Agent: As per Section 2(5) of CGST Act, "Agent" means a person, including a factor, broker, commission agent, arhatia, del credere agent, an auctioneer or any other mercantile agent, by whatever name called,who carries on the business of supply or receipt of goods or...
However, in layman’s language, gift means a thing given willingly to someone without payment. In the matter of M/s. Polycab Wires Private Limited, Kerala AAR held that distribution of necessaries to calamity affected people under CSR expenses shall be treated as is if they are given on ...
The notion of RCM was drawn from the former Service tax statute. The scope of RCM has been dramatically enlarged in GST, which may have a negative impact on contractors. One of the necessary modifications to RCM under the GST law is that if goods or services are obtained froma person not...
Section 2 (17) and 2 (73) of the Electricity Act defines distribution licensee and transmission licensee as follows: "distribution licensee" means a licensee authorised to operate and maintain a distribution system for supplying electricity to the consumers in his area of supply. "transmission licen...
This means that it will become a part of the central government’s budget, and will have legal standing. Do you know? Income Tax Appellate Tribunal (ITAT) was the first Tribunal in India to be created on 25th January, 1941 and is also known as ‘Mother Tribunal’! And it functions unde...
A registered dealer must pay tax under the Reverse Charge Mechanism (RCM). How to Make the GST payment? There are two ways to pay GST: Payment through Cash Ledger and Payment through Credit Ledger. Payment through Cash Ledger Online and offline GST payments are both possible. In order to ...
Air Travel Agentmeans any person engaged in providing any service connected with the booking of passage for travel by air. The details about GST rate changes for Air travel agent's services are being updated here. The notification changes on exemptions for GST for sale of Air travel agent's ...
fee, by individual and in the course of or in furtherance of business, are treated as supply in GST. 2. What is an Educational institution as per GST law? As per the GST law, the educational institution means an institution that provides services by way of- Imparting pre-School education...
As per the clause 2 (zg) of the Notification No.12/2017-Central Tax (Rate) dtd.28-062017 'health care services' means any service by way of diagnosis or treatment or cam for illness, injury, deformity, abnormality or pregnancy in any recognized system of medicines in India and includes ...
The increase in the export VAT refund rates of 397 products means that the VAT paid on certain exported goods will be fully refunded. In addition, the adjustments to the export VAT refund rates will impact the cost and profit of exporters to a certain extent. With the export VAT refund ...