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Input Service Distributor (ISD) under Goods and Services Tax (GST) Regime

Even under the Goods and Services Tax (GST) regime, the concept of Input Service Distributor (ISD) is similar to that under the existing laws. In this article, we will see through the provisions related to distribution of credit by Input Service Distributor as provided in Section 21 of the Revised Model GST Law. Even with the Goods and Service Tax (GST), the promised One Nation One Tax regime seems far from truth. This harsh reality is reflected in the provisions relating to set-off of Input Tax Credit of Central GST (CGST) and/or State GST (SGST) and/or Integrated GST (IGST) amongst each other as well as the manner in which each of them are allowed to be distributed as under the provisions of ISD. Certain restrictions have been imposed on utilization of one credit against the liability of another (For example: CGST input with SGST output) and/or distribution of one credit as another credit. For an instance distribution of SGST credit as IGST credit is not allowed when distributor an…

National Convention for Chartered Accountant Students 2016

CPC (TDS) Advisory on Use of Single Challans for Deposit of Tax Deducted at Source (TDS)