Know Everything About GST E-Way Bill
GST E-Way bill is an electronic bill that is required for the movement of goods where the value of the goods is above Rs. 50,000.…
Export Bond For GST Or Letter Of Undertaking (LUT)
Entities that are involved in the Export of goods having GST registration are permitted to export goods without the payment of IGST by furnishing an Export bond or Letter of Undertaking (LUT) in Form GST RFD-11. Small exporters must file GST RFD-11 prior to the export if they wish to avoid the blocking of working capital.
Casual Registration Under GST
CASUAL TAXABLE PERSON As per the law, a ‘Casual Taxable Person’ is a person who occasionally undertakes transactions involving supply of goods or services, or…
Interest On Late Payment Of Tax Under The GST Regime
Interest must be paid in case of delay in payment of tax under the GST regime. Certain provisions have been drafted for interests to be…
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…