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GST Impact on Professionals (CA CS CMA)

Goods and Services Tax - GST - By: - Saurabh Singhal - Dated:- 16-6-2016 - Taxable Event - Supply The taxable event for levy of GST shall be supply of goods and/ or services. The term supply is defined inclusively to cover general supply and deemed supply. General supply includes all forms of supply of goods and/or services such as sale, transfer, barter, exchange, license, rental, lease or disposal made for a consideration. Deemed supply includes specified transactions made without consideratio .....

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e. Location of supplier is generally the registered place of business. Place of Supply of services generally is the location of service receiver. Impact Accordingly, if service provider and service receiver are located within a state, the same will be Intra-state supply liable to CGST/SGST. However, if service receiver is located in a different state, the transaction will be Inter-state supply liable to IGST. Time of Supply and Valuation The provisions relating to time of supply and valuation ar .....

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and who is liable to be registered. Person is liable to be registered in the State from where supplies are made. Impact Tax is to be deposited in the State from where supply is made by the supplier. There are no clear provisions to determine the place from where supplied are made. Registration Every office of chartered in different state has to take separate registration. There is no concept of centralized registration as of now. Existing taxpayers will be granted registration on provisional bas .....

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