Composition Scheme Under The GST Regime
ELIGIBILITY FOR GST COMPOSITION SCHEME: The registration under composition scheme is optional and voluntary. Businesses having a turnover LESS THAN Rs. 1.0 Crore* can opt for…
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 Reverse Charge Mechanism Under GST!
Usually, the supplier pays tax on supply. But in this case, the receiver or recipient becomes liable to pay tax which means the chargeability…
Composite Supply Under GST
GST Composite Supply means a supply comprises of two or more goods or services, which are naturally bundled and are supplied in with each other in…
Input Tax Credit On Job Work
The principal is eligible for ITC on the inputs and capital goods sent for job work. WHEN INPUTS OR CAPITAL GOODS ARE SENT FOR JOB…
Understanding About Job Work Under GST
1. MEANING OF JOB WORK UNDER GST The manufacturer (principal) may send his goods to a job worker on contract basis after the purchase of…