CA INTERMEDIATE GST EXPRESS (hart Fwk FOR QUICK REVISION ON Toe eg May 2024 Ca) [arteGST Express Chart Book on GOODS AND SERVICES TAX For CA Intermediate - May 24 / Noy. 24 Authored by CA. Yashvant Mangal (FCA, CS, B.Com.) Copyright © Author -CA, Yashvant Mangal [Al Rights Reserved] Price : Rs. 199/- (No Discount Edition) All disputes are subject to Udaipur jurisdiction only, a GOS i “Me “Talent wins Sames, but teamwork and > M 4 * intelligence win Championships” BON: My heartful thanks to my intelligent and dedicated team — Ashutosh Gandhi, CA. Sakshi Mor Dharmesh Paneri, Kavita Sahu, Kartik Sahu, Yuvraj Singh, Neetu Menaria, Ram, Isha, Depti, B L Kumhar and Lala Jat. Suraj Singh Rathore,'!! Jai Mata Di!! 66 My Special Thanks to Ankita Mangal CA. Rohit Mangal And All my Friends 99 ON; Ben 4 ® With Love HS This Book is dedicated to my Son “Yedhant Mangal” Who boost my Confidence with his charming eyes & smile WULLILILLULELILUELULALLLLULULALULTIULLUEUETLLLULULLUEU UDALL| INTRODUCTION r [nese a ME ‘STATE LEVIES 1 State surcharges and Cesses in so far as they relate to supply of goods and services. (2). Entertainment Tax (except those levied by local bodies) ‘CENTRAL LEVIES tral Excise Dutyand Additional Excise Duties (a) (2) Service Tax lpr veneer Mes Plea (3) Taxon lottery, betting and gambling ie suas (4) Entry Tax (All Forms) and Purchase Tax (5) VAT/Sales Tax (6) Luxury Tax (7) Toxes on advertisements. 5 apie ie es and Cesses in so far as they relate to supply of 1. Benefits to economy 4, Easy tax compliance ‘+ Creation of unified national market ‘+ Automated procedures with greater use of IT ‘¢ Boost to 'Make in India initiative + Reduction in compliance costs ‘s Enhanced investment and employment 5. Advantages for trade and industry | 2. Simplified tax structure ‘+ Benefits to industry +s Ease of doing business ‘+ Mitigation of ll effects of cascading ‘+ Certainty in tax administration + Elimination of multiple taxes and double taxation 3. Buoyancy to the Government Revenue ‘+ Benefits to small traders and entrepreneurs (errata acre Itprohibits arbitrary collection of tax. Itstates that “no taxshall be levied or collected except by authority of aw”. Itgives the respective authority to Union and State Gov. for levying tax. Whereas Parliament may make laws for the whole of India or any partof the territory of india the State Legislature may make laws for whole or partofthe State. Seventh Schedulett Article 246: utaI Union list Parliament (CG) has the exclusive rightto make ava Lista Statelist Schas the exclusive ightto make laws, Uist (Concurrent ist (CG&SGhave powertomake laws: ‘Article 246A: CG, SG have power tomake laws with ret ect toGST. Centre has the exclusive power to make law: tto GSTin case of Inter State supply of goods and/or services. ve exclusive power to make laws with respect toGSTin cas ‘Article 269A: GST on supplies in the course of Inter-State tra apportioned between the Union and the States, G5 una: Aree 2794 The Union Fiance Miner isthe halen fh : ithe Chama of hs Cound an other Minster nominated byeachotthe Sates UTswithLegatoee rece scene ide or commerce shall be levied and collected by the Gov. and such tax shall be \d Ministers in charge of Finance/Taxation of 27 to IDT Shuru Hui hai O)Taxable Event faa Giri cabs) Every kind includes ‘actionableclaim aa cof movable se growing crops, grass and things ssec2{52) posal L. pa attached to/forming part ofthe land Anythit ivities relating to. & other mode SUPPLY VY INCLUDES Loe See Cuter ce ens Pe in course or furtherance of business [Section 7(1(b)] (Coc Renco| ‘Sle, Transfer, Barter, change License, Rental, Lease, Disposal r 2 ‘Supply includes importation of services, for a consideration whether or not in the course or furtherance of business wade Agreedtobemade 1. Permanenttransfer or disposal of business assets where inputtaxcredithasbeen avaledon T T suchassets, aay [Mies eaeneS 2. Supply of goods or services or both between related persons or between distinct persons een Reser when madeinthe course or furtherance of business se e (Provided that gilts not exceeding Rs. 50,000 in value ina financial year by an employer to ‘anempioyee shallot be treatedas supply of goodsor services or both.) By 3 Person fora consideration 3. Supply of goods. inthe course or furtherance of Business, {@)byaprincipalto his agent where the agent undertakes to supply such goods on behalf of theprincipal;or (b)by an agent to his principal where the agent undertakes to receive such goods on behalf ofthe principal. Perm ae costisec. 