Under GST, the concept of "supply" will replace the existing/ previous system of levy of tax on sale of goods, provision of taxable services and manufacture. Hence, supply of goods and services is the taxable event and defines categories for taxable person under GST.
Further at loanbaba, we explain the three important concepts under 'supply':
The incidence of taxability based on time, place and supply of GST, is defined by these three concepts which include there is need of levy of tax or not, if yes then which type of tax needs to be levied i.e. SGST, CGST, IGST, etc, and value of the goods and services taxable.
In order to determine the appropriate charge of tax, it is very important to understand this concept and loanbaba.com tells you about the necessary. For this, criteria is laid down by the model GST law, on the lights of which one can determine if the goods/ services are treated to be supplied intra state or inter-state i.e. within the state or outside the state respectively.
The point of time in which the goods and services are deemed to be rendered or supplied is termed as time of supply in this context. This time actually enables one to arrive at the rate, value of the tax and also the due dates for the payment of such taxes. The liability for payment of CGST and SGST arises at the time of supply of goods and services however there are separate provisions for the time of supply of goods and services.
However in general, the GST, India transaction value is considered to be the value of supply but most of the times valuation is conducted which basically is done in order to arrive at the value of supply of goods and services.
Subscribe To Our Newsletter To Be Updated Of
The Latest News. We Promise Not To Spam!