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
Under GST, there are various types of supplies which creates confusion for the end user. While the end result of all these supplies is the same, i.e. GST is not applicable on the supply, but it is important to know the difference especially for the purpose of filing correct GST
Since GST subsumed both indirect taxes of central government (excise duty, service tax, custom duty, etc. ) and state governments (VAT, Luxury tax, etc.), both the government now depend on GST for their indirect tax revenue. Therefore the GST rate is composed of two rates, one of CGST and one
Process of Registration For resident persons Format of Goods and Services Tax Identification Number (GSTIN) Process of Registration for Person required to Deduct Tax at Source (TDS) or Collect Tax at Source (TCS) under GST Process of Registration for Non Resident Persons Registration Made by the GST Official Amendment to
Who is a Pure Agent? In GST act, an agent is a person including a factor, broker, commission agent, arhatia, del credere agent, an auctioneer or any other mercantile agent, by whatever name called, who carries on the business of supply or receipt of goods or services or both on
Valuation at Transaction Value If the recipient and supplier of Goods/Services are not related then the price actually paid or payable is taken as value of good/services. The transaction value shall be accepted even where the supplier and recipient of supply are related, provided that the relationship has not influenced the