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Every supplier whose aggregate turnover in a financial year exceeds twenty lakh rupees shall be liable to be registered under the Goods and Service Tax. He will be registered in the State or Union territory, other than special category States, from where he makes a taxable supply of goods or services or both.
A hotel where the room tariff exceeds Rs 1,000 is liable for service tax at 15 percent. An abatement of 40% is allowed on the tariff value bringing the effective rate of service tax down to 9%. The Value Added Tax 5.5% to 14.5% and luxury tax will still apply.
Any Person whose aggregate turnover (Taxable + Exempted) in preceding financial year did not exceed 75 Lac (50 Lac for special category states), then that person can apply for registration under composition scheme.
To be Filed by the 20th of the Next Month by the recipient and supplier of Goods/Services (i.e. every registered taxpayer), this Return is divided into 2 parts A & B and it shall contain the following details.
The meaning of Supply is very wide in GST and it covers all forms of supply of goods or services or both via sale, transfer, barter, exchange, license, rental, lease or disposal made or agreed to be made for a consideration by a person in the course or furtherance of business. Infact there are certain specific transaction without consideration also considered to be supply.
