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The option once exercised cannot be withdrawn during the remaining part of the financial year.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.
In case of exempted services, goods transport agency is not required to issue consignment note.
Consignment of fruits and vegetables