91a] 1esr{sec. 5(a)) Particulars | of Cost act, 2017 of IGST Act, 2017 4, Import of services by a person froma related person or from any of his other establishments. Levied on | goods/services/uath | goods/services/both co Tea eae Rates | C20 carat Sana eee Ee purnewot est | humanecmrpton Cay be Zipper on | > Petaleum Ce f 1 ices wou] © run Sped ase Treousoat | Horicosr ][Ratcaponon asin] [oar iwedwet |Z tatorspn venwnnonsroa | || suthornceat || inca, [ated paso sin ees Anotified date | watural Gas usiness, business furtherance of business {see S(2V502) | | aviation Turbine Fuel aa oti Hentheranes of bu Ly Supply Tota supply lote: Customs duties shall not be levied on import of Jaline Money Gaming OMG)", but, (GST willbe levied enimport of OMG" u/s5{3}of he GST. [ Notwithstanding anything contained in any other law for the time being in force or any | Drrurg cor Judgment, decree or order of any Court, tribunal or authority, the person and ts members ot Cone eA tc eae constituents shall be deemed to be two Separate persons and the supply of actives or Coie air Ns een F transactions inter se shallbe deemed to take place romone such persontoanather. 2]GST Express hart Book Authored by CA Yashvant Mangal Ic nee Se EN ETT Ee 7 3 future date [= Sup of Gooa, | Transfer {a) Title in goods / Tite in goods which shall pass atafutre date Ee ee iand Building 2| tand and (a) Lease, tenancy, easement, cence to occupy I % adstal or residential complex for Le Suppo business orcommerce,ether wholly or partly ers) [— suopivofsenz 3] Treatmentor | (a) Applied to another person's goods (Eg : Job workers) No Sere Process ransferred or disposed off by or under the 4 Wansterof | (0) Goods forming prt f assets fa business ae tansered isp a Business directions ofthe person carrying onthe business scsteo cau |i ean Assets (0) Goods forming pat of assets of any busines cried on by person who ceases tobe» tsa 0 of Goods person, shall be deemed to be supplied by him, in the course or fut , immediately before he ceasesto be ataxable person Exceptions: 2. Business istransferredasa goingconcern toanather person 2. Businessiscartied on bya personal representative whois deemed to be ataxable person (c) Goods hela/used for business are put to private use or are made available to any person for use, |-—> Supply of Senices {or any purpose other than a purpose of the business by/under the direction ofa person carrying onthebusiness 1 5 | Decaree (a) Renting ofimmovable property ae Services {6) Construction of a complex, building, civil structure or a part thereof, including a complex or bulding intended forsale toa buyer, wholly or partly, except where the entire consideration has been received after issuance of completion certificate, where required, by the competent authority or afteritsfirstoccupation, whicheveris earlier. -—* Suppiyof Series (6) Temporary transferor permittinguse or enjoyment ofany intellectual Property Right (IPR) (¢) Development, design, programming, customisation, adaptation, upgradation, enhancement, implementation of Software (6) Agreeing to obligationto refrain fromanact, orto tolerate anact situation, ortodoan act (0) Tensterof right touse any goods for any purpose 6 | Composi (2) Works contract [construction repairs etc of immovable property, wherein transfer of propertyin supplies 00dsisinvolved] soc (b) Restaurant and Outdoor Catering Services food or any other article for human consumption or 2ny dink other than alcoholic liquor for human consumption) supply 3€ exc.upes Fer uae eeu by the Government [Section 7(2)(b) (b) Duties perform 6. Actionable claims, o 1. Services byan employee tothe employer inthe course oforinrelation 2. Services byany Court or Tribunal 3, (2) Functions performedby the MP, MLA, Membersof Pancha (6) Duties performed by any person asa Charp SGorlocalauthority, 4, Services of funeral burial, crematorium or mortuaryincluding 5: Saleoflandandsubjecttoparagraph 5b) of Schedule sale of building Note: "Specified Actionable Claim” means the ambling horseracing lottery or online money gaming. Rate ofGst «2a, 'Y way of betting, casinos, tohis employment. : vats, Municipalities and Other local authorities any Post In pursuance of the provisions of the Constitution in 1ed by any person who hol *rson/a Member/ a Director in a body established by the CG or 243. istransportation of the