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Credit Note, Debit Note and Revised Invoice Under GST

Often business transactions are adjusted or amended due to various reasons and this leads to change in previously issued invoices. In this article, we will learn how to adjust previous invoices with credit note or debit note accordingly.   Credit Note [Section 34(1) CGST Act] Issued by- The...


GST on OIDAR Services By Bloggers and Tax Rates

Advertisement through the various ad. Platforms like Google AdWords, Facebook, Quora etc is covered under GST as OIDAR (online information and database access or retrieval services). What is an OIDAR service? In order to identify OIDAR Services, all the 3 conditions must be satisfied: 1. Servic...


13 FAQ on GST replied by Government (CBEC) on 26.12.2017

FAQ on GST has been issued by the official twitter handle of the Government (CBEC) on 26th December 2017. These tweets are for educational purposes only and not applicable to any legal proceedings. Source: Twitter of GoI Question 1: Is ITC available on vehicle taken on lease for an employee in a...


24 FAQ on GST Replied by Government (CBEC) on 22.12.2017

FAQ on GST has been issued by the official twitter handle of the Government (CBEC) on 22nd December 2017. These tweets are for educational purposes only and not applicable to any legal proceedings. Source: Twitter of GoI   Question 1: When will e-way bill system be applicable? Answe...


Time of Supply of Services under GST [with 5 Example]

Time of supply helps to determine rates of taxes and due dates up to which GST should be paid without incurring any interest. In other words, it defines the time when goods/services are considered to be supplied. In this article, we will cover the time of supply of services for various situati...


Time of Supply of Goods under GST [with 5 Example]

Time of supply helps to determine rates of taxes and due dates up to which GST should be paid without incurring any interest. In other words, it defines the time when goods/services are considered to be supplied.   Time of Supply of Goods [ u/s 12(2) CGST Act ] Time of supply of goods i...


E-Way bill Rules under GST and its Generation

E-Way Bill system for Intra-State (Within a state) movement of goods has been made compulsory in almost all States. [On 3rd June 2018 West Bengal has adopted intra-state way bill] E-way bill is compulsory for all Inter-state (one state to another) movement. What is an E-Way bill? It is a docum...


Reversal of Input Tax Credit (ITC) under GST: Calculation with Example

Under GST, a registered person can use input tax on purchase to pay output GST Tax on supply/sale. Apart from general ITC rule and list of ineligible ITC, availed ITC of input supplies needs to be reversed on subsequent occurrence of the below-mentioned event: 1. Recipient of supply Doesn’t...


GST Cess : Meaning, Calculation and Rates

Meaning of Cess Under GST GST Cess is an additional indirect tax that has been introduced through the GST (Compensation to States) Act, 2017. GST Cess is charged only on the supply of notified/selected goods and services. The Cess would be in addition to the normal GST rates. You can get GST rate- ...


List of Ineligible Input Tax Credit (ITC) Under GST

In this article, we will cover items on which GST credit is not allowed. These items should be recorded in the books at a price inclusive of GST. Section 17(5) of CGST Act, 2017 talks about ineligible items for input tax credit. Broadly, there are 12 items on which ITC is not available. Let's ...


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