Role of AS-7 for GST angle

[Rajesh Kumar]

Sir/madam

What is the role of AS-7 for the purpose of GST duty angle? Which information is concern to GST purpose and what is the method of calculation for GST angle?

Is it helpful for the quantification of GST?

AI Summary

Debate on Relevance of Accounting Standard AS-7 for GST: Focus on Valuation and Time of Supply Provisions A query was raised regarding the role of Accounting Standard AS-7 in the context of Goods and Services Tax (GST). One response clarified that accounting standards like AS-7 are not relevant for GST calculations, which should focus on valuation and time of supply provisions. Another response suggested that AS-7 could be useful for accurate GST payment, referencing two pre-GST era case laws: SGS Construction & Developers (P) Ltd. vs. Commissioner ST, Delhi, and Firm Foundations & Housing Pvt. Ltd. vs. Pr. Commr. of S.T., Chennai, which are recommended for further reading.