BLOG on Income Tax Management for - AY 2022-23 & 2023-24

GST (Goods and Service Tax) - Ready Reckoner in India

21. Place of Supply of Goods as per Section 10 of IGST Act, 2017

The place of supply of goods, other than supply of goods imported into, or exported from India, shall be as under,—

22. Place of Supply of Services (where Location of Supplier and Recipient is in India) as per Section 12 of IGST Act, 2017

General Provisions [Section 12 of IGST Act] - These are given

23. Place of Supply of Services where Location of Supplier or Location of Recipient is Outside India [Section 13 of IGST Act, 2017]

General Provisions [Section 13 of IGST Act, 2017 ] - These are given :

24. Special Provision for Payment of Tax by a Supplier of Online Information and Database Access or Retrieval Services [Section 14 of IGST Act, 2017]

Online information and database access or retrieval services Section 14(1) of IGST Act, 2017 are given :

25. Composition Scheme or Levy under the GST Law (Section 10(1) of CGST Act, 2017]

Composition Scheme under the GST Law is for small taxpayers. The objective of composition scheme is to bring simplicity and give relief to small taxpayers so that they need not be burdened with the compliance provisions under the GST law.

26. When is the Registered Person eligible to opt for Composition Scheme? [Section 10(2) of CGST Act, 2017]

The person opting for composition levy should first satisfy the following basic conditions:

27. Composition Rule under GST Law

Intimation , Effective Date, Condition and Restriction with Validity and Tax Rate of Composition Scheme under various Rules has been described …

28. Time of Supply of Goods under CGST/SGST Act, 2017 (Section 12)

The time of supply fixes the point when the liability to charge GST arises. It also indicates when a supply is deemed to have been made. Even if the supply has taken place, GST would not become payable unless the time of supply is properly determined. Hence, determination of specific time of supply is crucial.

The CGST/SGST Act provides separate provisions for— — Time of supply of goods :

29. Time of Supply of Services under CGST/SGST Act, 2017 (Section 13)

The CGST/SGST Act provides separate provisions for—

— Time of Supply of Services.

30. Time of supply where there is Change in Rate of Tax in respect of Supply Of Goods or Services or both [Section 14 of CGST Act, 2017]

Notwithstanding anything contained in section 12 or section 13, the time of supply, where there is a change in the rate of tax in respect of services, shall be determined in the following manner, namely:—

31. Value of Taxable Supply under GST Act [Section 15 of CGST Act, 2017]

GST is payable on the value of taxable supply of goods or services or both. Therefore, determination of ‘Value of Taxable Supply’ is significant under GST law as it will determine the amount of tax to be paid by the supplier of taxable supply.

32. Value of Supply in case of Lottery, Betting, Gambling and Horse Racing. [Rule 31A of CGST Rules, 2017]

Notwithstanding anything contained in the provisions of this Chapter. the value in respect of supplies specified below shall be determined in the manner provided hereinafter -

33. Determination of Value in respect of certain Supplies [Rule 32 of CGST Rules, 2017]

Notwithstanding anything contained in the provisions of this Chapter, the value in respect of supplies specified below shall, at the option of the supplier, be determined in the manner provided hereinafter.

34. Value of Supply of Services in case of pure 'Agent' [Rule 33 of CGST Rules, 2017]

Notwithstanding anything contained in the provisions of this Chapter, the expenditure or costs incurred by a supplier as a pure agent of the recipient of supply shall be excluded from the value of supply, if all the following conditions are satisfied, namely,—

35. Eligibility and Conditions for taking Input Tax Credit (ITC) [Section 16 of the CGST Act, 2017]

the supplier of goods or services or both shall be able to claim Input Tax Credit (ITC) within the respective heads and so long as ITC does not get wasted it will have only temporary cash flow issues.

36. Apportionment of Input Tax Credit (ITC) under GST [Section 17(1), (2) & (3) of CGST Act, 2017]

Apportionment of Input Tax Credit (ITC) in a variety of situations like ...When Goods are used partly for Business and partly for other purposes, also in case of Zero Rated supply and Exempted Supply, and in case of Blocked Credits.

37. Persons who are eligible to take Input Tax Credit (ITC) under Section 18(1) of CGST Act, 2017

Subject to such conditions and restrictions as may be prescribed uner Rule 40, the following persons are eligible to take input credit—

38- Conditions, Restriction and Manner of taking Input Tax Credit (ITC) by the Persons under Section 18(1) [Rule 40] of CGST Act, 2017

Time limit for taking Input Tax Credit (ITC) by a Person covered under Section 18(1) [Section 18(2)] along with Manner of taking input credit under section 18(1) [Rule 40]

39. How to Claim Input Tax Credit (ITC) on Capital Goods of CGST Act, 2017

The credit on capital goods shall be reduced by 5% Points per quarter of a year or part thereof from the date of invoice or such other documents on which the capital goods were received by taxable person. [RuIe 40(1)(a)]

40. Reversal of Input Tax Credit (ITC) if a Registered Person under Normal Scheme Opts for Composition Scheme [Section 18(4)]

Reversal of Input Tax Credit (ITC) if Goods and Services supplied by him which were earlier Taxable become wholly Exempt [Section 18(4)]

GST (Goods and Service Tax) - Ready Reckoner in India

21. Place of Supply of Goods as per Section 10 of IGST Act, 2017

22. Place of Supply of Services (where Location of Supplier and Recipient is in India) as per Section 12 of IGST Act, 2017

23. Place of Supply of Services where Location of Supplier or Location of Recipient is Outside India [Section 13 of IGST Act, 2017]

24. Special Provision for Payment of Tax by a Supplier of Online Information and Database Access or Retrieval Services [Section 14 of IGST Act, 2017]

25. Composition Scheme or Levy under the GST Law (Section 10(1) of CGST Act, 2017]

26. When is the Registered Person eligible to opt for Composition Scheme? [Section 10(2) of CGST Act, 2017]

27. Composition Rule under GST Law

28. Time of Supply of Goods under CGST/SGST Act, 2017 (Section 12)

29. Time of Supply of Services under CGST/SGST Act, 2017 (Section 13)

30. Time of supply where there is Change in Rate of Tax in respect of Supply Of Goods or Services or both [Section 14 of CGST Act, 2017]

31. Value of Taxable Supply under GST Act [Section 15 of CGST Act, 2017]

32. Value of Supply in case of Lottery, Betting, Gambling and Horse Racing. [Rule 31A of CGST Rules, 2017]

33. Determination of Value in respect of certain Supplies [Rule 32 of CGST Rules, 2017]

34. Value of Supply of Services in case of pure 'Agent' [Rule 33 of CGST Rules, 2017]

35. Eligibility and Conditions for taking Input Tax Credit (ITC) [Section 16 of the CGST Act, 2017]

36. Apportionment of Input Tax Credit (ITC) under GST [Section 17(1), (2) & (3) of CGST Act, 2017]

37. Persons who are eligible to take Input Tax Credit (ITC) under Section 18(1) of CGST Act, 2017

38- Conditions, Restriction and Manner of taking Input Tax Credit (ITC) by the Persons under Section 18(1) [Rule 40] of CGST Act, 2017

39. How to Claim Input Tax Credit (ITC) on Capital Goods of CGST Act, 2017

40. Reversal of Input Tax Credit (ITC) if a Registered Person under Normal Scheme Opts for Composition Scheme [Section 18(4)]

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