All Types of Taxation Notes 666

Electronic-Waybill, (E-Way bill) Means -                                                                                                        Transportation through GTA , Transportation through other than GTA, Age of E-Way Bill Number, One movement to another Movement, Combined E way charge, Raise of E Waybill through Carrier, Subtleties imported in GSTR-1, Legitimacy of E-Way   Bill  charge, Data transferred in the Gateway, Considered acknowledgment, Necessity of E-Way Bill is loosened up in the accompanying Conditions, Stockpiling of products at Premises of Carrier (Roundabout No. 61/35/2018) , Confirmation of records and transports [Rule 138B] , Review and check of products [Rule 138C] , Office for transferrin...

                                  Debit Note and Credit Note A. CREDIT NOTE UNDER SECTION 34(1) An enlisted provider of labor and products or both is obligatorily expected to give a duty receipt. In any case, over the span of exchange or business, after the receipt has been given there could be circumstances might emerge like: - the available worth or duty charged in that expense receipt is found to surpass the available worth or assessment payable in regard of such stock (Where Pronounced Worth more than Genuine Worth)/(Pace of duty charged higher than rate material) or the enrolled individual, who has provided such labor and products or both, may issue to the beneficiary a credit note containing such specifics as might be endorsed. When the credit note has been given, the assessment risk of the provider will decrease. B.  CREDIT NOTE UNDER SECTION 34(2) Any enlisted individual who gives a credit...

          RCM FULL FORM- REVERSE CHARGE MACHANISM Introduction to Reverse Charge Mechanism The idea of Opposite Reverse Charge System was presented in recent Assistance Expense regulations. For the most part, Reverse charge is payable by the individual who offers types of assistance yet under Invert Reverse Charge Instrument the obligation to pay Reverse charge has moved to beneficiary of administrations. The idea of Converse Reverse Charge System is consolidated ( समेकित)  under GST, however in GST system Government has advised supply of specific  administrations (विशिष्ट प्रशासन)  as well as supply of specific products under RCM. The target of Opposite Reverse Charge System is to broaden the extent of duty of assessment on chaotic areas and give exclusion to explicit class of provider of products/administrations and import of administrations. I n the multifaceted trap of assessment guidelines (मूल्यांकन दिशानिर्देशों का बहुआयामी जाल) , one te...

ITC in respect of goods that are disposed of by way of gift or free samples is not available. Also, ITC is blocked on lost goods, stolen goods, destroyed goods and goods that are written off. This is because principally, ITC is available only for payment of tax on output supply.  If no tax is payable on output supply, ITC on inputs/input services/capital goods relating to such output supply is not eligible. Hence, ITC on gifts and free samples is blocked as no tax is payable on its outward supply. In case of lost/destroyed/stolen written off goods also, ITC is not available as these goods cannot be said to have been used for making a taxable supply. Input Tax Credit is a law which is helping businesses grow-ITC of tax paid on almost every input , input services or capital goods used for supply of taxable goods and/or services is allowed under GST except a small list of items provided u/s 17(5).   Thus, ITC on such items is not allowed even though the same may qualify as input...