deceased, ther than specified actionable claims, actionable claim involved in or by fee. By] 1. Services provided by CS, SG, UT orany local author by way of any activity in relation to a function entrusted to 2 Panchayat] under article 2436 or 102 ‘Municipality under artic) 2. Service provided by $6 PY way of grant of 2 Tiquor license, 282! considerationinthe form license fee or applition instGST Express Chart Book Authored by CA. Yashvant Mangal Composite & Mixed Supply (Section 8) “MS Composite Supply Mixed Supply ‘means two or more individual supplies of goods or services, or any combination thereof, made in conjunction with each other by a taxable person for asingle price where such supply does not constitute a composite supply means a supply made by a taxable person to a recipient, consisting of two or more taxable supplies of goods or services or both, or any combination thereof, which are naturally bundled and supplied inconjunction with each other in the ordinary course of business, one of whi principalsupply ‘treated as supply of that particular supply that attracts treated as a supply of such principal supply highest rate of tax EPS TO DETERMINE WHETHER AN ACTIVITY UNDERTAKEN IS SUPPLY OR NOT No Isthe atv 2 supply including supply ofgoodsservces such as sal, trans barte, exchange, cence, rental lease or disposal? isitfor consideration ? Tsit an activity specified under Schedule 2 isit in Course or furtherance of business ? isit Import of Bi in course or furtherance is it an activity specified in Schedule Ii] _No ‘Activity is] $ [Activity is eee ——— | or section 72)? ‘supely Not Supply sir: % os Emon Supply ofoods/services/ooth by an unincorporated ADP/BONIVIto a member thereof or vie versa shallbe treated as supply of oods/services/both. "Cash call inthe nature of Capital Contributions made by memiberstorasethefundsforVwilnotbetarableunder GST. Perquisites provided by the employer to the employeeintermsof contractual agremententeredinto between the employer and the employee, wl not be subjected toGST when thesameare provided terms ofthe contractbetweenthe employer andemployee. +" Landmay be sold ethers itso after some development such as leveling, laying down of dalnge ines, water lines, electri lines, et. is arid that sale of such developed landisalo sale of andandis covered by No.5 of Schedule the CGST Act, 2017 ndaccordinly doesnot attract St. + However itmay be notedthat any service provdedfordevelopmenteandkeeveling, lingo drainage ines may be received by developers] shallatrat GST atappcablerateforsuchservces + “flonding/unloading,paking/unpacking, et. incdental services ae provided alongwith GTA services and if charges forthe same areincudedin the vole sued by GTA, the, these services, being composite supp wil be classified under GTA Service. However such incidental services are provided a separate services and charged separately whether inthe sameinveicorseparateinvoees, they shallbe reatedas separate supplies. + Retreading oftyresisa composite supply, the process of rereading isa suppy service & where owner ofthe retreaded tye sels the ereaded tyres, tent s2 supplyofgoods + bus bod bing is composite supp The principal supplyinthiscase Supply of Service”, + Printing contracts are compeste suples. In ase of printing of boks, pamhlets, brochures, annual reports te like, pinial supple supplya servic. Ann ‘ase of printingofenvelos, letter cards, printed bots, sues, napkins, wallpapers et, prnlpa suppyissupplyof@dods. + Thesupplyofbooks shallbe treated as supa of goods. + Admission charge or entry fe charged for admission nto casino, beting/gambling services belng provided by casinos andhors ai levableonthe Bet value Issuppy of service & GST is [4]ST Express Chart Book Authored by CA. Yashvant Mangal —e Time of supply of goods under forward charge + Date of seue/ dueeate of issue of tax invoice under section 31°* es No GsT en advance Received for supply of ‘goods by registered person (Excluding. composition suppliers) + (G5 willbe required to be paid on advances received inrespect of supply of “Specifies Actionable Claims”, [Time of supply of goods under reverse charge oa Date of recording the payment cofaccounts of the recipient of eoods + Date of receipt of goods [Bae on which paymentic debited trom | | | the bank account ofthe recipient of goods } [USE ByFRA ie eae of sippiiers invoice ie ey + {Fime oFsupph) | exchangeable ebook] ‘of vouchers for poods Mork fora situation) Dae