EFFECTIVE TIME OF SUPPLY UNDER GOODS AND SERVICE TAX ACT

Authors

  • Shilpa Bordia Shah Research Scholar, Pacific University, Udaipur

Keywords:

Payment Received, (i.e. the date on which payment received in bank or the entry passed in the account), Place of supply, Dealer/ Seller, Purchaser/consumer, GST (i.e. goods and Service tax), RCM (Reverse Charge Mechanism)

Abstract

Time play most important role in any type of tax applicability in the case of services or in the case of goods too. On the basis of time the person is able to determine the tax liabilities of the specified transaction. When the time or date specify in relation of the goods or services supply then after the taxability will be determine whether it is related to direct tax or related to indirect tax or what is the time of supply for the specified transaction. Goods and service tax is an Indirect tax and in Goods and service tax act time of supply also play the most important role to determine the tax liabilities

As per the time and date of supply taxability will be determine under the goods and service tax act, means tax under SGST or tax under CGST or tax under IGST and its also depend upon the category of goods too. But the time of supply is also play the most important role for determination the taxability of the transaction whether it is related to goods or it is related to services. In respect of goods and service tax act there are two types of classification for tax liabilities i.e. one is for Goods (means Sale and Purchase transaction) and the second is for Services.

References

Business standards.com

Illustrated Guide to Goods and service tax by CA Rajat Mohan published by D.C. Puliani for Bharat Law house Pvt. Ltd. at New Delhi and the first addition of the book was in 2010.

www.wikipedia.org

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Research paper of Goods and service tax : The Introduction process G Raghuram professor Indian Institute of Management, Ahmedabad in IIMA India W.P.No. 2015-03-01Research paper of G Raghuram W.P.No. 2015-03-01

Introduction to Indian GST (Goods and Service Tax) by rakesk garg,FCA published by Versatile publishers at New Delhi and the first additon of the book was in 2009.

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www.grantthornton.in/

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www.gstindia.com

Additional Files

Published

15-08-2017

How to Cite

Shilpa Bordia Shah. (2017). EFFECTIVE TIME OF SUPPLY UNDER GOODS AND SERVICE TAX ACT. International Education and Research Journal (IERJ), 3(8). Retrieved from https://ierj.in/journal/index.php/ierj/article/view/1299