Rajakumari's blog

In this blog, we will discuss how to handle import of services and import of goods, in GST-ready Tally.ERP 9 Release 6.

Topics covered
What does the GST law say?

 
Import of services under GST

In our previous blog, we have understood who a GTA is and the GST tax rates applicable to the service of transportation of goods provided by a GTA. In this blog, we will understand who is liable to pay the tax on GTA service: the GTA or the service recipient.
 
For this, the first step is to identify who is the recipient of the transportation service provided by a GTA.

Under GST, a recipient of a supply can avail input tax credit (ITC) of the supply only on successful matching of invoice details with the supplier. The invoice wise details furnished by suppliers in Form GSTR-1 will be matched with the details of inward supplies furnished by recipients in Form GSTR-2. Input tax credit in GST will only be allowed to be availed for invoices where the details match.
 
Hence, it is important to know the details that will be cross checked by the GST portal to ensure that the invoice details are matching.

A continuous supply is a supply where goods or services are supplied on a recurring basis under a contract and payment for the supply is also made periodically.
For example: A contract for supply of mineral water to a company for 6 months, supply of housekeeping services to a company for a financial year, supply of broadband services, etc. Let us understand the meaning of continuous supply under GST and the time of issue of invoice in continuous supply of goods or services.