GST-Goods and Service Tax - 334. page

Goods and Services Tax Act – GST Law

Meaning of ‘assessment’ : Assessment means determining the tax liability. ‘Assess’ in a taxing statute means the computation of the income of assessee, the determination of tax payable by him, […]

Self-Assessment in GST : Every registered taxable person shall self assess the taxes payable under this Act and furnish a return for each tax period as specified under section 39 […]

Clearance of waste and scrap arising during job work : Any waste and scrap generated during the job work may be supplied by the job worker directly from his place […]

Input Tax Credit of inputs and capital goods sent for job work The “principal” shall, subject to such conditions and restrictions as may be prescribed, be entitled to take credit of […]

Delivery challan for sending goods for job work : For transportation of goods for job work, a delivery challan may be issued by consigner instead of tax invoice – rule […]

Procedure to be followed in respect of inputs and capital goods sent to the job worker : The inputs or capital goods shall be sent to the job worker under […]

Direct dispatch from place of job worker if job worker not registered : After job work, the finished goods (inputs after job work or capital goods) can be sent directly […]

Responsibility of tax and goods is of Principal The responsibility for accountability of the goods including payment of tax thereon shall lie with the “principal” – section 143(2) of CGST […]

If inputs or capital goods are not returned within one/three years : If inputs or capital goods are not received back by ‘principal’ within one/three years. GST shall be payable […]

Special provisions relating to moulds and dies, jigs and fixtures, or tools The provision of returning goods within one/three years is not applicable to moulds and dies, jigs and fixtures, […]