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

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

41. GST is to be Paid on Capital Goods or Plant and Machinery if they are Supplied or Sold Outward after Use [Section 18(6)]

In case of supply of capital goods or plant and machinery, on which input tax credit has been taken are supplied outward by the registered person he shall pay an amount equal to—

42. Taking Input Tax Credit (ITC) in respect of ‘Inputs and Capital Goods’ sent for Job Work [Section 19 of the CGST Act, 2017]

Input Tax Credit (ITC) taken by the Principal if Inputs are send to Job Worker for Job Work and also Input Tax Credit (ITC) on Capital Goods send to Job Worker ...

43. Claim of Input Tax Credit (ITC) and Matching, Reversal and Reclaim of Input Tax Credit [Section 41 of CGST Act, 2017]

Provisional Acceptance of Claim of Input Tax Credit (ITC) [Section 41]

Matching, Reversal and Reclaim of Input Tax Credit (ITC) [Section 42 except the Proviso to Sub-section (9) of the Section]

44. Matching, Reversal and Reclaim of Reduction in Output Tax Liability [Section 43] of CGST Act 2017

Reduction of Output Liability under Section 43(1), Section 43(2), Section 43(3), Section 43(4), Section 43(8), Section 43(9), Section 43(10), Provisions of section 43(7) [Section 43(10)] , Utilisation of Input Tax Credit under Section 49, Section 49(5) of CGST Act, 2017 has been described...

45. Time of Issue of ‘Tax Invoice’ for ‘Supply of Goods’ and ‘Supply of Services’ under Section 31 of the CGST/SGST Act, 2017

Time of Issue of Tax Invoice for Supply of Goods and Supply of Service have been separately dealt with under various sub-sections of Section 31 of the CGST/SGST Act and as such, these have been separately discussed hereunder :

46. 'Type of Tax Invoice' under other 'Special Circumstances' [Section 31(3)] [Read with Rule 53 of CGST Rules, 2017]

'Type of Tax Invoice' under other 'Special Circumstances' under various subsections of [Section 31(3)(a), (c), (d), (e), (f) & (g)] [Read with Rule 53 of CGST Rules, 2017]

47. Issue of ‘Credit Notes and Debit Notes’ [Section 34 of the CGST Act, 2017]

The registered person who has supplied goods or services or both may issue a Credit Note containing such particulars as may be prescribed to the recipient, in following situation:

48. 'Tax Invoice' [Rule 46 of CGST Rules 2017]

Subject to Rule 54 , a Tax Invoice referred to in Section 31 shall be issued by the Registered Person containing the following particulars namely –

49. Bill Of Supply (BOS) [ Rule 49 of CGST Rules 2017]

A Bill Of Supply referred to in Section 31(3)(c) shall be issued by the supplier containing the following details, namely,-

50. Transportation of Goods without Issue of Invoice [Rule 55 of CGST Rule 2017]

Consigner may issue a delivery challan serially numbered not exceeding sixteen characters, in one or multiple series, in lieu of invoice at the time of removal of goods for transportation, containing the following details, namely:

51. E-Way Rules in GST [ Rule 138 inserted by Notification No. 12/2018 dated 7.3.2018]

Why, When, for what purpose and from which date, what information, who can, what are the contents of Form GST EWB-01, Validity etc.. etc … about the E-Way Bill has been described in details :

52. When is an E-Way Bill in GST Not required to be Generated ?

Notwithstanding anything contained in Rule 138, no E-Way Bill is required to be generated —

53. Registration under Goods and Service Tax (GST) is PAN based and State/UT Specific

Registration under Goods and Service Tax (GST) regime will confer following advantages to the taxable person after registration:

54. Persons liable for GST Registration [Section 22 of the CGST Act, 2017]

Every supplier shall be liable to be registered under the GST Act in the State or Union territory, other than special category States, from where he makes a taxable supply of goods or services or both, if his aggregate turnover in a financial year exceeds Rs. 20,00,000 (Rs. 20 Lakh).

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

41. GST is to be Paid on Capital Goods or Plant and Machinery if they are Supplied or Sold Outward after Use [Section 18(6)]

42. Taking Input Tax Credit (ITC) in respect of ‘Inputs and Capital Goods’ sent for Job Work [Section 19 of the CGST Act, 2017]

43. Claim of Input Tax Credit (ITC) and Matching, Reversal and Reclaim of Input Tax Credit [Section 41 of CGST Act, 2017]

44. Matching, Reversal and Reclaim of Reduction in Output Tax Liability [Section 43] of CGST Act 2017

45. Time of Issue of ‘Tax Invoice’ for ‘Supply of Goods’ and ‘Supply of Services’ under Section 31 of the CGST/SGST Act, 2017

46. 'Type of Tax Invoice' under other 'Special Circumstances' [Section 31(3)] [Read with Rule 53 of CGST Rules, 2017]

47. Issue of ‘Credit Notes and Debit Notes’ [Section 34 of the CGST Act, 2017]

48. 'Tax Invoice' [Rule 46 of CGST Rules 2017]

49. Bill Of Supply (BOS) [ Rule 49 of CGST Rules 2017]

50. Transportation of Goods without Issue of Invoice [Rule 55 of CGST Rule 2017]

51. E-Way Rules in GST [ Rule 138 inserted by Notification No. 12/2018 dated 7.3.2018]

52. When is an E-Way Bill in GST Not required to be Generated ?

53. Registration under Goods and Service Tax (GST) is PAN based and State/UT Specific

54. Persons liable for GST Registration [Section 22 of the CGST Act, 2017]

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