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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 s .....

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n. Impact Supply of services by CA, CS and CMA for a consideration shall be leviable to GST. Nature of Supply - Inter-state vs. Intra-state supplies Central GST (CGST) and State GST (SGST) will be leviable on intra-State supplies and Integrated GST ( .....

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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 b .....

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e more or less on the same lines as existing in the current service tax regime. Impact Accordingly, time of supply of services shall be date of invoice or date of receipt of payment, whichever is earlier. In case invoice is not issued within prescrib .....

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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 plac .....

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is valid for 6 months. Input Tax Credit Input Tax Credit (ITC) is available in respect of inputs, capital goods and input services. There is a negative list of items on which no ITC is available. ITC is available only on provisional basis until the s .....

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ITC shall be reversed with interest. Interest is from the date of wrong availment or utilization. Returns Professionals like CA, CS and CMA are liable to file GSTR 1 (Statement of outward supplies), GSTR 2 (Statement of inward supplies), GSTR 3 (Sta .....

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