Meaning of ISD ISD stands for Input Service Distributor and has been defined

Meaning of isd isd stands for input service

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Meaning of ISD ISD stands for Input Service Distributor and has been defined under Section 2(61) of the CGST/SGST Act. It is basically an office meant to receive tax invoices towards receipt of input services and further distribute the credit to supplier units (having the same PAN) proportionately . Registration concept of job worker- A Job worker is a supplier of services and will be obliged to take registration only when his turnover crosses the prescribed threshold of 20/10 Lakhs. Important points to remember before registration or at the time of registration- 1. The taxpayer will have to declare the principal place of business as well as the details of additional places of business in the registration form. 2. In case of job worker, the goods can be supplied from the principal place of business of job worker if the job worker is registered. Whereas, if the job worker has not registered but the principal declares the place of job worker as his additional place of business then the supplied will be permitted through job worker’s place of business. 3. In case registration is granted; applicant can download the Registration Certificate from the GST common portal. 35
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Process of refusal of registration- In case registration is refused, the applicant will be informed about the reasons for such refusal through a speaking order. The applicant shall have the right to appeal against the decision of the Authority. As per sub-section (2) of section 26 of the CGST Act, any rejection of application for registration by one authority (i.e. under the CGST Act / SGST Act) shall be deemed to be a rejection of application for registration by the other tax authority (i.e. under the SGST Act / UTGST Act/ CGST Act) Communication related to the application disposal- The applicant shall be informed of the fact of grant or rejection of his registration application through an e-mail and SMS by the GST common portal. Jurisdictional details would be intimated to the applicant at this stage. Meaning and Scope of Supply- The taxable event under GST shall be the supply of goods or services or both made for consideration in the course or furtherance of business. The taxable events under the existing indirect tax laws such as manufacture, sale, or provision of services shall stand subsumed in the taxable event known as ‘supply’. The term ‘supply’ is wide in its import covers all forms of supply of goods or services or both that includes sale, transfer, barter, exchange, license, rental, lease or disposal made or agreed to be made for a consideration by a person in the course or furtherance of business. It also includes import of service. The model GST law also provides for including certain transactions made without consideration within the scope of supply.
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  • Fall '17
  • Mahvish ali

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