OF 6608 | mn Bue iil ena atthatpoint | | + | Daeor | redemption of voucher in other cases: ime of Supply of | ‘Residual cases (ial | the above donot ue date fling of | periodical return; ‘or inany other the date on whchtecpnd | | sitesstenl ea] TIME OF SUPPLY | WO Ayo All cae) Tie of Sippy a] addtioninvalueby| Way of interest te fee/penalty for delayed payment of Consideration fr foods 4 Date on which the supplier receives (iFRRE SRT ENERIT Sra ONASCERTAINAGLE Time of Supph eof nity Of EO0ds[h Books of account ot ISOplent of woea Time otsupphyof ‘Time of supply of servicesunder forward services under forward ‘charge when the charge when the invoice te tssued vithin invoice f not iesued the time specified u/s within the time a] specified u/s 31°* 1 ' Doie ofisveaf | Date of provision of taximoice service 1 ' Bate ofrecordingthe| | Dat of recording paymentinthe books the payment Inthe fofaccounts ofthe books of accounts supplier ofthe supplier | ' Date on which ate on whieh paymentiscrediedin payments credited In ‘thebankaccount of the bank account of the supoier the supplier ‘whichever earlier 1 ifthe above events are UNASCERTAINABLE, Time of ‘Supply = Date of receipt of services in the books of ‘account of the recipient of supply Time of supply of services under reverse charge + Date of recording the payment in the books of accounts of the recipient of services 4 Date on which payment is debited rom the bank account of the. recipient of services 4 61" day from the date ‘of supplier's involce | Whichever is earlier {the above events are UNASCERTAINABLE, Time of Supply = Date of entry of services In the books of ‘account ofthe reciplent of supply Time of Supply of Service (Section 13) Time of supply of vouchers exchangeable for services q Date of issue ‘of voucher, if the supply is Identifiable at that point | Date of redemption cof youcher in other cases: Time of Supply of, Residual cases (if all the above do. not work for a situation) | Due date of filing of periodical return; or Inany other ‘case, the date ‘on which tax Is paid Time of Supply of addition in value by ‘way of interest, late fee/penalty for delayed payment of Consideration for services | Date on which the supplier receives such addition in value (5]GST Express Chart Book Authored by CA, Yashvant Mangal “Time limit for issue of mvolces [See 31] Ree) > Before or after the provision of service but within 30 days [45 days in case of insurance ‘companies /banking and financial institutions including NBFCs] from the date of supply of | (a) removal of goods for supply to the recipient, where the supply involves movement of goods, or Incase of cessation of supply of services before completion of supply, the invoice (to the extent of supply made before such cessation) should be issued at the time when the supply ceases. {(b) delivery of goods or making available thereof tothe recipient, inanyothercase Bferé lot contuous supoly of eon Ve Incase of continuous supply of services, the invoice should be issued either Invoice should be issued - before or atthe time of issuance of periodical statement of receipt cof periodical payment (i) on/ before the due date of payment or (i) before/ at the time when the supplier of service receives the payment {ii} on/ before the date of completion of the event when the payment is linked to > Incase of goods sent or taken on approval for ee ns completion of an event. ssleorretur, invoice should be issued- before cor atthe time of supply or 6 months from the dateofremoval, whichever is earlier. > In case of insurance / banking /telecom companies / financial institutions including NBFCs/ notified supplier of services making taxable supplies between distinct persons (like inter-branch transaction), invoice maybe issued- Ee ee Ree ee) Ci aueo related person [Sec. 15(4)] rene} supply u/5415(5) Supply where price isnot eee erccere cy Value of supply = Transaction valve u/s 15(1) (Price -ctually paid or payable fr supply) chapterV of CGST Rules Determination of t value of supply Rule (27 to 35) Inclusions & Exclusions from the value of supply (Sec. 15(2) / 15(3)) item Ada/iess ‘Consultancy Charges in relation to Installation Add ‘Design, drawing and engineering charges ‘Ada ‘Testing Charges naa Freight (from sellers premise to buyers premise) aa Insurance Charges Add Interest/penalty charged by seller for delayed payment Add Interest/penalty charged by seller for dlayed payment but waived later on