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Pharma sector is seeking clarification on various provisions of GST. Treatment of expired medicines at the time of return from retailer to whole seller and from whole seller to manufacturer needs clarification. Let us go into detail to understand the implication of various provisions. Mechanism to book return of goods…

1. Services by Government or a local authority excluding the following services— (i) services by the Department of Posts by way of speed post, express parcel post, life insurance, and agency services provided to a person other than Government; (ii) services in relation to an aircraft or a vessel, inside…

GSTR-1 filing Due Dates For turnover of more than Rs 1.5 cr Period Dates July to Oct 31st Dec 2017 Nov 10th Jan 2018 Dec 10th Feb 2018 Jan 10th Mar 2018 Feb 10th Apr 2018 March 10th May 2018 For turnover upto Rs 1.5 cr Period (Quarterly) Due dates…

E-Commerce GST Applicability E-commerce Operator: 1)Section 2(45):- An e-commerce operator : is a person who owns, operates or manages digital or electronic facility or platform for electronic commerce.  2) Section 2(44) Electronic Commerce: “electronic commerce” means the supply of goods or services or both, including digital products over digital or…

Section 31(1) : A registered person supplying taxable goods shall, before or at the time of,— a) removal of goods for supply to the recipient, where the supply involves movement of goods; or b) delivery of goods or making available thereof to the recipient, in any other case, issue a…

ANNUAL COMPLIANCE FILING BASED COMPLIANCE Section 92 (Annual Return)- Every Company shall prepare its Annual Return in Form MGT-7 within 60 days of holding Annual General Meeting. Signing Provision- Annual Return shall be digitally signed by a Director and the Company Secretary; or where there is no Company Secretary by…

Invoicing under GST GST defines a transaction as ‘Supply’ when there is a transfer, exchange, rental, lease, barter, disposal or license of goods or services. Whenever a transaction takes place, a tax invoice has to be issued depending on the occurrence of any such event or within a prescribed time…

Input Tax Credit a) Input Tax Credit (ITC) is the backbone of the GST regime. b) GST is nothing but a value added tax on goods & services combined. c) It is these provisions of Input Tax Credit that make GST a value added tax i.e.,  collection of tax at all…

Taxable Event – Supply The taxable event for levy of GST shall be ‘supply’ of goods and/ or services. Ropa Interior Calvin Klein Mujer The term ‘supply’ is defined inclusively to cover general supply and deemed supply. General supply includes all forms of supply of goods and/or services such as…

Highlights of the UNION Budget 2016 The thrust of tax proposals this year falls in nine categories:- Relief to small tax payers. Measures to boost growth and employment generation. Incentivizing domestic value addition to help Make in India. Measures for moving towards a pensioned society. Measures for promoting affordable housing.…