Beginner’s Guide to GST This guide is for businessmen and students who wants to have a basic working knowledge of GST. The guide is arranged in a logical manner and written in easy to understand language. We recommend to read chapters one by one but feel free to jump the
Article 269A of constitution mandates that import of goods or services in India is considered as Inter-state trade. Therefore, import of goods or services is considered as interstate supply and is liable for payment of IGST. IGST on the import of services would be leviable under the IGST Act, the
What is Co-operative Housing Society Co-operative housing societies are the entities registered under the co-operative laws of the respective state and which provide its member’s amenities and services relating to housing. In simple words, it is a collective body of persons, who stay in a residential society and would be
Education is defined as “Education is a process of training and developing the knowledge, skill and character of students by normal schooling.” Taxation of education services is a sensitive issue as it is the basic right of every person to get an education and levying GST on it have a
Rule 138 of CGST Rules define the provisions of the e-Way bill. A registered person needs to generate an e-way bill where the goods need to be moved from one place to another and the value of such goods is more than Rs. 50,000 in the following cases: – Sales
What is Deemed Export? “Deemed Exports” refers to supplies of goods manufactured in India which are notified as deemed exports under Section 147 of the CGST/SGST Act, 2017. It is to be noted that services are not considered as deemed exports. The supplies do not leave India. The payment for
As per section 2(47) of the CGST Act, 2017, a supply is said to be exempt, when it attracts nil rate of duty or is specifically exempted by a notification or kept out of the purview of tax (i.e. a non-GST supply). But when a supply is exempted from payment
For some persons, it is hard to maintain a fixed place of business due to seasonable nature of their industry. Also, if they have to register as a regular taxable person then they have to file monthly or quarterly return on a regular basis throughout the year. This lead to
Mixed Supply A mixed supply is one in which two or more individual supplies of goods or services are made as a single supply but such supply does not constitute as a composite supply. For example, a departmental store makes a package on occasion of Diwali which consists of sweets,
What is Input Tax Credit under GST? Input Tax Credit (ITC) means claiming the credit of the GST paid on the purchase of goods and services which are used for the furtherance of the business. ITC is a mechanism to avoid the cascading effect of taxes. Previously, no credit of