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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.

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.

Mixed Supply Under GST

Mixed supply under GST means two or more individual supplies of goods or services, or any combination, made in conjunction with each other by a taxable…

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