Everything About Second-Hand Goods Under GST
Buying & selling of second-hand goods & used goods will not attract GST if it is sold at a price cheaper than the purchase price.…
Exempt Supply Under GST Regime
MEANING: Exempt supply under GST includes Nil rated (taxable at 0%) & Non-taxable supplies. Persons dealing exclusively in Nil rated or 100% Exempt goods/services are…
Nil Rated Supply Under The GST Regime
Nil rate or 0% is the rate of tax on the output supplies. Sales of Nil rated goods to a Local or Inter-state Consumer does not attract GST. Exempt supplies include Nil rated supplies (taxable at 0%) & Non-taxable supplies.
Everything About Compensation Cess Under GST
The GST Compensation cess is levied under section 8 GST act, 2017. It would be imposed for a period of 5 years from GST implementation. It is levied on intra-state supply of goods or services & inter-state supply of goods or services to provide compensation to the States for loss of revenue due to implementation of GST in India.
Types Of Returns To Be Filed Under The GST Regime
All individuals registered under the GST Act has to furnish the details of the sales and purchases of goods and services along with the tax…
Matching GSTR-3B With GSTR-1, GSTR-2
Business Entities are now preparing to file their GSTR-1 returns in full swing, after completion of the filing of GSTR-3B returns last month. The GST council…
Important Due Dates To Remember For The Month Of July & August!
The decision of the GST Committee to allow transitional credit towards discharging tax liabilities of July, the extension of due dates for tax payment & filing of GSTR-3B…
Filing GSTR 3B For The Month Of July & August!
GSTR 3B is a temporary & simpler return that businesses must file in the first two months of GST i.e. in the month of July & August. Taxpayers need to declare only the summary of outward and inward supplies. However, the invoice-wise details in Form GSTR-1 and Form GSTR-2 for July and August will be filed in September.
Know Everything About Goods Transport Agency (GTA) Under GST!
Services provided or agreed to be provided by a Goods Transport Agency (GTA) In respect of transportation of goods by road to: any factory registered…