June 10, 2017
Q 1. What is input tax? Ans. “Input tax” has been defined in section 2 (57) of the MGL and section 2 (1) (d) of the IGST Act. Input tax […]
June 10, 2017
Q 1. What is job-work? Ans. Section 2(62) of the MGL provides that “job-work” means undertaking any treatment or process by a person on goods belonging to another registered taxable […]
June 10, 2017
Q 1. What is e-commerce? Ans. Section 43B(d) of the MGL defines an Electronic Commerce to mean the supply or receipt of goods and/ or services, or transmitting of funds […]
June 10, 2017
Q 1. What are the Payments to be made in GST regime? Ans. In the GST regime, for any intra-state supply, taxes to be paid are the Central GST (CGST, […]
June 10, 2017
Q 1. What is the value of taxable supply to be adopted for the levy of GST? Ans. The value of taxable supply of goods and services shall ordinarily be […]
June 10, 2017
Q 1. What is time of supply? Ans. The time of supply fixes the point when the liability to charge GST arises. It also indicates when a supply is deemed […]
June 10, 2017
Q 1. What is the taxable event under GST? Ans. The taxable event under GST shall be the supply of goods and / or services made for consideration in the […]
June 10, 2017
Q 1. What is advantage of taking registration in GST? Ans. Registration under Goods and Service Tax (GST) regime will confer following advantages to the business: • Legally recognized as […]
June 10, 2017
Q 1. Where is the power to levy GST derived from? Ans. Article 246A of the Constitution, which was introduced by the Constitution (101st Amendment) Act, 2016 confers concurrent powers […]
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