Goods and Services Tax - Page 2

Gifts and Perquisites by employer to Employee when not liable to GST

Gifts upto a value of Rs 50,000/- per year by an employer to his employee are outside the ambit of GST. The Press Release issued on 10th of July by the Finance Ministry clarifying so, also states that service of membership of a club, health and fitness centre provided free of charge to all the […]...

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Applicability of GST in Transport Services

This question after GST has sudden emerged in so many users/consumers mind, although same was well described under Service Tax Act but many new questions raised due to merging of all Acts in one Act. I have tried to deal possible situations which may help you understand concept, kindly comment if any contrdict views are there because we a...

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GTA Services under GST Regime (Part 2)

Can a Registered GTA apply for Composition Scheme? Well, the simple answer to this question is NO. Sec. 10(2) of the CGST Act says:- The registered person shall be eligible to opt for composition scheme, if:- (a) he/she is not engaged in the supply of services other than supplies referred to in clause (b) of paragraph 6 of Schedule II (i....

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All about Pure Agent Concept in GST

The GST Act defines an Agent asa person including a factor, broker, commission agent, arhatia, del credere agent, an auctioneer or any other mercantile agent, by whatever name called, who carries on the business of supply or receipt of goods or services or both on behalf of another....

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Online Information Data Base Access and Retrieval (OIDAR) Services in GST

Online Information Database Access and Retrieval services (OIDAR) is a category of services provided through the medium of internet and received by the recipient online without having any physical interface with the supplier of such services. E.g. download of an e-book online for a payment would amount to receipt of OIDAR services by the ...

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All about Advance Ruling Mechanism in GST

An advance ruling helps the applicant in planning his activities which are liable for payment of GST, well in advance. It also brings certainty in determining the tax liability, as the ruling given by the Authority for Advance Ruling is binding on the applicant as well as Government authorities. Further, it helps in avoiding long drawn an...

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All about Composite Supply and Mixed Supply under GST

Under GST, a composite supply would mean a supply made by a taxable person to a recipient consisting of two or more taxable supplies of goods or services or both, or any combination thereof, which are naturally bundled and supplied in conjunction with each other in the ordinary course of business, one of which is a principal supply:...

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All about Tax Invoice and other such instruments in GST

Under the GST regime, an “invoice” or tax invoice means the tax invoice referred to in section 31 of the GST Act, 2017. This section mandates the issuance of an invoice or a bill of supply for every supply of goods or services. ...

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All about Appeals and Review Mechanism under GST

GST being implemented in our country is a dual GST i.e. to say every supply attracting the levy will be leviable to both Central tax and State tax. So does this mean that if a taxpayer is aggrieved by any such transaction, he will have to approach both the authorities for exercising his right of appeal? The answer is a plain NO....

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Redefining the Indirect Tax Structure under New GST Regime

The Goods & Service Tax is a comprehensive value added tax on the supply of goods and services. Destination based consumption tax. Aims to provide cost competitiveness to the indigenous goods / services in the international markets....

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Goods and Services Tax India

The Goods and Services Tax or better known as GST is a Value added Tax and is a comprehensive indirect tax which is levied on the manufacture, consumption, and sale of goods and services. The Goods and Services Tax in India would replace all the indirect taxes which are levied today on goods and services by the Central and the State governments. GST is intended to be comprehensive for most of the goods and services. Goods and Services Tax is a single indirect tax for the entire nation, which would make India a unified market. It is proposed to be a single tax on supply of goods and services, from a manufacturer to the end consumer. The credit of all the input taxes which are paid at each and every stage would be allowed in the following stages of value addition that makes GST basically a tax on value addition only at every stage. The end consumer would have to bear only the Goods and Service Tax which is charged by the final dealer within the supply chain, together with all the set-off benefits availed at previous stages.

At Taxguru, we provide all the latest GST news to our viewers. Our group of expert keep a close check on all the latest developments and provide a comprehensive analysis on GST updates. We keep updating our portal with articles on GST for the enlightening our readers. Bookmark us for all the GST articles and much more on GST.