Table of Contents
How do you explain GST to a layman?
The goods and services tax (GST) is a tax on goods and services sold domestically for consumption. The tax is included in the final price and paid by consumers at point of sale and passed to the government by the seller. The GST is a common tax used by the majority of countries globally.
Why is learning GST important?
Introduction of GST is important as it would help alleviate the situation. There would be reduction in cost of manufacturing both from a tax view as well as compliance front. Inspite of being one country, India has more than 30 markets which would be transformed into a single market with GST.
What are the laws supporting the levy of GST?
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 i. e. central tax (CGST) and state tax (SGST) or union territory tax (UTGST).
What is levy of GST?
GST is levied on supply of goods and services across India (including Jammu and Kashmir). It is a single tax on the supply of goods and services, right from the manufacturer to the consumer. Under GST credit of taxes paid at previous stages is available as set-off from the output tax.
How do I learn basic GST?
Beginner’s Guide to GST
- BASICs OF GST. (Chapter 1) Goods and Service Tax (GST) is applicable in India from 1st July 2017.
- Registration. (Chapter 2)
- Composition Scheme. (Chapter 3)
- Invoicing. (Chapter 4)
- Input tax Credit. (Chapter 5)
- Reverse charge mechanism. (Chapter 6)
- Payment of GST. (Chapter 7)
- E-way Bill. (Chapter 8)
How many rules are there in GST Act?
There are 9 important sub-classifications of GST rules that include registration, return, refund, composition, transition, invoice, payment, input tax credit and valuation.
Which services are exempted from levy of GST?
GST Exemption List – For Services
- Services by the Department of Posts by way of speed post, express parcel post, life insurance, and agency services provided to a person other than Government;
- Services in relation to an aircraft or a vessel, inside or outside the precincts of a port or an airport;
When it is compulsory for a person to register under GST?
In the GST Regime, businesses whose turnover exceeds Rs. 40 lakhs* (Rs 10 lakhs for NE and hill states) is required to register as a normal taxable person. This process of registration is called GST registration. For certain businesses, registration under GST is mandatory.