Tag: gst place of supply

How to Determine the Place of Supply of Transportation Services

Under Goods and Service Tax, ‘supply’ will be the single taxable event and the major transformation that will occur is ‘Destination based consumption tax’, where tax will accrue to the state in which the supply is consumed. The place of supply will determine the type…

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Get ready for GST with Tally.ERP 9 Release 6

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How to Determine the Place of Supply of Telecommunication and Financial Services

Under GST, specific rules have been laid down for determining the place of supply of telecommunication services and financial services. Knowing how to determine the place of supply is very important to ensure that the correct tax is charged on a supply.  Let us understand…

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Get ready for GST with Tally.ERP 9 Release 6

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Tax Impact on Goods Sold Prior to GST, but Returned after GST

In a business, return of goods sold is common. Under current regime, the return of goods are allowed to be reduced from the total turnover of sales, provided that the goods are returned within specified time limit. The eligibility to avail reduction from tax varies…

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Get ready for GST with Tally.ERP 9 Release 6

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How to Determine the Place of Supply of Services

In the current tax regime, the provision of a taxable service is subject to service tax.  Service tax is levied by the Central government and is applicable irrespective of whether the provision of service is interstate or intrastate. However, under GST, the place of supply…

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Get ready for GST with Tally.ERP 9 Release 6

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How to Determine the Place of Supply in Case of Bill to-Ship to Transactions

In the Bill to – Ship to model, the billing and shipping of goods are done to two states and entities. In order to avoid the cascading of multiple taxes through the course of the transaction, the first sale will be taxable, and any subsequent…

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Get ready for GST with Tally.ERP 9 Release 6

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How to Determine the Place of Supply When there is No Movement of Goods

1. When supply does not involve movement of goods, the location of the goods at the time of delivery to the recipient is the place of supply. For example: Rex Cars, whose registered place of business is Chennai, Tamil Nadu, opens a showroom in Mysore,…

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Get ready for GST with Tally.ERP 9 Release 6

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What is Place of Supply in GST

Under GST, the existing system of levy of tax on manufacture, provision of taxable services, and sale of goods will be replaced by the concept of ‘SUPPLY’. The taxable event under GST is the ‘Supply’ of Goods or Services. It is very important, therefore, to…

Are you GST ready yet?

Get ready for GST with Tally.ERP 9 Release 6

50,046 total views, 95 views today