List of Forms I-55
Appendix : Text of provisions of Allied Acts referred to in Central Goods and Services Tax Act, 2017 1.197
Arrangement of Sections 2.3
DIVISION TWO 2
Validation Provisions 1.219
Guide to GST I-9
Text of the Central Goods and Services Tax Act, 2017 1.13
Text of the Integrated Goods and Services Tax Act, 2017 2.5
DIVISION ONE 1
Validation Provisions 2.35
Subject Index 1.223
Integrated Goods and Services Tax Act, 2017
Arrangement of Sections 1.3
I-5
Subject Index 2.39
Central Goods and Services Tax Act, 2017
CONTENTS PAGE
Central Goods and Services Tax (Removal of Difficulties) Order, 2020 1.195
PAGE
GST Rules and Forms
Validation Provisions 3.27
DIVISION FOUR 4
Subject Index 4.17
Union Territory Goods and Services Tax (Lakshadweep) Order, 2017 5.697
Text of the Goods and Services Tax (Compensation to States) Act, 2017 4.5
Central Goods & Services Tax Rules, 2017 5.3
Union Territory Goods and Services Tax (Chandigarh) Rules, 2017 5.685
DIVISION THREE 3
CONTENTS I-6
Subject Index 3.31
Text of the Union Territory Goods and Services Tax Act, 2017 3.5
Union Territory Goods and Services Tax Act, 2017
Integrated Goods & Services Tax Rules, 2017 5.661 Goods and Services Tax Compensation Cess Rules, 2017 5.677 Goods and Services Tax (Period of Levy and Collection of Cess) Rules, 2022 5.680A
Union Territory Goods and Services Tax (Dadra and Nagar Haveli) Rules, 2017 5.689
Arrangement of Sections 3.3
Arrangement of Sections 4.3
DIVISION FIVE 5
Union Territory Goods and Services Tax (Andaman and Nicobar Islands) Rules, 2017 5.681
Union Territory Goods and Services Tax (Daman and Diu) Rules, 2017 5.693
Goods and Services Tax (Compensation to States) Act, 2017
IGST (Rate) Notifications 6.144
LIST OF RELEVANT NOTIFICATIONS i
PAGE I-7
CONTENTS
National Anti-Profiteering Authority : Procedure and Methodology 5.753
CGST Notifications 6.3
Tribunals Reforms Act, 2021 5.757
Goods and Services Tax Settlement of Funds Rules, 2017 5.701 Goods and Services Tax Appellate Tribunal (Appointment and Conditions of Service of President and Members) Rules, 2019 5.745
Conditions of Service of Chairperson and Members of Tribunals, Appellate Tribunals and other Authorities 5.776 Tribunal (Conditions of Service) Rules, 2021 5.780
IGST Notifications 6.81
CGST (Rate) Notifications 6.98
Compensation Cess (Rate) Notifications 6.190
Central Excise (N.T.) Notification 6.202
DIVISION SIX 6 Relevant Notifications
6213.6364(1) The liability to pay tax on services shall arise at the time of supply, as determined in accordance with the provisions of this section.
CH. IV - TIME AND VALUE OF SUPPLY
For Clarification on export of services under GST, see Circular No. 78/52/2018-GST, dated
For31-12-2018.services where location of supplier or location of recipient is outside India, see Circular No. 118/37/2019-GST, dated 11-10-2019.
(b)the date of provision of service, if the invoice is not issued within the period prescribed under 65[***] section 31 or the date of receipt of payment, whichever is earlier; or
(3)In case of supplies in respect of which tax is paid or liable to be paid on reverse charge basis, the time of supply shall be the earlier of the following dates, namely:—
(ii)“the date of receipt of payment” shall be the date on which the payment is entered in the books of account of the supplier or the date on which the payment is credited to his bank account, whichever is earlier.
