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How to Determine the Value of Supply when Consideration is not in Money

Valuation of goods and services is an important aspect which determines the amount of tax to be levied. If goods and services are undervalued, it leads to short-payment of tax, leading to non-compliance and resultant legal implications. Overvaluation will result in loss of revenue for businesses by way of additional taxes. In order eliminate ambiguities and avoid litigation due to inaccurate or flawed valuation of goods and services, valuation methods have been provided by the law which act as guidelines to businesses while determining the accurate taxable value. In our earlier blog How is the Value of Goods & Services Determined under GST? we have discussed about the various valuation methods in the current regime, and also about determining the value […]

By |2022-05-04T13:58:46+00:00May 26th, 2017|goods and services tax, GST, gst supply, gst value of supply, supply of goods, supply of service, valuation of supply of goods or services|Comments Off on How to Determine the Value of Supply when Consideration is not in Money
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How to Determine the Place of Supply of Specific Services

Type of Service Type of recipient Place of supply Example Restaurant and catering services Not applicable Location where the service is rendered Manish Caterers in Mumbai, Maharashtra, provides catering services to Mukesh Automobiles for their annual sales event in Mumbai.Location of supplier: Mumbai, MaharashtraPlace of supply: The catering service is performed in Mumbai, MaharashtraThis is an intrastate supply and the taxes applicable are CGST +SGST Personal grooming, fitness, beauty treatment and health services, including cosmetic and plastic surgery Not applicable A Chartered Accountant registered in Bangalore, Karnataka, takes an Ayurveda treatment at Dev Ayurveda Centre in Kerala.Location of supplier: KeralaPlace of supply: The Ayurveda treatment is performed in KeralaThis is an intrastate supply and the taxes applicable are CGST + […]

By |2022-07-20T10:37:43+00:00May 2nd, 2017|goods and services tax, GST, gst restaurants, gst supply, gst supply conditions, supply of service|Comments Off on How to Determine the Place of Supply of Specific Services
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What is Time of Supply for Services on Reverse Charge

In our previous blog, we discussed Time of Supply for Services under the Forward Charge Mechanism. Under the reverse charge mechanism, the recipient or buyer of services has to pay tax to the credit of the government unlike forward charge, where the supplier has to pay tax to the government. What is reverse charge mechanism? Under the reverse charge mechanism, the recipient or buyer of services has to pay tax to the credit of the government unlike forward charge, where the supplier has to pay the tax. For example, on availing a transportation service, the recipient of the service has to pay service tax to the government. Why reverse charge mechanism? In order to ensure that the tax is collected […]

By |2022-10-19T09:38:14+00:00March 31st, 2017|goods and services tax, GST, gst supply, gst supply conditions, gst supply on reverse charge, reverse charge, supply of service, time of supply|Comments Off on What is Time of Supply for Services on Reverse Charge
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What is Time of Supply for Services on Forward Charge

In our previous blog post What is Time of Supply for Goods on Forward Charge we discussed time of supply for goods. In this blog, we will discuss the Time of Supply on Forward Charge for Services. Under Current Regime Under the current indirect tax regime, on rendering taxable services, service tax is applicable. The point in time when service tax is to be paid to the central government is determined in accordance with the point of taxation (POT). According to POT, the liability to pay service tax on forward charge will be determined as shown below: Earliest of the following Date of issue of invoice If the invoice is issued within 30 days from the date of completion of the […]

By |2023-03-16T06:29:50+00:00March 29th, 2017|forward charge on services, forward charges, goods and services tax, GST, gst supply, gst supply conditions, supply of service, time of supply|Comments Off on What is Time of Supply for Services on Forward Charge
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How to Determine the Place of Supply of Services

In the current tax regime, the provision of a taxable service is subject to service tax.  Service tax is levied by the Central government and is applicable irrespective of whether the provision of service is interstate or intrastate. However, under GST, the place of supply of service will determine the type of tax applicable on the service. This is based on the concept of GST being a ‘destination based consumption tax’, where tax will accrue to the State where the supply is consumed. Hence, it is important to determine the place of supply of services. The rules for determining the place of supply of services are different from the rules for determining the place of supply of goods. In case […]

