Category Archives: General Awareness

No. One can refer CAS-4 titled ‘Cost of Production for Captive Consumption’ issued by ICAI.

Liability is only of Consignment Agent and not of commission agents. The agent will be liable for GST on value goods or services only if he ‘undertakes to supply’ any goods on behalf of any principal (like consignment agent/C&F agent i.e. storing and selling). However, if the agent does not… Continue reading →

While in case of domestic sourcing of goods, GST is required to be paid in advance, however where the goods are imported time of supply for payment of GST shall be at the time of actual imports and not required at the time of receipt of advance. This is very… Continue reading →

Yes. For example: As per notification no. 11 – CT (Rate) dated 28.06.2017, Rent a cab operator is given an option to pay tax at 5% with no ITC on input goods, capital goods and services shall be taken. Further, we have section 17(5), which states that Credit of rent a cab shall… Continue reading →

t would be 2 crores (increased from 1 to 2 Crores after GST council November meeting).

Corporations, Authority, Statutory Body, etc created by the parliament or state legislature are neither government nor local authority nor government authority. It is a settled position of law (Agarwal Vs. Hindustan Steel AIR 1970 Supreme Court 1150) that the manpower of such statutory authorities or bodies do not become officers subordinate… Continue reading →

No since tax does not result any performance on the part of public authorities nor it results any performance on the part of person paying tax to be qualified as consideration. However, clause 1st of schedule 1st covers transactions of permanent transfer of business assets without consideration which shall be considered to… Continue reading →

Supply is defined as per this section in inclusive manner and accordingly it can be beyond this also. Obviously supply will always mean some positive act. As per Oxford dictionary supply means “to make available for use or to provide something to someone”. This position is also prevailing in foreign jurisprudence.

In order to apply a particular rate of tax, a taxable person need to determine the classification of his supply as to whether supply constitute a supply of goods or services. Once the same is determined, further classification in terms of HSN in case of goods and services is to… Continue reading →

As per Article 366(29A)(b) of Constitution, ‘tax on sale or purchase of goods’ includes ‘a tax on transfer of property in goods (whether as goods or in the same form) involved in the execution of a works contract’. Therefore, constitution states it is ‘goods’ but GST law classify it as… Continue reading →