GST Blog

GST - Valuation of supply

By J.Prem Bashani, founder @psquarewisdoms

Valuation is the measure of the goods and services supplied during the course of trade for the purpose of computing taxes. Under GST regime, goods and services are levied @ advalorem rates of taxes. Meaning, a percentage of the value of the goods and services is levied as taxes. Therefore, the burden of determining the value of the goods and services supplied, assumes significance. That makes valuation the second important area of disagreement between the trade and the department, after classification, in the determination and assessment of the tax dues.

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Registration under GST

By J.Prem Bashani, Founder @psquarewisdoms

Registration is the first obligation of tax payers under the GST law. We are aware that GST is an indirect taxation.  As such, GST laws do not expect the tax payers to pay the taxes from their resources. Instead, they obligate the tax payer assesses to collect the taxes from their buyers and pay to the government. Tax payers are those that are liable to pay taxes under the GST laws. The first process of the tax payer under the GST law to fulfil this obligation is called Registration. 

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Goods and Services Tax - Genesis

By J.Prem Bashani, Founder @psquarewisdoms

The passing of The Constitution (One Hundred and First Amendment) Act, 2016 (Levy of GST) by the Parliament on the 8th of September, 2016 is a historic event in the tax administration of India. The collective political will of the legislators in arriving at a consensus to bringing in the constitutional amendment bill is to be lauded. The Nation owes gratitude to the states for their collective wisdom of surrendering this vital authority to the centre for the sake of National good.

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