June 2024 – Page 6 – Sailesh Bhandari & Associates

TIME LIMIT FOR ISSUING TAX INVOICE

The time limit for issuing a tax invoice under the GST Act, 2017 depends on the nature of the supply: EXAMPLE Absolutely! Here’s information about the time limit for issuing a tax invoice under the GST Act of 2017 in India, along with some considerations when dealing with specific states: General Time Limits Under GST:

TAX INVOICE, CREDIT AND DEBIT NOTES

TAX INVOICE A tax invoice under the Goods and Services Tax (GST) Act, 2017 is a document mandated for every Gst act 2017 registered supplier providing goods or services or both [1]. It serves as an official record of the transaction and is crucial for both the supplier and the recipient. Here’s a breakdown of

Manner of determination of input tax credit in respect of capital goods and reversal thereof in certain cases

the Indian Goods and Services Tax (GST) system, the “Manner of determination of input tax credit in respect of capital goods and reversal thereof in certain cases” refers to a specific rule (Rule 43 of the CGST Rules) that outlines how: Here’s a breakdown of the rule: Determining ITC for Capital Goods: Reversal Calculation: The

INPUT TAX CREDIT

DOCUMENTARY REQUIREMENTS AND CONDITIONS FOR CLAIMIMG INPUT TAX CREDIT To claim ITC under GST, you must possess the following documents: In addition to possessing the above documents, you must fulfill the following conditions: EXAMPLE Claiming Input Tax Credit (ITC) under GST 2017 in India: An Example While the Goods and Services Tax (GST) is

DETERMINATION OF VALUE IN RESPECT OF CERTAIN SUPPLIES

The determination of value of supply for lottery, betting, gambling and horse racing in the context of Section 15 of the GST Act, 2017, is actually specified under Rule 31A of the CGST Rules, not directly in Section 15 itself. Here’s a breakdown of the key points: For lotteries: The value of supply for lotteries

DETERMINATION OF VALUE OF SUPPLY

Value of supply of goods or services where the consideration is not wholly in Money sec .15 The concept of “Value of supply of goods or services GST ACT2017where the consideration is not wholly in Money” is actually covered under Rule 27 of the CGST Rules, 2017. This rule outlines four potential methods to determine

COMPUTATION OF CAPITAL GAIN IN THE CASE OF NON-RESIDENT (SECTION 48)

The computation of capital gain in the case of a non-resident under Section 48 of the Income Tax Act, 1961 (the Act) is as follows: Step 1: Determine the type of capital asset Capital assets are classified into two categories: short-term capital assets and long-term capital assets. A short-term capital asset is an asset that

COST OF IMPROVEMENT IN DIFFERENT SITUATION

The cost of improvement under the Income Tax Act of India is the capital expenditure incurred by an assessee in making any addition or alteration to a capital asset. It also includes any expenditure incurred in protecting or curing the title to the capital asset. The cost of improvement is important for income tax purposes

Cost of acquisition being the fair market value as on April 1 (Section 55(2))

The cost of acquisition being the fair market value as on April 1 (Section 55(2)) of the Income Tax Act of India refers to the situation where the assessee can choose to treat the fair market value of a capital asset as on April 1, 2001 as the cost of acquisition of that asset, for

HINTS OF TAX PLANNING

Hints of tax planning under the Income Tax Act: Here are some additional hints for tax planning of the Income Tax Act: It is important to note that tax planning is a complex topic and there is no one-size-fits-all solution. The best tax planning strategy for you will depend on your individual circumstances. EXAMPLES Set

2024 June