GST-Goods and Service Tax - 230. page

Goods and Services Tax Act – GST Law

Rule 35: Value of supply inclusive of integrated tax, central tax,  State tax, Union territory tax   Illustrations : Mr. Mohan located in Manipal purchases 10,000 Hero ink pens worth […]

Eligibility and conditions for taking input tax credit (1) Every registered person shall, subject to such conditions and restrictions as may be prescribed and in the manner specified in section […]

 Documentary requirements and conditions for claiming input tax credit. 1) The input tax credit shall be availed by a registered person, including the Input Service Distributor, on the basis of […]

Rule 32(6)- Token / Coupon / Voucher / Stamp The value of a token, or a voucher, or a coupon, or a stamp (other than postage stamp) which is redeemable […]

Rule 32(7)- Distinct Persons The value of taxable services provided by such class of service providers; as may be notified by the Government between distinct persons, (Entry-2 of Schedule I); […]

Rule 33: Definition of Pure Agent  Agency supplies are different from ‘pure agent’ in relation to valuation There is a payment made to third party by a payer Payer is […]

Rule 33: Value of supply of services in case of  Pure Agent  The expenditure or costs incurred by the pure agent shall be excluded from the value of supply, if […]

Illustration Illustration.– Corporate service firm A is engaged to handle the legal work pertaining to the incorporation of Company B. Other than its service fees, A also recovers from B, […]

Rule 32(5)- Second Hand Goods Supply of used goods as such or after such minor processing which does not change the nature of the goods and where no ITC has […]

Rule 32(4)-Life Insurance Business a)gross premium charged from a policy holder reduced by the amount allocated for investment, or savings on behalf of the policy holder, if such amount is […]