Goods and Services Tax
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Input Tax Credit and Commercial Expediency: A Comparative Analysis with Income Tax Jurisprudence
GSTR-1A-Simplified
Compensation Cess exempted on Aerated Beverages & Energy Drinks to Defence Canteens
Summary of 4 GST circulars issued by CBIC on 11th July 2024
CBIC Exempts UTGST on Railway & Accommodation Services
UTGST: Supply of Farm Produce in Packages Over 25 kg/Litre Not Considered as Supply
CBIC Notifies Changes in UTGST Rates on Goods per 53rd GST Council Meeting
CBIC Exempts IGST on Railway & Accommodation Services
IGST: Supply of Farm Produce in Packages Over 25 kg/Litre Not Considered as Supply
CBIC Notifies Changes in IGST Rates on Goods per 53rd GST Council Meeting
CBIC Exempts CGST on Railway & Accommodation Services
CGST: Supply of Farm Produce in Packages Over 25 kg/Litre Not Considered as Supply
CBIC Notifies Changes in GST Rates on Goods per 53rd GST Council Meeting
Summary of GST notifications issued on 10th July 2024
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.
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