Meaning of Supply :- The Taxable event under The CGST Act 2017 (referred as Act for brevity) is “Supply”. Section 7 states that the expression “supply” includes all forms of supply. By stating that the word supply is as an…
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The ambit of tax legislature is usually wide and has the ability to encompass heterogeneous tax payers in its ambit. The broader the law, the wider is the coverage. Indirect taxes are regressive in nature. Thus the disparity in the…
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Concept of Input Tax credit-PART I Under the Indirect taxes mechanism, the taxes are levied at every stage of value addition. This is applicable in case of supply of goods as well as services. Thus it is important to understand…
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Self-assessment mechanism has been a part and parcel of the Taxation Laws. Under the GST Laws as well the mechanism of self-assessment continues to exist. The determination of GST liability is dependent on two variables namely the “rate of tax”…
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The introduction of GST Laws was the dawn of new era in Indirect taxes structure in India. The structure of multiple taxes was established over a period of few years. Although it was not leading to double taxation, the illusionary…
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Part-I:This part will only cover the explanation of the inclusive meaning of the word “supply” under the GST Law. The remaining aspects will be discussed in subsequent parts. With the introduction of GST Laws, there has been a paradigm shift…
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