As per S. 7 of the CGST Act, 2017, GST is applicable on supply of goods or services. Schedule II of the CGST Act, 2017 provides the activities which are to be treated as supply of goods or services. Schedule III provides activities which are neither supply of goods nor supply of services.

As per Schedule III of the CGST Act, 2017, Sale of land and, subject to clause (b) of paragraph 5 of Schedule II, sale of building.

Para 5(b)

.......Read More

Under GST, various vouchers are issued. One such voucher is payment voucher. It is required to be issued when the goods or services are supplied under reverse charge mechanism (RCM). RCM is a mechanism in which the liability to pay tax falls on the receiver of goods or services in contrast to supplier of goods or provider of service. So, payment voucher is issued at the time of making payment to the supplier. 

As per Read More