GST Taxation

“Goods” refers to any type of movable property, excluding actionable claims and money, but includes securities, growing crops, grass, and items attached to or forming part of the land that are agreed to be severed before supply or under the contract of supply

Administrations” Mean Something Besides Merchandise.
Taxation Rule

GST will adhere to the destination principle, meaning that the impact of GST will fall on the individual ultimately consuming the product. Similarly, tax revenue in the case of SGST will accrue to the State where the imported goods and services are consumed.

Under the destination principle, the tax base will shift from production to consumption. Imports will be subject to both CGST and SGST, while exports should be relieved from the burden of GST through zero rating. Consequently, revenue will accrue to the State in which the consumption occurs or is deemed to occur.

Time Of Supply

1. The date on which the goods/services are removed or the date on which the goods are made available to the recipient.
2. The date on which the supplier issues the invoice.
3. The date on which the supplier receives the payment.
4. The date on which the recipient records the receipt of the goods/services in their books of record.

Tax Payment

1. Through debit of credit balance of taxpayer maintained on common portal. However, interest, penalty, and fees cannot be paid through the credit balance.
2. In cash through cash ledger of the taxpayer maintained on the common portal. Cash can be deposited in the cash ledger by e-payment (internet banking, credit card, debit card), RTGS, NEFT, over the counter payment in branches of banks authorized to accept deposit of GST.
3. The last date of payment of tax is the 20th day of the succeeding month, and for the month of March, the date of payment is the 20th of April. For composition taxpayers, the last date of payment of tax is the 20th of the month succeeding the quarter. Payment timing is from 12 am to 8 pm.

Tax Deduction at Source (TDS):

1. Government entities, government undertakings, and other notified entities making contractual payments exceeding Rs. 10 lakh to suppliers must deduct 1% of the total amount payable at the time of payment.
2. TDS deducted will be reflected in the electronic cash ledger of the supplier.
3. TDS deductor must remit the TDS collected by the 10th day of the month succeeding the month in which TDS was collected and report it in GSTR 7.
4. TDS deductor must issue TDS certificate within 5 days of deduction, failing which a late fee of Rs. 100 per day up to a maximum of Rs. 5000 will be payable by the deductor.

Tax Collection at Source (TCS):

1. Every e-commerce operator must withhold a certain percentage of the amount due to the supplier. The withheld amount must be deposited by the 10th of the following month.

Taxpayers are required to pre-register their credit card, from which the tax payment is scheduled, with the Common Portal maintained on GSTN.

Imports under GST:

1. Additional Duty of Excise or CVD and Special Additional Duty or SAD currently imposed on imports will be subsumed under GST.
2. IGST will be levied on all imports into the territory of India. States where imported goods are consumed will gain their share from the IGST paid on imported goods.