Some Tax Planning Ideas in GSTCA. R. Muralidharan

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The Tax Publishers GST--Tax Planning Some Tax Planning Ideas in GST CA. R. Muralidharan GST has well defined Laws and Rules. However, an assessee can minimize his tax burden once he knows the exemptions/concessions given in it. A few of these exemptions/concessions are discussed by the Author in this Article. 1. Advance received for supply Advance received against supply of goods will not attract GST whereas advance received for services will attract GST. [Notification No. 66/2017/CT, dt. 15-11-2017]. Hence, when a person is doing both supply and services has to treat any Advance received as Advance against goods first. 2. GTA Services If GTA Charges 12% on hire charges, it can take ITC but not when it charges 5% but in both cases, the recipient can take ITC. (non-RCM Cases) This was the situation upto 17.7.2022. From 18.7.2022 as per Notification 3/2022/13.7.2022, the situation looks like this : SUBSCRIBE FOR FULL CONTENT

The Tax Publishers

GST--Tax Planning

Some Tax Planning Ideas in GST

CA. R. Muralidharan

GST has well defined Laws and Rules. However, an assessee can minimize his tax burden once he knows the exemptions/concessions given in it. A few of these exemptions/concessions are discussed by the Author in this Article.

1. Advance received for supply

Advance received against supply of goods will not attract GST whereas advance received for services will attract GST. [Notification No. 66/2017/CT, dt. 15-11-2017].

Hence, when a person is doing both supply and services has to treat any Advance received as Advance against goods first.

2. GTA Services

If GTA Charges 12% on hire charges, it can take ITC but not when it charges 5% but in both cases, the recipient can take ITC. (non-RCM Cases)

This was the situation upto 17.7.2022. From 18.7.2022 as per Notification 3/2022/13.7.2022, the situation looks like this :