What Is GST and How Does It Work – Detailed Guide With Infographics

GST Implementation in India and Its Impact GST is proposed to be implemented with effect from 1st July 2017. Implementation of Goods and Services Tax (GST) in India is one of the biggest reforms in the field of taxation. It is estimated that implementation of GST will boost the GDP by 1.5% to 2%. GST will Read more about What Is GST and How Does It Work – Detailed Guide With Infographics[…]

GST on Export of Goods and Services

The export of goods and services is very important for every country, therefore the Government ensures that the exports are made duty free. The Government provides various incentives to promote exports and also provides the refund of duties paid on inputs and input services used for the manufacture of exported goods. Treatment of Exports Under GST  Read more about GST on Export of Goods and Services[…]

GST on Import of Goods and Services

How Imports are treated under Current Tax Regime In the current tax regime, the import of goods and services are taxable under Custom, Excise, and Services Tax Laws. Import duties such as Custom Duty, Countervailing duty (CVD equivalent to Excise Duty) and Special Additional duty (SAD equivalent to VAT) are levied on import of goods and Read more about GST on Import of Goods and Services[…]

Input Credit Set Off Under GST – Explanation With Examples

Dual Tax Scenario Under Goods and Service Tax : Illustrations The CGST / SGST is payable on all intra-State supply of goods and/or services and IGST is payable on all interState supply of goods and/or services. The CGST /SGST and IGST are payable on the same value at the rates specified in the Schedules to Read more about Input Credit Set Off Under GST – Explanation With Examples[…]

All About Reverse Charge Mechanism Under GST

Similar to the current provisions under Service Tax, even GST Law provides for payment of tax under reverse charge (i.e. the receiver has to pay the tax as opposed to a supplier). Persons who are required to pay tax under the reverse charge shall obtain registration irrespective of the turnover. Central Government has the power to Read more about All About Reverse Charge Mechanism Under GST[…]

FAQ on Job Work Under GST

What is job work? Ans. Job work means undertaking any treatment or process by a person on goods belonging to another registered taxable person. The person who is treating or processing the goods belonging to other person is called “job worker” and the person to whom the goods belongs is called “principal”. This definition is Read more about FAQ on Job Work Under GST[…]

FAQ on E-Commerce Under GST

What is Electronic Commerce? Ans. Electronic Commerce has been defined to mean the supply o f goods or services or both, including digital products over digital or electronic network. Who is an e-commerce operator? Ans. Electronic Commerce Operator has been defined to mean any person who owns, operates or manages digital or electronic facility or Read more about FAQ on E-Commerce Under GST[…]

Difference Between Casual and Non-Resident Taxable Person Under GST Law

What is the difference between casual and non- resident taxable persons? Ans. Casual and Non-resident taxable persons are separately defined in the CGST/SGST Act in Sections 2(20) and 2(77) respectively. Some of the differences are outlined below: Casual Taxable Person Non-resident Taxable Person Occasional undertakes transactions involving supply of goods or services in a state Read more about Difference Between Casual and Non-Resident Taxable Person Under GST Law[…]

FAQs on Input Service Distributor

Who is an ISD? Ans. ISD stands for Input Service Distributor and has been defined under Section 2(61) of the CGST/SGST Act. It is basically an office meant to receive tax invoices towards receipt of input services and further distribute the credit to supplier units (having the same PAN) proportionately. Will ISD be required to Read more about FAQs on Input Service Distributor[…]