(c)the date on which the recipient shows the receipt of services in his books of account, in a case where the provisions of clause (a) or clause (b) do not apply:
63.For builders, time of accrual of tax liability, in case of TDR, see Notification No. 4/2018Central Tax (Rate), dated 25-1-2018, Notification No. 4/2018-Integrated Tax (Rate), dated 25-1-2018 and Notification No. 4/2018-Union Territory Tax (Rate), dated 25-1-2018.
64. See rules 34 and 47 of the CGST Rules, 2017.
1.41
Time of supply of services
Explanation.—For the purposes of clauses (a) and (b)—
65.Words “sub-section (2) of” omitted by the Central Goods and Services Tax (Amendment) Act, 2018, w.e.f. 1-2-2019.
(2) The time of supply of services shall be the earliest of the following dates, namely:—(
62.Enforced with effect from 1-7-2017.
a)the date of issue of invoice by the supplier, if the invoice is issued within the period prescribed under 65[***] section 31 or the date of receipt of payment, whichever is earlier; or
Provided that where the supplier of taxable service receives an amount upto one thousand rupees in excess of the amount indicated in the tax invoice, the time of supply to the extent of such excess amount shall, at the option of the said supplier, be the date of issue of invoice relating to such excess amount.
S. 13
.
(i)the supply shall be deemed to have been made to the extent it is covered by the invoice or, as the case may be, the payment;
For notified classes of registered persons in whose case liability shall arise on specified date, see Notification No. 6/2019-Central Tax (Rate), dated 29-3-2019, Notification No. 6/2019Integrated Tax (Rate), dated 29-3-2019 and Notification No. 6/2019-Union Territory Tax (Rate), dated 29-3-2019.
(b)the date of redemption of voucher, in all other cases.
Change in rate of tax in respect of supply of goods or services.66
(a)the date of payment as entered in the books of account of the recipient or the date on which the payment is debited in his bank account, whichever is earlier; or
(a)in case the goods or services or both have been supplied before the change in rate of tax,—
Provided that where it is not possible to determine the time of supply under clause (a) or clause (b), the time of supply shall be the date of entry in the books of account of the recipient of supply:
66. See rule 47 of CGST Rules, 2017. 67.Enforced with effect from 1-7-2017.
(ii)where the invoice has been issued prior to the change in rate of tax but payment is received after the change in rate of tax, the time of supply shall be the date of issue of invoice; or
Provided further that in case of supply by associated enterprises, where the supplier of service is located outside India, the time of supply shall be the date of entry in the books of account of the recipient of supply or the date of payment, whichever is earlier.
(4) In case of supply of vouchers by a supplier, the time of supply shall be—
(a)the date of issue of voucher, if the supply is identifiable at that point; or
(a)in a case where a periodical return has to be filed, be the date on which such return is to be filed; or
(b)in any other case, be the date on which the tax is paid.
(i)where the invoice for the same has been issued and the payment is also received after the change in rate of tax, the time of supply shall be the date of receipt of payment or the date of issue of invoice, whichever is earlier; or
(b)the date immediately following sixty days from the date of issue of invoice or any other document, by whatever name called, in lieu thereof by the supplier:
(5) Where it is not possible to determine the time of supply under the provisions of sub-section (2) or sub-section (3) or sub-section (4), the time of supply shall—
6714. Notwithstanding anything contained in section 12 or section 13, the time of supply, where there is a change in the rate of tax in respect of goods or services or both, shall be determined in the following manner, namely:—
S. 14 CENTRAL GOODS AND SERVICES TAX ACT, 2017 1.42
(6)The time of supply to the extent it relates to an addition in the value of supply by way of interest, late fee or penalty for delayed payment of any consideration shall be the date on which the supplier receives such addition in value.
Value of taxable supply.68 6915.70 (1) The value of a supply of goods or services or both shall be the transaction value, which is the price actually paid or payable for the said supply of goods or services or both where the supplier and the recipient of the supply are not related and the price is the sole consideration for the supply.