Donat Ade Inspection Charges Ada Loading and weighment charges aaa Primary Packing charges Add Protective Packing charges Aa (6]GST Express Chart Book Authored by CA. Yashvant Mangal [Subsidy (directv In relation to pre) Rom Contvalgovernmentor State government is E pera” Sree ia ae pies satin No : a aroun ndudeainthevaweofaureN [aT No os i Ri eT Te I" Eligibility and Conditions for taking ITC [Section 16] ~_— XK ‘very resistered person shall be entitled to ITC charged on inward |) which are used or intended to be used in the couse or | supplyofgoods and/orservices. Sec 16(1)] furtheranceof thebusiness. (Se. 161} j if ALL the following 6 conditions are fulfilled: {Section 16(2)}: |e has vad tax imvice/debi note/prescibed Rule 36(#: Recipient can aval Conf invoices or Debit Notes are urnished by the supplier inGSTRA/ Feseaiegdsninen ieee ace) | _lFranditappearsinGSTR-28 ofthe recipient (without any adeltionalor provisional ITC). Therestriction of availment of TCu/r36(a) snot applicable in respect of IGST paid onimport, documents sued under RCM, credit received from SD etc. which are outside the ambitof Se. 37() |Auto-Populetion of MC in GSTR-28 (Sec. > ete [section 162 FirstProvisoitGoodsreceivedinjots:ITCavalable only onreceiptofastlot} He hae received goods and/or service (Sec. Second Proviso f recipient als to pay value + tax of goods and/or services, whether whol of path 10 Been ___ the supple within 180 days ofthe isuance of involee, proportionate TC (to the extetof payment “BiltoShipto"Modelfor goods services also made) tobereversed or paldwith intrest @18% i TCutiised), On payment subsequently therTcouste ses anleemteranfinelan anion sonics cee ea ieee \ j 3 deals of TC in respect ofthe sad su : Mees enreneesneen tea, fale 7A: the reciplent has avaled the fCon the basis of GSTR.28, but, subsequently, the supple fasnotbeenresctea{sec ef) 4288 tay the Txt the government yng GSTR-28 the aerate telowng te ene financial year In whe the IT in respect of such Invoce or debit nate has been aval, then - fecplan shal be eqied a revese te one “government (Se. 16(2N) notreversed then, such amount shallbe once teen enna —irrefeumsogy 2” 24S amount shal be payable the sala person along with intrest hereon 52 ishedretrn e398 462 )0)) | [ieaarereeay ened eS ask Se Ff {he aforesldT¢ (without any timelimitspecinedu/s36(a). these i pe subsequently Turns the turnin FORMGSTRa8 forthe slater peed ssrabngoa aa yt" woltheannilteurwhcheverlsearlerseconse(d] i)GST Express Chart Book Aubured hy CA, Yashvant Manga Conditions of use WRIT ees ary [Rule 86A] {1) Te Commissioner or an officer asmuchas ‘authorised by him having reasonste believe that TCavailablein the ECrL.has been fraudulently availed ors ineligible in 8) the TChas been availedon the strength oftaxinvoices or debit round nonexistent ornat to be conduct ‘services or both; or . + issued bya registered person who has be: any business from anyplace for which registration has been, ‘obtained; or without receiptof goods or wybusines from anyplace f stat vine tathe Goes aa eden the strength of tax invoices or debit nots, et. inrespect of any supply the tox chargedin respec of which has nat been paldtotheGow: or eX In espect of any supply the taxchargedin resp i 3) te reistered person aaling the credit of input tx hasbeen found non-eistent or not tobe conducting any busines rom anyplace fr which ‘egistrationhas been obtained; or ee ‘G €) the repistred person avatingany credit ofinput alsnotinposesionofataxivlceordebtnot,ete maynotallowdebitofsuchamountin Ci for diehargetanlablity oro clsimatany fund ny nlsedamoun a) Tre Cornmissoner,or the officer authorised byhim may, upon being satisfied that conditions for disallowing debt of ECrL os above, nolonger ext alow suchdebit a . {3) Such restriction shallceasetohave effect after the expiry of a period 1 year from the date of posing such restrietion, Aa Con aan m [Rule 868] 1eFegstered person (RP. shallnot use the amount avalable in ECL todischar value of taxable supply other than exempt supply and zero-ated supply, na teh liability towards output taxin excess of99%of such tax liability, where month exceeds Rs 50,00,000, However, Restrietion shall not apply where the said person /the proprietor /karta/the MD / any ofits two partners, whole-time Directors, Members of Managing Committee of Associations or Soardof Trustees, have paid more than Rs 1,00,000.s income taxin each ofthe last 2. for which the time mito