (GST) regime. It determines when a transaction of supply is considered to have occurred for the purposes of levying GST. The time of supply determines the