(iii)where the invoice has been issued after the change in rate of tax but the payment is received before the change in rate of tax, the time of supply shall be the date of issue of invoice:
Explanation.—For the purposes of this section, “the date of receipt of payment” shall be the date on which the payment is entered in the books of account of the supplier or the date on which the payment is credited to his bank account, whichever is earlier.
For clarification on various doubts related to treatment of sales promotion schemes under GST, see Circular No. 92/11/2019-GST, dated 7-3-2019.
(iii)where the payment has been received before the change in rate of tax, but the invoice for the same is issued after the change in rate of tax, the time of supply shall be the date of receipt of payment;
(i)where the payment is received after the change in rate of tax but the invoice has been issued prior to the change in rate of tax, the time of supply shall be the date of receipt of payment; or
(a)any taxes, duties, cesses, fees and charges levied under any law for the time being in force other than this Act, the State Goods and TIME
For clarification regarding applicability of GST on additional/penal interest, see Circular No. 102/21/2019-GST, dated 28-6-2019.
69.Enforced with effect from 1-7-2017.
(2) The value of supply shall include—
(b)in case the goods or services or both have been supplied after the change in rate of tax,—
(ii)where the invoice has been issued and payment is received before the change in rate of tax, the time of supply shall be the date of receipt of payment or date of issue of invoice, whichever is earlier; or
AND VALUE OF SUPPLY S. 15
70.For clarifications on certain issues under GST laws, see Circular No. 47/21/2018-GST, dated For8-6-2018.clarification on certain issues (sale by government departments to unregistered person; leviability of penalty under section 73(11) of the CGST Act; rate of tax in case of debit notes/ credit notes issued under section 142(2) of the CGST Act; applicability of Notification No. 50/ 2018-Central Tax; valuation methodology in case of TCS under Income-tax Act and definition of owner of goods) related to GST, see Circular No. 76/50/2018-GST, dated 31-12-2018.
68. See rules 27 to 35 of the CGST Rules, 2017.
1.43 CH. IV -
Provided that the date of receipt of payment shall be the date of credit in the bank account if such credit in the bank account is after four working days from the date of change in the rate of tax.
(d)interest or late fee or penalty for delayed payment of any consideration for any supply; and
(b)any amount that the supplier is liable to pay in relation to such supply but which has been incurred by the recipient of the supply and not included in the price actually paid or payable for the goods or services or both;
(b)after the supply has been effected, if—
(e)subsidies directly linked to the price excluding subsidies provided by the Central Government and *the State Governments.
(c)incidental expenses, including commission and packing, charged by the supplier to the recipient of a supply and any amount charged for anything done by the supplier in respect of the supply of goods or services or both at the time of, or before delivery of goods or supply of services;
(4) Where the value of the supply of goods or services or both cannot be determined under sub-section (1), the same shall be determined in such manner as may be prescribed.
(ii)input tax credit as is attributable to the discount on the basis of document issued by the supplier has been reversed by the recipient of the supply.
(5) Notwithstanding anything contained in sub-section (1) or sub-section (4), the value of such supplies as may be notified by the Government on the recommendations of the Council shall be determined in such manner as may be prescribed.
(a)before or at the time of the supply if such discount has been duly recorded in the invoice issued in respect of such supply; and
*As corrected by Act No. 23 of 2017.
Services Tax Act, the Union Territory Goods and Services Tax Act and the Goods and Services Tax (Compensation to States) Act, if charged separately by the supplier;
S. 15 CENTRAL GOODS AND SERVICES TAX ACT, 2017 1.44
(i)such discount is established in terms of an agreement entered into at or before the time of such supply and specifically linked to relevant invoices; and
Explanation.— For the purposes of this sub-section, the amount of subsidy shall be included in the value of supply of the supplier who receives the subsidy.
(3) The value of the supply shall not include any discount which is given—
(b)the term “person” also includes legal persons;
CHAPTER V
7216.73 (1) Every registered person shall, subject to such conditions and restrictions as may be prescribed and in the manner specified in section 49, be entitled to take credit of input tax charged on any supply of goods or services or both to him which are used or intended to be used in the course or furtherance of his business and the said amount shall be credited to the electronic credit ledger of such person.