lle return ofineome hos ooh (b) the RP has receiveda refund amount of moreth 'an Rs 3,00,000 in the PF. on account of unutlised TC [Le Zero Rated Supply made without Payment oftaxl;or (<)_ the RP hasreceivedarefund amount of more than Rs. 100,000inthe PFY.on account unutlsed TC Le. casesof verted DutyStructure:or (3) the RP.has discharged his lability towards output tax through the electron cash ledger for an amount whichis in excess of 1% ofthe total output tax liability, applied cumulatively, upto the said monthintheC.FYjor [e) theRPisaGov Dept, aPSU, aLAora statutory body. Further the ficer may remove the sad restriction after such verifications and such safeguards as he may deem fit Blocked Credits (Ineligible Credits) [Section 17(5)] ei) (Sea en eee 2. TIC on passenger Motor Vehicles (capacity upto 13 persons | 3. ITC of following services used for Motor Vehicles, Vessels or including driver) (Vehicles ~ engine capacity exceeding 25 CC) not _ircraftsnotallowed: allowed | Biss pianos cea ce piace Bieersanenares poems ())Generatinsurance; | (servicing. repatee maintenance;and | (Leasing rentingorkingofmotorvebicles, vessels or aircrafts. except “= where Motor Vehicles, Vessel, Aireratts ae eligible for, then Reece eat 2MConvesnlandAlcahanot alowed gat Pea easeascce aoe! ce et poised ae B cumemeyateceee) se a | (0) amanufacturer of motor vehicles, vessels or aircrafts, in respect of a (b) for making the following taxable supplies, namely;- } ” Dae oie ERE | ites castes rertcotscccincescces in insane rei aoatie MG NAUiHigr teeth creer cinerea eeiinsar cacen eons eye e | Reine ehseesthetie acca cee | (i impartingtrainingon fyingsuch alcratt forttc, (cod and beverages utdor catering, beauty ania sees ceanslcand pote | Res a | Surgery, leasing, renting or hiring of motor vehicles, vessels or aircraft, except when used for the obligatory for an employer to. | purposes specified, life Insurance and health insurance and EXCEPT WHEN, |__rovide these goods/services | Aninward supply ofthese Is used for making an outward txable supply ofthe same ci [covered under sub-elauses (), | _anelementofatablecomposteormedsupph i) & (i) ofcause (tots | li) Membership ofa club, healthandfitnesscentre ‘employees, ea law for a i 2 & time being In force. Wine serene eda onesGST Express Chart Book Authored by CA. Vashon Mangal PRES ac GU eT NE Sone aia ea ieee ee By dieu he Se cassie et Gsatceliacre (d) Inward supplies received by a taxable person for construction of an immovable proper ae erche ens c aod inthe usecrfontrncvef alps are capitalized to the immovable property). (e) Goods and /or services used for personal consumption. Py, osu tht ato ica ontop wrten or dnpoedtiojwayo gees {l)_ GST paid under sections 74, 129and 130. snt and machinery) on his sty other than plant and. ! {construction includes repairs et, which to be used for activities relating to his obligations under + “Leasing” referred in Sec. 17(5)(b)\) refers to leasing of motor vehicles, vessels and aircrafts only and not toleasingof any other items. + Freesamples and gifts: do not qualify as supply’ under GST, exceptifitis cover under Sch. |, NoITCAllowed as per sec. 17(5)(h). + Buyone get one free offer: Taxability of such supply will be dependent upon as to whether the supply is @ composite supply or 2 mixed supply. 7¢ allowed. + Discounts including "Buy more, save more’ offers: Discounts shall be excluded to determine the value of supply provided they satisfy the ers of sec. 15(3) including the reversal of ITCby the recipient. Fy Discounts: Financial / commercial credit note(s) can be issued by the supplier having no impact over GST liability, Secondary discounts | Optional method for banks (including NBFC) [Rule 38] Used partly for f cy af : [— business and partly for —]_[— business purposes Le-Avail 100% of eligible ITCof Inputs, Inputservices : Te] POE | excGandthen, reverse S0%ofthelTCavalled. ‘non-business purposes (Good? andor esilsbte| and | Restriction of 50% shall not apply to the tax paid. services rose ‘on supplies received from another registration |_[Gsedpariyfermating) | °nW.3*') | Yartibutabie te.) [eeimieeneerna taxable (including er0 taxable | Inward supplies covered u/s 17(5) or used fornon. ‘ated supplies) [Etppiesicicine| | Disinesspurposesarenotelgihictericstalen | supplies & partly for |zero ated supplies | Option once exercised cannot be withdrawn exempt supplies | 5) | during remaining part of the year. toughest