Taxmann's GST & Customs Law | TEXTBOOK

About the Author

Preface to Tenth Edition

It gives me immense pleasure to place before esteemed readers, the tenth edition of my book “GST & Customs Law”. The book is designed as per B. Com. (Hons.) syllabus of Delhi University and equivalent courses of other universities. After the roll out of GST in India with effect from 1st July, 2017, there have been many changes in the GST laws. July 1, 2023 marked the completion of six years of this India’s ambitious law. Till date, the GST Council held 50 meetings to discuss the anomalies, approval of amendments, budget proposals and other practical issues in the implementation of GST laws. The latest GST Council’s 50th meeting was held on 11th July, 2023 at Vigyan Bhawan, New Delhi.

The Finance Act, 2023 has amended and substituted many sections of CGST Act. But, most of these shall come into force on such date as the Central Government may appoint, by notification in the Official Gazette.

I am thankful to dear students who have shared their problems with me through E-mail, which really helped me towards making the book more student-friendly.

My thanks are due to the publishers and the editorial team of Taxmann publications with special thanks to Mr. Mitra Pal Yadav and Mr. Sumit Dwivedi.

I am grateful to CA Raj Chawla, member-Central Council (ICAI) for disseminating the practical aspects of the law. I am also thankful to my wife. My apologies are due to my lovely kids “Vatsla and Varad” as I have spent their ‘precious time of togetherness’ in writing this book, which cannot be compensated.

I am thankful for the comments and suggestions made by the colleagues from Delhi University and other professional institutes for the improvement of the book. Further comments and suggestions for improving the quality of the book are welcome and will be gratefully acknowledged. In case of any query, I may be reached through e-mail given below.

Dated:

CA. (Dr.) K.M. Bansal 31st July, 2023kmbansaldu@gmail.com

Syllabus

COURSE OBJECTIVE

Course Learning Outcomes

COURSE CONTENTS

Unit 1: Introduction -

Unit 2: Levy and collection of GST

Unit 3: Input Tax Credit

Unit 4: Procedures and Special Provisions under GST

Unit 5: Customs Law

Note:

COURSE CONTENTS

Unit I: Introduction -

Unit II: Levy and collection of GST

Unit III: Input Tax Credit

Unit IV: Procedures and Special Provisions under GST

Unit V: Customs Law

Note:

Abbreviations used in the book

LEARNING OBJECTIVES

After studying this chapter, you shall be able to understand the following:-

8.1 INTRODUCTION

8.2 MEANING OF TIME OF SUPPLY

8.3 KEY CONCEPTS FOR UNDERSTANDING TIME OF SUPPLY (TOS)

8.3.1 Meaning of Supplier [Section 2(105)]

8.3.2 Meaning of Recipient [Section 2(93)]

8.3.3 Forward and Reverse Charge (It has been discussed in detail in Chapter 13)

8.3.4 Time Limit for issue of Invoice for supply of Goods

before or at the time of removal

before or at the time of issuance of periodical on approval for sale or return before or at the time of supply or 6 months

continuous supply of goods

(You may refer Chapter 14 for detailed provisions in this regard.)

8.3.5 Time Limit for issue of Invoice for supply of Services

(1) before the provision of service or within 30 days 45 days

(2) cessation of supply of services before completion of supplywhen the supply ceases

(3) continuous supply of services

(4) -

(The Chapter 14 contains the detailed provisions in this regard.)

8.3.6 Date of Receipt of Payment

Explanation 2

earlier of the following

8.3.7 Date of Payment

earlier of the following

8.3.8 Vouchers

As per section 2(118), Voucher means

(a) Where supply is identifiable against the Voucher:

Example 8.2:

Example 8.3:

(b) Where supply is NOT identifiable against the Voucher:

Example 8.4:

(The rules regarding TOS in case of Vouchers have been discussed under Paras 8.12 and 8.15 of the chapter.)

8.4 TIME OF SUPPLY OF GOODS [SECTION 12]

8.4.1 TOS for Supply of Goods (Forward Charge)[Section 12(2)] earlier

(The determination of last date for issue of invoice and determination of date of payment have been discussed in Para 8.3.4 and Para 8.3.6 of the same chapter)

Notification No. 66/2017 - Central Tax, dated 15th November, 2017

Vide

ANALYSIS OF SECTION 12(2) READ WITH ABOVE NOTIFICATION

Example 8.5: i

Solution

Case I 17th January, 2023

Case I 25th January, 2023

(a) actual invoice

(b)

(c) Time of Supply 17-1-202318-1-2023

Example 8.6 [Forward Charge where supply involves movement of goods]

CaseDate of Removal of goods

Date of issue of invoice by the supplier

Date when goods made available to the recipient

Date of receipt of payment by the supplier

Solution:

c

Case-1Case-2Case-3

Not RelevantNot RelevantNot Relevant

Time of supply (Earliest)15-1-202316-1-202325-1-2023

Example 8.7 [Forward Charge where supply DOES NOT involve movement of goods]

