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MEANING Goods and Services Tax will be charged on the value of supply made. Section 15 of CGST Act, 2017 provides the provisions for determining the value of goods and services. It provides the mechanism to know how to calculate the value of goods or services when supply of goods and services is made between…
TIME OF SUPPLY Time of supply means the point in time when goods/services are considered supplied’. When the seller knows the ‘time’, it helps him identify due date for payment of taxes. CGST/SGST or IGST must be paid at the time of supply. The rules mentioned under GST Act regarding time of supply are as…
TAXABLE SUPPLY UNDER GST Supply on which tax shall be paid under GST is known as taxable supply. Taxable Supply includes sale, transfer, exchange, barter, license, rental, lease and disposal. If a person undertakes either of these transactions during the course or furtherance of business for consideration, it will be covered under the meaning of Supply under…
REVERSE CHARGE IN GST The reverse charge in GST applies to supplies of both goods and services. “Reverse charge” means the liability to pay tax by the person receiving goods and/or services instead of the person supplying the goods and/or services in respect of such categories of supplies as the Central or a State Government may, on the recommendation of the GST…
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EXEMPTIONS UNDER GST Exemption refers to the release or privileged freedom from some duty or tax. GST also provides exemptions to some parties regarding the registration. There are some people who are exempted from the GST Registration based on what is the nature of their supply. The taxpayers who are exempted from GST Registration are: Agriculturists….
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ONLINE GST REGISTRATION Online GST registration applies to all individuals and entities supplying goods or services in India. GST registration becomes mandatory when the aggregate value of supply exceeds Rs.20 lakh. The Ministry of Finance simplified the GST registration procedure to ease the tax filing process. If the entity operates in a special category state,…
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FRAUD VS MISREPRESENTATION FRAUD Fraud means dishonestly making a false, untrue or misleading representation with a view to gain or with intention to cause loss. If the fraud results in injury to the deceived party, he/ she may claim damages for the tort of deceit. A contract obtained by fraud is voidable on the grounds…
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MISTAKE IN CONTRACT LAW Mistake in contract law is a misconception or error. It means that parties intending to do one thing have by unintentional error done something else. Mistake may be defined as an erroneous belief about something. It refers to either one or both the parties to the contract are not properly understood…
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MISREPRESENTATION A misrepresentation is an untrue statement of a material fact made by one party which affects the other party’s decision in corresponding to a contract. If the mis-representation is identified, the contract can be declared void. ACCORDING TO SECTION 18 OF INDIAN CONTRACT ACT, 1872 “Misrepresentation is a form of a statement made preceding…
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FRAUD Fraud means dishonestly making a false, untrue or misleading representation with a view to gain or with intention to cause loss. If the fraud results in injury to the deceived party, he/ she may claim damages for the tort of deceit. A contract obtained by fraud is voidable on the grounds of fraudulent misrepresentation….