By |2023-03-23T09:49:07+00:00March 16th, 2017|goods and services tax, GST, gst place of supply, gst supply, gst supply conditions, supply of service, Uncategorized|Comments Off on How to Determine the Place of Supply of Services
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How to Determine the Place of Supply in Case of Bill to-Ship to Transactions

In the Bill to – Ship to model, the billing and shipping of goods are done to two states and entities. In order to avoid the cascading of multiple taxes through the course of the transaction, the first sale will be taxable, and any subsequent sale during the movement of goods is exempt from tax. Today, Bill to – Ship to transactions are a common occurrence. Let us understand ‘Bill to – Ship to’ transactions with an example. Ganesh Traders, a dealer in hardware goods, located in Maharashtra receives an order from Maruthi Traders, located in Karnataka. The order is for the supply of 100 aluminium ladders, with an instruction to ship the ladders to Prime Hardwares, located in Tamil Nadu. […]

By |2023-03-16T05:29:22+00:00March 13th, 2017|bill to ship to, goods and services tax, GST, gst calculation, gst place of supply, gst supply, gst supply conditions, supply of goods, supply of service|Comments Off on How to Determine the Place of Supply in Case of Bill to-Ship to Transactions
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How to Determine the Place of Supply When there is No Movement of Goods

1. When supply does not involve movement of goods, the location of the goods at the time of delivery to the recipient is the place of supply. For example: Rex Cars, whose registered place of business is Chennai, Tamil Nadu, opens a showroom in Mysore, Karnataka. They purchase a pre-installed generator at the premises from Rohan Generators in Mysore, Karnataka. Location of supplier: Mysore, Karnataka Place of supply: The supply of the generator does not require its movement. Hence, the place of supply is Mysore, Karnataka. This is an intrastate supply, and the taxes applicable are CGST and SGST. When supply does not involve movement of goods, the location of the goods at the time of delivery to the recipient […]

By |2022-05-04T10:30:15+00:00March 10th, 2017|goods and services tax, GST, gst place of supply, gst supply, gst supply conditions, supply of goods, supply of service|Comments Off on How to Determine the Place of Supply When there is No Movement of Goods
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Supply of Goods or Services between Related and Distinct Persons

In our earlier blog GST Impact on Supply without Consideration and Importation of Services, we discussed about supply without consideration and the import of service. This blog discusses, in detail, supplies without consideration between: • Related person • Distinct person Related person The definition of “Related Person” is similar to the current Customs Valuation Rules. The supply is considered as between related persons only if the supply of goods or services is made between 1. Officers or directors of one another’s businesses: In a supply, the supplier and the recipient are actually officers or directors of the other business. As illustrated above, Mr. Ganesh is a Director in Ganesh Trading Ltd and an officer in Rakesh Trading Ltd. Mr. Rakesh […]

By |2023-05-05T06:51:51+00:00February 15th, 2017|goods and services tax, GST, gst supply, gst supply conditions, supply of goods, supply of service, supply to distinct person, supply to related person|Comments Off on Supply of Goods or Services between Related and Distinct Persons
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GST Impact on Supply without Consideration & Importation of Services

In our earlier blog Supply of Goods and Services: What does it Mean we discussed about which is mostly about business operational activities like sales, transfers, and so on. In this blog post, we will discuss exceptional scenarios, which form a part of supply, and are taxable: Supplies made without consideration Supplies made for a consideration, whether or not in the course or for furtherance of business Supply without consideration The following activities are considered as Supply even without consideration, and are liable for tax. Note: A key scenario ‘Supply of goods and or services without consideration between related persons or distinct person’, will be covered in detail in our next blog post. 1. Permanent transfer/disposal of business assets on which […]

By |2021-10-07T13:41:52+00:00February 8th, 2017|GST, gst supply, gst supply conditions, supply of goods, supply of service|Comments Off on GST Impact on Supply without Consideration & Importation of Services
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Supply of Goods and Services: What does it Mean?

