GST Fundamentals

What is Place of Supply in GST?

Under GST, the existing system of levy of tax on the manufacture, provision of taxable services, and sale of goods will be replaced by the concept of ‘SUPPLY’. The taxable event under GST is the ‘Supply’ of Goods or Services. It is very important, therefore, to understand the place of supply in determining the right

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Types of Returns under GST

Convergence is the key to GST; convergence between states and central taxes. Consider what happens today. A manufacturer who is compliant under Central Excise, Service Tax, and VAT has to file returns as specified by each of the states.  The manufacturer has to deal with returns, annexures, and registers for Excise, Service tax and VAT

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Moving to GST: Can I avail input credit on Closing Stock

On the date of transitioning to GST, broadly there will be business that fall under any of the following categories: Businesses not liable to be registered under the current law, but are liable for registration under GST Business which are engaged in the manufacture or sale of exempted goods or services First stage dealer or

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Meaning and Scope of Supply of Goods & Services

Under the current indirect tax structure, the taxable event differs for each type of tax. The taxable events under the current indirect tax structure are captured below: Type of Tax Taxable Event Central Excise Removal of excisable goods VAT On sale of goods Service Tax Provision of taxable services The taxable event under GST is the

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Learn how to Transit to GST

The first and foremost task for you, as a business registered under the current law, is transiting to GST. While it is important to know the fundamentals of GST, it is also very critical for you to understand GST transition provisions available, and take the necessary actions to ensure a smooth transition to GST and leverage

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