Under the inverted duty structure, the rate of tax on inputs is higher than the rate of tax on output supplies. As per section 54(3) of the CGST Act, 2017, a registered person may claim refund of any unutilised input…

Artists may have to visit other states (where they have not taken registration) and carry their artwork along for supply on approval basis. In scenario such this, when an artwork is selected by a buyer, then the supplier issues a…

Under the GST framework, credit note can be issued by the supplier only. A supplier can issue a credit note if he finds that the taxable value or the tax charged in a tax invoice is more than the actual…

In case of sale on approval basis, the supplier may need to carry the goods along to other places within the same state or to another state (where he has not taken registration) for approval of the buyer. When such…

Printing industry is engaged in the supply of books, pamphlets, brochures, envelopes, annual reports, leaflets, cartons, boxes etc., printed with design, logo, name, address or other contents supplied by the recipient of such supplies. Sometimes besides the content, recipient also…

It is a common practice in certain industries to provide free sample. Under this practice samples are provided to prospective buyers without any consideration. After experiencing such sample buyer places the order. Consideration is essential to constitute a supply under…

Discount is a common practice in the trade & commerce. Discount can be cash discount or trade discount. A supplier may give discount in various modes such as upfront discount, staggered discount, periodic discount etc. While cash discounts are provided…

Under the GST framework, taxable event is supply of goods or services or both. GST would be leviable on all forms of supply of goods or services or both made for a consideration in the course or furtherance of business.…

In exercise of the powers conferred by sub-section (3) of section 9 of the Central Goods and Services Tax Act, 2017 and sub-section (3) of section 5 of the Integrated Goods and Services Tax Act, 2017, the Central Government specified…

Reverse charge as defined under sub-section (98) of section 2 of the CGST Act, 2017 means the liability to pay tax by the recipient of supply of goods or services or both instead of the supplier of such goods or…