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GST Composition Rules 2017

June 11, 2017July 18, 2021 TaxIndiaUpdates In0 comments6293 views

GST Composition Rules 2017 Chapter II: COMPOSITION RULES RULE 3. Intimation for composition levy. — (1) Any person who has been granted registration on a provisional basis under clause (b) of sub-rule (1) of rule 24 and who opts to pay tax under section 10, shall … Continue Reading →

Goods and Service Tax

FAQs on Overview of Goods and Services Tax (GST)

June 10, 2017 TaxIndiaUpdates In0 comments4803 views

FAQs on Overview of Goods and Services Tax (GST) 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 … Continue Reading →

Goods and Service Tax

FAQs on Levy of and Exemption from GST

June 10, 2017 TaxIndiaUpdates In0 comments3895 views

FAQs on Levy of and Exemption from GST 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 … Continue Reading →

Goods and Service Tax

FAQs on Registration under Goods and Service Tax

June 10, 2017 TaxIndiaUpdates In0 comments5230 views

FAQs on Registration under Goods and Service Tax 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 … Continue Reading →

Goods and Service Tax

FAQs on Offences, Penalties, Prosecution and Compounding in GST Law

June 10, 2017June 10, 2017 TaxIndiaUpdates In0 comments6257 views

FAQs on Offences, Penalties, Prosecution and Compounding in GST Law Q 1. What are the prescribed offences under CGST/ SGST Act? Ans. The CGST/SGST Act codifies the offences and penalties in Chapter XVI. The Act lists 21 offences in section 122, apart from the penalty … Continue Reading →

Goods and Service Tax

FAQs on Overview of the IGST (Integrated Goods and Services Tax)

June 10, 2017June 10, 2017 TaxIndiaUpdates In0 comments3405 views

FAQs on Overview of the IGST (Integrated Goods and Services Tax) Q 1. What is IGST? Ans. “Integrated Goods and Services Tax” (IGST) means tax levied under the IGST Act on the supply of any goods and/ or services in the course of inter-State trade … Continue Reading →

Goods and Service Tax

FAQs on Place of Supply of Goods and Service in GST Law

June 10, 2017 TaxIndiaUpdates In0 comments5086 views

FAQs on Place of Supply of Goods and Service in GST Law Q 1. What is the need for the Place of Supply of Goods and Services under GST? Ans. The basic principle of GST is that it should effectively tax the consumption of such … Continue Reading →

Goods and Service Tax

FAQs on GSTN and Front end Business Process on GST Portal

June 10, 2017 TaxIndiaUpdates In0 comments5403 views

FAQs on GSTN and Front end Business Process on GST Portal Q 1. What is GSTN? Ans. Goods and Services Tax Network (GSTN) is a not-for-profit, non-government company promoted jointly by the Central and State Governments, which will provide shared IT infrastructure and services t … Continue Reading →

Goods and Service Tax

FAQs on GST Transitional Provisions

June 10, 2017 TaxIndiaUpdates In0 comments5412 views

FAQs on GST Transitional Provisions Q 1. Will CENVAT credit (or VAT credit) carried forward in the last return prior to GST under existing law be available as ITC under GST? Ans. A registered person, other than a person opting to pay tax under composition … Continue Reading →

Goods and Service Tax

FAQs on Advance Ruling in GST Law

June 9, 2017June 9, 2017 TaxIndiaUpdates In0 comments5172 views

FAQs on Advance Ruling in GST Law Q 1. What is the meaning of Advance Ruling? Ans. As per section 95 of CGST/SGST Law and section 12 of UTGST law, ‘advance ruling’ means a decision provided by the authority or the Appellate Authority to an … Continue Reading →