Indirect Tax Laws - May 2024

(v) Invoice issued to Mr. Vijay for televisions mentions only his name and State. However, his complete address of Haryana is missing in the invoice. (vi) ABK Ltd. is mandatorily required to issue e-invoice. However, it did not issue e-invoice with Invoice Reference Number (IRN) although the invoice was reflected in GSTR-2B. (vii) Turnover of XYZ Ltd. for the precious financial year was ₹190 lakh. (viii) Rates of CGST, SGST and IGST are 9%, 9% and 18% respectively for both…

45,000 provided. [2,50,000 [Deemed supply x 18%] under Schedule-I of the CGST Act, 2017 even though made without any consideration. Inter- State supply since place of supply is Maharashtra (location of recipient). Further, value of supply is higher of: (i) 1% of the amount of such guarantee offered, (ii) actual consideration [Thus, value of supply is 1% of % 2.5 crores, i.e. = 2,50,000] Total output tax 45,000} 45,000; 5,13,000 Less: ITC available for (45,000) | (45,000) | (1,44,000) set…

Net output tax Nil Nil 2,97,000 payable in cash GST payable under reverse charge Tax on _— services 54,000 54,000 provided by _ the arbitral tribunal is payable under reverse charge by the recipient — of service. [Arbitral tribunal services to XYZ Ltd., a business entity with aggregate turnover exceeding the applicable threshold limit for registration [viz. % 20 lakh] in the previous financial year are liable to tax under reverse charge mechanism.] Tax on silk yarn 1,44,000 supplied by…

(iii), | Services of the 6,00,000 54,000 54,000 Arbitral Tribunal [6,00,000 | [6,00,000 availed. x 9%] x 9%] Such services are intra-State supply since place of supply is Tamil Nadu (location of recipient). Further, ITC on services used in course or furtherance of business is available.] (iv) | Raw Material 15,00,000 purchased from ABK Ltd. (ITC cannot be claimed on the einvoices without IRN since an_ e-invoice without IRN is not treated as valid document for claiming ITC.] (v) Truck…

2 (a) A banking company M/s. YVPAY Bank Ltd. is registered under GST laws and provided the following services during the month of October, 2023. Ss. Particulars Amount (2 No. (i) | Discount earned on bills discounted 6,00,000 (ii) | Interest earned on reverse repo transaction 2,00,000 (iii) | Penal interest recovered from the borrower for the 5,00,000 delay in payment of loan EMIs/Dues (iv) | Services to merchants accepting credit /debit card 6,50,000 payments using Point of Sale (POS)…