Under the current indirect tax structure, the taxable event differs for each type of tax. The taxable events under the current indirect tax structure are captured below: Type of Tax Taxable Event Central Excise Removal of excisable goods VAT On sale of goods Service Tax Provision of taxable services   The taxable event under GST is the Supply of Goods and/Services. All taxes such as Central Excise, Service Tax and VAT/CST will be subsumed under GST, and the concept of manufacture of goods, sale of goods, and provision of services would no longer be relevant. Thus, for every business, it is crucial to understand the relevance of supply which sets the scope of transactions liable for the levy of GST. […]

By |2022-07-20T10:27:38+00:00January 31st, 2017|goods and services tax, GST, gst supply, gst supply conditions, supply of goods, supply of service|Comments Off on Supply of Goods and Services: What does it Mean?
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Have more questions? Check out our FAQs below.

PowerPacks FAQ

What is a PowerPack?

A PowerPack is a powerful widget built on top of the Tally platform. It adds value to your business by simplifying key, daily activities that may currently be done manually. A good example is Digital Signature – replace the need for physically signing (or even printing out!) By automatically inserting a digital signature on your entire Tally generated invoices. Saves you a ton of time, saves printing costs and also saves the environment since you print less!

Why do I need to pay annually?

Good Question! Our team is continually improving these PowerPacks. By adopting a subscription model, it allows our team to invest time to continually improve them. In addition, when the Tally platform is upgraded, your PowerPack will always work. Current offerings in the market sell you a ‘perpetual’ file and then charge you exorbitant upgrade fees when a new version comes out. We eliminate all of that and charge you a low fee. Think of it as sacrificing a couple of cups of coffees per year! Surely you can sacrifice 2 cups of coffee for improved productivity at work, right?

What if I want to cancel? Can I get a refund?

No problem! We understand that our customers’ needs evolve over time, and you may not need a certain PowerPack after a certain period of time. If you cancel within 7 days of purchasing the PowerPack, we will refund your money within 3 business days – no questions asked! If you’ve purchased an annual license, you can simply cancel your subscription and your license copy will lapse after your subscription period ends. No surprise charges. EVER!

Do you offer discounts?

Come on! You must be joking. Ok, you’re not. Well, the answer, surprisingly, is YES! If you purchase a PowerPack for the whole year, you can get it for only INR 999/year! That is a 15% discount or almost 2 months free 🙂 Happy now?

What if I need support?

We’ve designed our PowerPacks to be self-serve and easy to install and use. We also provide you with a user manual and feature list with screenshots to get you started. But if you still have questions, drop us an email at [email protected] and we’ll help you out! If you need more hands-on support, just give us a call or drop an email.

I don't see a PowerPack that I want listed here. Are you planning on adding more?

Absolutely! We will continue to build the PowerPacks that serve our customers at an affordable price. We notify our customers when a new PowerPack is available. Meanwhile, if you need something very unique to your business, we have a top-notch development team that is eager to solve complex problems for businesses like yours. Fill out this form, we’ll get in touch with you!

Other Vendors are offering the same PowerPack for a Flat rate. Why should I pay you annually?

Good question again! Other vendors may offer you a PowerPack (add-on/module) for a flat one-time fee. But what they don’t tell you is that anytime there is a release upgrade or newer version of Tally, the PowerPack will stop working. To get it to work again, you will need to pay the vendor more money. This cycle is never-ending! In addition, other vendors may not update their PowerPacks with additional features. If they do, they may charge you extra for the same. With Mark IT, your PowerPack will always work even if there is a release update. The subscription model also allows us to continually enhance our PowerPacks and pass on the benefits to our customers at no extra cost. Plus, you save a ton of money upfront which you can use for other business improvements!

What payment types are available to me?

You can choose between a number of payment types – NEFT, credit or debit card, UPI, EMI or any wallet (like PayTM, PhonePe etc.) Providing flexibility to our customers is important to us, so we ensure to continually add the latest payment methods.

What if I want to buy multiple PowerPacks at the same time?

We’re glad you want to! Simply add multiple PowerPacks to your cart and buy! In addition, if you wish to purchase additional PowerPacks for additional serial numbers, simply change the quantity to the appropriate number of serial numbers and you are set. Feel free to add any comments in the Notes section if there is something you need to tell us regarding your order. Trust us, we read every customer’s emails!

Can I use a PowerPack on multiple serial numbers?

A PowerPack is compiled and attached to a single serial number. If you’d like to set up the PowerPack for multiple serial numbers, simply purchase additional PowerPacks for each of your serial numbers. Simple!

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