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. The bill can be generated from the GSTN portal and every registered taxpayer must have this e-way bill along with the goods transferred. There are…
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 both, in the course or furtherance of business, whether as principal, agent or in any other capacity, in a State or a Union territory where…
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 paid when there is a delay by the taxpayer or by the department. The two cases where a taxpayer is liable to pay interest are: Delayed…
Buying & selling of second-hand goods & used goods will not attract GST if it is sold at a price cheaper than the purchase price. Where a taxable supply is provided by an individual dealing in buying & selling of second hand goods or used products as such or once…
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 not liable to register under GST irrespective of their Turnover limit. AGRICULTURE: Agro-Inputs like fertilizers, seeds, irrigation (electricity is req.), Machinery & all other agricultural…
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 collected and paid. This can be done by filing online returns. GST Returns are the Goods and Services Tax Return forms that taxpayers of all…