CaseDate of issue of invoice by the supplier

Solution:

Date when goods made available to the recipient

Date of receipt of payment by the supplier

c Not RelevantNot RelevantNot Relevant Time of supply (Earliest)2-1-20233-1-20232-1-2023

Determination of Time of Supply in case of Sale on Approval basis:

Example 8.8 [TOS in case of supply of goods on approval basis]

CaseDate of Removal of goodsDate when goods are accepted by the recipient

Date of receipt of payment by the supplier

Solution:

Case-1Case-2 a b

Time of supply (Earliest)14-2-20233-7-2023

Time of Supply in case of Excess Payment [option in case of advance up to ` 1,000] ` Example 8.9: [Time of Supply of Excess Amount]

, Mohan will adjust the excess amount against the next supply.

but at the option of supplier

Relevance of option Regarding Excess Payment

If a person is covered under Composition Scheme: -

Other Case (i.e. not covered by Composition Scheme): this provision is practically irrelevant

8.4.2 TOS for Receipt of goods that is taxable under Reverse Charge [Section 12(3)]

earliest of the following dates

a receipt of the goods

b entered in the books recipient debited bank earlier

c immediately following 30 days -

For example

If above does not work

date of entry in the books of account of the recipient of supply.

Example 8.10:

Event Date

(i.e. the 31st day from the date of issuance of invoice by supplier)

Point of Supply (Earliest)12-1-2023

Example 8.11 Event Date

(i.e. the 31st day from the date of issuance of invoice by supplier)

Point of Supply (Earliest)10-2-2023

Example 8.12 [TOS in case of supply of goods under Reverse Charge Basis]

CaseDate of issue of invoice by the supplier

Date of receipt of goods by the recipient

Date of payment in the books of recipient

Date when payment is debited in Bank Account of Recipient

Solution: ParticularsCase-1Case-2Case-3Case-4

Time of Supply as per section

8.4.3 TOS for Supply of Vouchers [Section 12(4)]

ClauseCaseTime of Supply

a identifiable date of issuance

b not identifiable date of redemption

Example 8.13:

8.4.4 TOS for Residual Cases [Section 12(5)]

ClauseCaseTime of Supply

8.4.5 TOS in relation to value of Supply by way of Interest, etc. [Section 12(6)]

date on which the supplier receives such addition in value.

Example 8.14:

GST & CUSTOMS LAW

AUTHOR : K.M. BANSAL

PUBLISHER : TAXMANN

DATE OF PUBLICATION : AUGUST 2023

EDITION : 10TH EDITION

ISBN NO : 9789357783149

NO. OF PAGES : 642

BINDING TYPE : PAPERBACK

Description

Taxmann’s flagship publication on GST & Customs Law aims to fulfil the requirement of students of undergraduate courses in commerce and management, particularly the following:

 Choice-Based Credit System

n B.Com. (Hons.) Semester VI: Paper BCH 6.2: Goods and Services Tax (GST) and Customs Law

n B.Com. Semester V: Paper BC 5.2(b): Goods & Services Tax (GST) and Customs Law

 Non-Collegiate Women’s Education Board

 School of Open Learning of the University of Delhi

 Various Central Universities throughout India.

This book aims to minimize the need to consult multiple books while preparing for the exam and give the students a step-by-step guide for learning the subject.

This book is written in simple language, explaining the provision of the law in a step-by-step manner with the help of suitable illustrations, without resorting to paraphrasing of sections and legal jargons. This book helps bridge the gap between theory and application of the subject matter.

This book is an authentic, up-to-date & amended textbook on GST & Customs Law. The Present Publication is the 10 th  Edition & amended till 30 th June 2023. It is authored by CA (Dr) K.M. Bansal, with the following noteworthy features:

 [ Most Updated & Amended ] This book incorporates all the updates & amendments under GST vide the Finance Act 2022 & notifications issued by CBIC till 30 th June 2023

 [ Self-Learning/Practice Book ] Features teach yourself technique enabling students to learn faster

 [ Systematic & Sequential Approach ] is followed in all the topics

 [ Each Paragraph Starts with an Introduction ] which aims to set the objective and focus of students regarding the content that will follow

 [ Each Chapter Contains a Complete Explanation ] of the topic with suitable examples followed by  graded illustrations  and  questions for practice

 [ Question of Recent Delhi University Examinations; Chapter-wise ] have been incorporated in the book:

 [ Student-Oriented Book ] This book has been developed keeping in mind the following factors:

n Interaction of the author/teacher with their students in the classroom

n Shaped by the author/teacher’s experience of teaching the subject matter at different levels

n Reactions and responses of students have also been incorporated at different places in the book

 [ Follows Six-Sigma Approach ] to achieve the benchmark of ‘Zero-Error’

Rs. 895 | USD 45