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TMI BlogINTRODUCTIONX X X X Extracts X X X X X X X X Extracts X X X X ..... position levy 6 Rule 4 Effective date for Composition levy 7 Rule 5 Conditions and restrictions for Composition levy 8 Rule 6 Validity of Composition levy 9 Rule 7 Rate of tax of the Composition levy 10 Section 11& 11A Power of Government to exempt 11 Section 12 Time of Supply of goods 12 Section 13 Time of Supply of services 13 Section 15 Valuation of supply of goods and services 14 Rule 27 Value of supply of goods where the consideration is not wholly in money 15 Rule 28 Valuation of supply between related and distinct persons 16 Rule 29 Value of supply of goods made or received through an agent 17 Rule 30 Valuation of supply on cost basis 18 Rule 31 Residual method of valuation 19 Rule 31A Value ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... registration for multiple places of business within a State or Union Territory 44 Section 17 Apportionment of credit and blocked credits 45 Rule 42 Manner of determination of input tax credit in respect of inputs and input services and reversal thereof 46 Rule 43 Manner of determination of input tax credit in respect of capital goods and reversal thereof 47 Section 18 Availability of credit in special circumstances 48 Rule 44 Manner of reversal of credit under special circumstances 49 Rule 44A Manner of reversal of credit of Additional duty of Customs in respect of Gold dore bar 50 Section 19 Taking input tax credit in respect of inputs and capital goods sent for job work 51 Rule 45 Conditions and restrictions in re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mation.cbic.gov.in page. On clicking GST option on the menu bar, 'Information-GST' page will appear, below which the option of Act, Rules, Forms, Notification, etc. is provided. The required page of the relevant Provision/Forms/Circular/Notification can be seen by clicking the appropriate option. 1.4 Goods and Services Tax (hereinafter referred to as "GST"), introduced in India with effect from 01.07.2017, is a comprehensive destination based indirect Value Added Tax on supply of goods as well as services. 1.5 Prior to introduction of GST, both Centre and States were empowered to impose indirect taxes on goods. Centre was imposing Central Excise duty on manufacture of goods and States were imposing Sales tax/VAT on sale of goods. Besides ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... entical. (c) Common Compliance Mechanism: GSTN, promoted jointly by the Central and State Governments, is the common compliance portal for GST. 1.9 The aim of GST was tax integration, tax simplification, promotion of Ease of Doing Business and to instill the feeling of 'One nation, One tax'. 1.10 A new Article 279A was inserted in the Constitution of India, which prescribes constitution of a 'GST Council' for making recommendations on the governance of entire law relating to GST Act. 1.11 Broad meaning of the terms used frequently in this Manual is as under - * 'Central Tax' means tax levied under the CGST Act, 2017. * 'State Tax' means tax levied under the SGST Act, 2017. * 'Integrated Tax' means tax levied under the IGST Act, 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xed supply' means two or more individual supplies of goods or services or any combination thereof, made in conjunction with each other for a single price. * 'Output tax' means the tax chargeable on taxable supply of goods and/or services. Output tax does not include the tax payable under Reverse Charge basis. * 'Outward supply' means supply of goods and/or services by way of sale, transfer, barter, exchange, licence, rental, lease or disposal or any other mode, made or agreed to be made by a person in the course of furtherance of business. * 'Recipient' of supply of goods and/or services means the person who is liable to pay consideration or the person to whom the goods are delivered or to whom the possession or use of the goods is gi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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