Legal & Financial Consultants
Section 17 – Apportionment of credit and blocked credits of CGST ACT, 2017 (1) Where the goods or services or both are used by the registered person partly for the purpose of any business and partly for other purposes, the amount of credit shall be restricted to so much of the input tax as is … Continue reading “Section 17 – Apportionment of credit and blocked credits of CGST ACT, 2017”
Section 16 – Eligibility and conditions for taking input tax credit of CGST ACT, 2017 (1) Every registered person shall, subject to such conditions and restrictions as may be prescribed and in the manner specified in section 49, be entitled to take credit of input tax charged on any supply of goods or services or … Continue reading “Section 16 – Eligibility and conditions for taking input tax credit of CGST ACT, 2017”
Section 15 – Value of taxable supply of CGST ACT, 2017 (1) The value of a supply of goods or services or both shall be the transaction value, which is the price actually paid or payable for the said supply of goods or services or both where the supplier and the recipient of the supply … Continue reading “Section 15 – Value of taxable supply of CGST ACT, 2017”
Section 14 – Change in rate of tax in respect of supply of goods or services of CGST ACT, 2017 Notwithstanding anything contained in section 12 or section 13, the time of supply, where there is a change in the rate of tax in respect of goods or services or both, shall be determined in … Continue reading “Section 14 – Change in rate of tax in respect of supply of goods or services of CGST ACT, 2017”
Section 13 – Time of supply of services of CGST ACT, 2017 (1) The liability to pay tax on services shall arise at the time of supply, as determined in accordance with the provisions of this section. (2) The time of supply of services shall be the earliest of the following dates, namely:— (a) … Continue reading “Section 13 – Time of supply of services of CGST ACT, 2017 ”
Section 12 – Time of supply of goods of CGST ACT, 2017 (1) The liability to pay tax on goods shall arise at the time of supply, as determined in accordance with the provisions of this section. (2) The time of supply of goods shall be the earlier of the following dates, namely:— (a) the … Continue reading “Section 12 – Time of supply of goods of CGST ACT, 2017”
C 11. (1) Where the Government is satisfied that it is necessary in the public interest so to do, it may, on the recommendations of the Council, by notification, exempt generally, either absolutely or subject to such conditions as may be specified therein, goods or services or both of any specified description from the whole … Continue reading “Section 11 – Power to grant exemption from tax of CGST ACT 2017”
Section 10 – Composition levy of CGST ACT, 2017 (1) Notwithstanding anything to the contrary contained in this Act but subject to the provisions of sub-sections (3) and (4) of section 9, a registered person, whose aggregate turnover in the preceding financial year did not exceed seventy five lakh rupees, may opt to pay, in … Continue reading “Section 10 – Composition levy of CGST ACT, 2017”
Section 9 Levy and collection of CGST ACT, 2017 (1) Subject to the provisions of sub-section (2), there shall be levied a tax called the central goods and services tax on all intra-State supplies of goods or services or both, except on the supply of alcoholic liquor for human consumption, on the value determined under … Continue reading “Section 9 Levy and collection of CGST ACT, 2017”
Section 8 – Tax liability on composite and mixed supplies of CGST ACT, 2017 The tax liability on a composite or a mixed supply shall be determined in the following manner, namely:— (a) a composite supply comprising two or more supplies, one of which is a principal supply, shall be treated as a supply of … Continue reading “Section 8 – Tax liability on composite and mixed supplies of CGST ACT, 2017”