Impact of Stock Transfer to Branches: Under Central Excise, a registered manufacturer making a stock transfer of excisable goods, should pay excise duty on 100% plus 10 % of cost of production, and under VAT, on furnishing Form F, stock transfers are not taxable. Under GST, ‘Supply’ includes transfers. The taxability of certain specific supplies without consideration and the
1) Unlike in Service tax today there is no more exemption available to Job worker from payment of GST even though his process amounts to manufacture or even if his principal has paid GST on the final product supplied. 2) Presently the Job workers are exempted from payment of service tax if the principal manufacturer has paid appropriate duty of
As per Sub-Section 5 of Section 140 of CGST Act, 2017 a registered person shall be entitled to take credit of eligible duties and taxes in respect of inputs or input services received on or after the appointed day but the duty or tax in respect of which has been paid by the supplier under the existing law.