Option to be exercised at beginning of year within 1 month

(i.e.for 2015-16,option to be excercised by 30 April 2015)

 

The option once exercised cannot be withdrawn during the remaining part of the financial year.

e:-The invoice/blil/challan must be serially numbered

 

Exemption to banking companies and financial institution and NBFC

Their invoice need not be serially numbered.

 If a taxpayer has centralized registration, do they still need to be registered as Input Service Distributor

Yes, because a person may have a place where he is not providing any output but may have input services received here

Hence,the person need to be registered as ISD to distribute credit

 

Issue of Consignment Note by GTA

Consignment note is to be issued  by goods transport agency (GTA)

This consignment note must be serially numbered

  A consignment note shall contain the following details -

  • Name of the consignor and consignee,
  • Registration number of the goods carriage in which the goods are transported,
  • Details of the goods transported,
  • Details of the place of origin and destination,
  • Person liable for paying service tax whether consignor, consignee or the goods transport agency .

Note:-

In case of exempted services, goods transport agency is not required to issue consignment note.

For example

Consignment of fruits and vegetables

 

  1. Indirect Tax
  2. Amendments Indirect Tax for November 2016 Exams
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CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 8 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .
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