Combined Supplies- Treatment under GST
the concept of Composite or mixed supplies has been introduced in GST, and its treatment is defined under section 8 of CGST Act 2017
What elements are required for taxability of the transaction under GST
A taxable event under GST is “Supply”. If a transaction falls under “Supply”, it only triggers GST liability.
For taxability of any transaction under GST, the following elements are required to be satisfied
Section 145A: Method of Accounting in certain cases under Income Tax Act, 1961
Provisions for Method of accounting under Income Tax Act, 1961 is stated under Section 145, which talks about applicability of Income Computation and Disclosure Standards as notified by Central Government.
In continuation to this section, there are certain cases where provision related with its Methods of Accounting are stated i.e., Section 145A. This section more specifically deals with Income computation under PGBP.
Section 145- Method of Accounting under Income Tax Act, 1961
Method of accounting enable us to compute that how Income specially Income computation under the head Profit and gains under Business or Profession (or more commonly known as “PGBP”) or Income from other sources would be computed.
Gross GST Collection for the month of March 2022
Recently Finance Ministry published Gross GST revenue collection for the month of March 2022 on PIB, where ministry is excited about to share all time high gross GST revenue collection which is Rs 1,42,095 crores which consists of Rs 25,830 crores of CGST, Rs 32,378 crores of SGST, Rs 74,470 crores of IGST (including ₹ 39,131 crore collected on import of goods) and cess of Rs 9,417 crores (it includes Rs 981 crores collected on import of goods).