Tag: Time of Supply

Works Contract under GST

What is works contract? Works contract, by definition, is an agreement to carry out for cash, deferred payment, or other valuable consideration – building, construction, fabrication, completion, erection, installation, fitting out, improvement, modification, repair, maintenance, renovation, alteration or commissioning of any immovable property. Typically, it…

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How to Determine the Value of Supply when Consideration is not in Money

Valuation of goods and services is an important aspect which determines the amount of tax to be levied. If goods and services are undervalued, it leads to short-payment of tax, leading to non-compliance and resultant legal implications. Overvaluation will result in loss of revenue for…

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57,534 total views, 344 views today

What is Time of Supply for Services on Reverse Charge

In our previous blog, we discussed Time of Supply for Services under the Forward Charge Mechanism. Under the reverse charge mechanism, the recipient or buyer of services has to pay tax to the credit of the government unlike forward charge, where the supplier has to pay…

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What is Time of Supply for Goods on Reverse Charge

In our previous blog post What is Time of Supply for Goods on Forward Charge we discussed time of supply for goods on Forward Charge. In this blog, we will discuss time of supply of goods on reverse charge. In order to ensure that the tax…

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29,633 total views, 39 views today

What is Time of Supply for Services on Forward Charge

In our previous blog post What is Time of Supply for Goods on Forward Charge we discussed time of supply for goods. In this blog, we will discuss the Time of Supply on Forward Charge for Services. Are you GST ready yet? Get ready for GST…

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25,942 total views, 42 views today

What is Time of Supply for Goods on Forward Charge

Point of Taxation (POT) refers to the point in time when tax is required to be paid. This is a mechanism which is used to determine the point in time when the tax liability will arise. Under the current indirect tax regime, the point of…

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30,604 total views, 42 views today

How to Determine Place of Supply for Services Provided at Immovable Properties

An immovable property is an immovable object, an item of property that cannot be moved without destroying or altering it. The property is fixed to the earth, for example, a piece of land or a house. In the current tax regime, taxable services provided in…

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Get ready for GST with Tally.ERP 9 Release 6

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