(iv)any person directly or indirectly owns, controls or holds twenty-five per cent or more of the outstanding voting stock or shares of both of them;
(v)one of them directly or indirectly controls the other;
For8-6-2018.eligibility and conditions for Restriction in availment of Input Tax Credit in terms of subrule (4) of rule 36, see Circular No. 123/42/2019-GST, dated 11-11-2019.
For clarifications on certain issues under GST laws, see Circular No. 47/21/2018-GST, dated
(a)persons shall be deemed to be “related persons” if—
(ii)such persons are legally recognised partners in business;
(vi)both of them are directly or indirectly controlled by a third person;
72.Enforced with effect from 1-7-2017.
For notified classes of registered persons in whose case liability shall arise on specified date, see Notification No. 6/2019-Central Tax (Rate), dated 29-3-2019.
(vii)together they directly or indirectly control a third person; or (viii)they are members of the same family;
(iii)such persons are employer and employee;
(c)persons who are associated in the business of one another in that one is the sole agent or sole distributor or sole concessionaire, howsoever described, of the other, shall be deemed to be related.
Explanation.—For the purposes of this Act,—
(i)such persons are officers or directors of one another’s businesses;
INPUT TAX CREDIT
Eligibility and condition for taking input tax credit. 71
1.45 CH. V - INPUT TAX CREDIT S. 16
73.For notified rate of tax to be levied on specified first intra-State supplies of goods or services, see Notification No. 2/2019-Central Tax (Rate), dated 7-3-2019 and Notification No. 2/2019Union Territory Tax (Rate), dated 7-3-2019.
For eligibility & conditions for Taxing - Standard Operating Procedure (SOP) to be followed by exporters, see Circular No. 131/1/2020-GST, dated 23-1-2020.
71. See rules 36 and 37 of the CGST Rules, 2017.
74a[(ba)the details of input tax credit in respect of the said supply communicated to such registered person under section 38 has not been restricted;]
74a.Inserted by the Finance Act, 2022, with effect from a date yet to be notified.
(d)he has furnished the return under section 39:
73a[(aa)the details of the invoice or debit note referred to in clause ( a) has been furnished by the supplier in the statement of outward supplies and such details have been communicated to the recipient of such invoice or debit note in the manner specified under section 37; ]
(a)he is in possession of a tax invoice or debit note issued by a supplier registered under this Act, or such other tax paying documents as may be prescribed;
74[Explanation.—For the purposes of this clause, it shall be deemed that the registered person has received the goods or, as the case may be, services—(
i)where the goods are delivered by the supplier to a recipient or any other person on the direction of such registered person, whether acting as an agent or otherwise, before or during movement of goods, either by way of transfer of documents of title to goods or otherwise;
(c)subject to the provisions of 75[section 41 75a[***]], the tax charged in respect of such supply has been actually paid to the Government, either in cash or through utilisation of input tax credit admissible in respect of the said supply; and
(2) Notwithstanding anything contained in this section, no registered person shall be entitled to the credit of any input tax in respect of any supply of goods or services or both to him unless,—
S. 16 CENTRAL GOODS AND SERVICES TAX ACT, 2017 1.46
“Explanation.—For the purposes of this clause, it shall be deemed that the registered person has received the goods where the goods are delivered by the supplier to a recipient or any other person on the direction of such registered person, whether acting as an agent or otherwise, before or during movement of goods, either by way of transfer of documents of title to goods or otherwise;”
73a.Inserted by the Finance Act, 2021, w.e.f. 1-1-2022.
74.Substituted by the Central Goods and Services Tax (Amendment) Act, 2018, w.e.f. 1-2-2019. Prior to its substitution, Explanation read as under :
(b)he has received the goods or services or both.
(ii)where the services are provided by the supplier to any person on the direction of and on account of such registered person.]
