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Q.1 What is the taxable event under GST? Ans: The taxable event under GST shall be the supply of goods or services or both made for consideration in the course or furtherance of business. The taxable events under the existing indirect tax laws such as manufacture, sale, or provision of services shall stand subsumed in the taxable event known as supply.
Q 1. What is advantage of taking registration in GST? Ans. Registration under Goods and Service Tax (GST) regime will confer following advantages to the business: • Legally recognized as supplier of goods or services. • Proper accounting of taxes paid on the input goods or services which can be utilized for payment of GST due on supply of goods or services or both by the business.
Q 1. Where is the power to levy GST derived from? Ans. Article 246A of the Constitution, which was introduced by the Constitution (101st Amendment) Act, 2016 confers concurrent powers to both parliament and state legislatures to make laws with respect to GST. However, -clause 2 of Article 246A read with Article 269A provides exclusive power to the Parliament to legislate with respect to inter-state trade or commerce.
Q.1 What is Goods and Services Tax (GST)? Ans: It is a destination based tax on consumption of goods and services. It is proposed to be levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous stages available as setoff.
A. FAQs on Viewing Prosecution Notice Issued by GST Tax Officials Q 1. What are Prosecution Proceedings? Ans Prosecution Proceedings are instituted against the taxpayers who are involved in cases of tax evasion beyond the specified limit and for which penal actions are applicable on specific events subject to certain conditions with varied quantum of […]
Form GSTR-4 is to be filed by a taxpayers who are registered under the composition scheme. The composition taxpayer needs to provide the details of the outward supplies and inward supplies (other than attracting reverse charge and attracting reverse charge) and those received from the unregistered dealers including the details of services imported from outside India in Form GSTR-4.
Article compiles FAQs on GST Registration, Composition Scheme, Casual Taxpayer / Non Resident Taxpayer, Reverse Charge, Input Tax Credit, ITC on Job Work, GST Payment, E-way Bill, GST on Agriculture, GST Refund, GST Audit and Other GST Issues. Introduction Q.1 Which Taxes are not replaced in GST? Ans: GST has substituted most of the indirect […]
In PART – 1 of Audit Report, Form Date and To Date are not entered as complete financial year, i.e. from data should be 01.04.2017 and To date should be 31.03.2018. Dealers who are migrated to GST wef 01.07.2017, has to download the latest template ( after clearing cache, cookies and history) and can enter the applicable VAT period ( viz., April to June 2017) to submit e704.
Frequently Asked Questions related to Banking Sector Related on Goods & Services Tax (GST) released by CBIC (Updated as on 27.12.2018) Q.1 Whether Banks are required to capture the details of ATMs in registration certificate as a ‘place of business’? Ans:- No. Banks are not required to provide the details of ATMs while applying for […]
Frequently Asked Questions related to Insurance Sector Related on Goods & Services Tax (GST) released by CBIC (Updated as on 27.12.2018) Q.1 What is the location of the supplier of service for fund management charges in ULIP policies? Ans: The fund management charges are charges towards managing and administering the fund. These funds are managed […]
