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Under GST, the existing system of levy of tax on manufacture, provision of taxable services, and sale of goods will be replaced by the concept of ‘SUPPLY’. Therefore, the taxable event under GST is the ‘Supply’ of Goods or Services.

Further under ‘Supply’ there are three important concepts:

  • Place of supply of Goods/Services
  • Time of Supply of Goods/Services
  • Value of Supply of Goods/Service

time of supply

 

These three define the incidence of taxability, i.e whether tax will be levied or not, tax type to be levied i.e SGST, CGST & IGST, value of taxable supply of goods/services etc.

Place of Supply of Goods/Services

It is very important to understand the term ‘place of supply’ for determining the right charge of tax on ‘supply’. The model GST Law lays down the criteria to determine the place of supply. Based on these criteria, you can treat the supply of goods or services as either Intra-State (within the State) or Inter-State (Outside the State).

Time of Supply

Time of supply means the point in time when goods/services are deemed to be supplied/rendered. It enables us to determine the rate of tax, value, and due dates for payment of taxes.

The liability to pay CGST / SGST will arise at the time of supply as determined for goods and services. There are separate provisions for time of supply for goods and time of supply for services.

Value of Supply

Valuation primarily revolves around determination of value of supply of goods and/or services on which tax is to be levied. In general, the transaction value is taken as value of supply.

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  1. Read our analysis on valuation of supply rule in the case of services to a pure agent under the new Goods and Services Tax Law.
  2. E-way bill rules for Transporter. Mandatory documents to carry with consignment. Rules of vehicle stoppage and document verification during journey.
  3. Here we will discuss the valuation of supplies from specific businesses notified under GST, which differ from the set rules. Read more to understand.
  4. If the value of supply of goods and/or services cannot be determined from the cost method of valuation, the residual method can be used. Read here understand.
  5. Valuation rule for supply states, In case a supplier is not able to determine the value for GST in open market terms, he can refer to cost method. Read On
  6. GUIDE to E-way bill Rules under GST. Understand Who has to generate e-way bill. How to generate e-way bill. Validity of e-way bill.
  7. Any supply from a principal to an agent or vice versa is chargeable to GST. This rule will help determine the correct value of supply. Read more here
  8. There are distinct rules for valuating supply of goods and services between related person under the GST Law. Read on for more details.
  9. Under the GST Law, if the consideration of supply is partially in money and partially otherwise, GST valuation rule needs to be followed. Read more here
  10. GST Valuation Rules have recently been introduced. Every supply under the GST law has to be valued on the basis of these rules. Read here to know more.
  11. Last updated on 21st March, 2017. This article will help you in determining the place of supply in case of supply of services.
  12. Under GST, 'Place Of Supply' defines whether the transaction will be counted as intra-state or inter-state and are accordingly SGST, CGST & IGST are levied.
  13. How discounts will impact valuation of supply under GST. Which discounts will be allowed as deduction? Read to find out more.
  14. One of the most important question is what is valuation of supply under GST? What will be included in the value of taxable supply on which GST is calculated?
  15. Under GST, 'Place Of Supply' defines whether the transaction will be counted as intra-state or inter-state and are accordingly SGST, CGST & IGST are levied.
  16. Under GST the point of taxation ,ie., the liability to pay GST will arise at the time of supply as determined for goods and services.
  17. Under GST the point of taxation ,ie., the liability to pay GST will arise at the time of supply as determined for goods and services.