CMA Seemant Gupta- Cost and Management Accountant

Need for Determination of Place of Supply GST is destination based tax i.e., consumption tax, which means tax will be levied where goods and services are consumed and will accrue to that state. So, the state where they are consumed will have the right to collect GST. This, in turn, makes the concept of place of supply crucial under GST as all the provisions of GST revolves around it. The reasons why an accurate determination of place of Supply is important for business What is Place of Supply in GST Place of supply is that place for determining the right GST to be charged on Invoice like IGST or CGST and SGST/UTGST to be charge Types of Place of Supply 1) Place of Supply of Goods u/s 10 of IGST Act, 2017 2) Place of Supply of Goods imported into or exported from India  u/s 11 of IGST Act, 2017 3) Place of Supply of Services u/s 12 of IGST Act, 2017 Place of Suppy of Goods u/s 10 of IGST Act, 2017 Location of the goods at the time at which the movement...

E-Ledgers under GST Law Types of E-Ledger under GST 1. Electronic Cash Ledger u/s 49(1) of CGST Act, 2017 Every deposit made towards tax, interest, penalty, fee or any other amount by a person by internet banking or by using credit or debit cards or National Electronic Fund Transfer or Real Time Gross Settlement or by such other mode and subject to such conditions and restrictions as may be prescribed, shall be credited to the electronic cash ledger of such person to be maintained in such manner as may be prescribed. In other words Electronic Cash Ledger provides a summary of all your GST payments (GST Challan) It reflects the cash available to pay off your GST tax liability.  2. Electronic Credit Ledger u/s 49(2) of CGST Act, 2017  Input tax credit (ITC) as self-assessed in the return of a registered person shall be credited to his electronic credit ledger, in accordance with section 41, to be maintained in such manner as may be prescribe...