75.Substituted for “section 41” by the Central Goods and Services Tax (Amendment) Act, 2018, with effect from a date yet to be notified.
75a.Words “or section 43A” omitted by the Finance Act, 2022, with effect from a date yet to be notified.
75b.Substituted for “due date of furnishing of the return under section 39 for the month of September” by the Finance Act, 2022, with effect from a date yet to be notified.
Provided that where the goods against an invoice are received in lots or instalments, the registered person shall be entitled to take credit upon receipt of the last lot or instalment:
1.47 CH. V - INPUT TAX CREDIT S. 17
Apportionment of credit and blocked credits. 77
78.Enforced with effect from 1-7-2017.
75c.Words “invoice relating to such” omitted by the Finance Act, 2020, w.e.f. 1-1-2021.
(4) A registered person shall not be entitled to take input tax credit in respect of any invoice or debit note for supply of goods or services or both after the 75b[thirtieth day of November] following the end of financial year to which such invoice or 75c[***] debit note pertains or furnishing of the relevant annual return, whichever is earlier:
Provided further that where a recipient fails to pay to the supplier of goods or services or both, other than the supplies on which tax is payable on reverse charge basis, the amount towards the value of supply along with tax payable thereon within a period of one hundred and eighty days from the date of issue of invoice by the supplier, an amount equal to the input tax credit availed by the recipient shall be added to his output tax liability, along with interest thereon, in such manner as may be prescribed:
7817.79 (1) Where the goods or services or both are used by the registered person partly for the purpose of any business and partly for other
79.For clarification on various doubts related to treatment of sales promotion schemes under GST, see Circular No. 92/11/2019-GST, dated 7-3-2019.
77. See rules 38, 42 and 43 of the CGST Rules, 2017. See also Circular No. 92/11/2019-GST, dated 7-3-2019 [Treatment of sales promotion schemes].
76.Inserted by the Central Goods and Services Tax (Second Removal of Difficulties) Order, 2018, w.e.f. 31-12-2018.
(3) Where the registered person has claimed depreciation on the tax component of the cost of capital goods and plant and machinery under the provisions of the Income-tax Act, 1961 (43 of 1961), the input tax credit on the said tax component shall not be allowed.
76[Provided that the registered person shall be entitled to take input tax credit after the due date of furnishing of the return under section 39 for the month of September, 2018 till the due date of furnishing of the return under the said section for the month of March, 2019 in respect of any invoice or invoice relating to such debit note for supply of goods or services or both made during the financial year 2017-18, the details of which have been uploaded by the supplier under sub-section (1) of section 37 till the due date for furnishing the details under sub-section (1) of said section for the month of March, 2019.]
Provided also that the recipient shall be entitled to avail of the credit of input tax on payment made by him of the amount towards the value of supply of goods or services or both along with tax payable thereon.
Rs. : 1995 | AUTHOR : Taxmann PUBLISHER : TAXMANN DATE OF PUBLICATION : August 2022 EDITION : 12th Edition ISBN NO : 9789356223387 NO. OF PAGES : 1420 BINDING TYPE : PAPERBACK GST Acts with Rules/Forms & Notifications ORDER NOW Description USD : 60 This book contains Amended, Updated & Annotated text of the following GST Act(s), GST Rules & GST Notifications.: Central Goods & Services Tax (CGST) CGSTNotificationsRulesAct(Rate) Notifications Integrated Goods & Services Tax (IGST) IGSTNotificationsRulesAct(Rate)Notifications Union Territories Goods & Services Tax (UTGST) 5+ActRules Goods & Services Tax (Compensation to States) GoodsAct & Services Tax Compensation Cess Rules Compensation Cess (Rate) Notifications 5+ Other Rules What sets it apart is the Annotation under each Section, which shows: Relevant Rules framed under the relevant Section Reference to Relevant Forms prescribed (with Action Points) Reference to Relevant Notifications & Circulars Date of enforcement of provisions Allied Laws referred to in the Section
