CHAPTER-9 RETURNS
CHAPTER OUTLINES STATUTORY REFERENCES The provisions relating to returns are contained in Chapter VI of the CGST Act, 2017, comprising Sections 37 to 48, read with Rules 59 to 84 of the CGST Rules, 2017. Various statutory forms are prescribed for different categories of taxpayers depending upon the nature of registration and liability. SECTION–RULE–FORM MATRIX Section Subject Rule […]
CHAPTER-8 ACCOUNTS AND RECORDS
CHAPTER OUTLINES Assessment under GST is centered on the principle of self-assessment. Every registered person shall himself assess the tax payable by him for a tax period and, after such assessment, shall file the return required under section 39 of the CGST Act, 2017. For the purpose of proper self-assessment, every person registered under the GST Act […]
CHAPTER-7 TAX INVOICE,CREDIT AND DEBIT NOTES
CHAPTER OUTLINES Whenever a transaction takes place, different kinds of documents are issued under different circumstances, such as invoice, credit note, debit note and bill of supply.A tax invoice acts as a document evidencing the payment of the value of goods or services or both and also the tax portion in the same. Under the GST regime, an […]
CHAPTER-5 INPUT TAX CREDIT
CHAPTER OUTLINE This Chapter explains the Input Tax Credit (ITC) mechanism under GST, covering eligibility, conditions, apportionment, blocked credits, special circumstances, job work provisions, Input Service Distributor (ISD) mechanism, and recovery of excess credit. STATUTORY REFERENCES Section Subject Relevant Rules Relevant Forms 16 Eligibility and conditions for taking ITC Rule 36, Rule 37 Form GSTR-2 17 […]
CHAPTER IV – DETERMINATION OF VALUE OF SUPPLY UNDER GST
CHAPTER OUTLINE This Chapter deals with the principles, rules, and methods for determination of value of taxable supply under GST. Since GST is an ad-valorem tax, the correct determination of value is the foundation for accurate tax computation. The Chapter explains the transaction value concept, inclusions and exclusions from value, valuation in cases where consideration […]