Goods and Services Tax (GST), a One Nation One Tax concept, is an Indirect Tax that replaced a varied Indirect Taxes in India. On 29th March 2017, The Goods and Service Tax Act was finally passed. The Act was enforced and was implemented on July 1st, 2017.
In simple words, Goods and Service Tax that will be charged on the value of supply made is known as Valuation of Supply under GST. The rules will determine the charging value for GST. The rules are hosted on CBEC’s portal.
Composition Rules are strict, rigid and to the point for the person to understand and avail the benefits of the Composition Scheme. Therefore, any person who opts for the scheme will be considered as opting for all the places of business, registered under the same PAN.
GST, Seva Kendra is a Government’s Initiative to help India get access to understand GST and easily file GST-Complaints.
Goods and Services Tax, also known as GST is a tax imposed on value added goods and services that are used as domestic consumption. The main aim of GST was to create single market in India by replacing multiple tax collection system. It came into force on 1st July 2017.
The history of tax reforms in India dates back to 1985, when the then government had announced the Long Term Fiscal Policy. The MODVAT laws – which were the indirect tax laws we were following till 2017 – were introduced in 1986…
At the time of paying tax on output, one can reduce the tax if they have paid on inputs and pay for the balance amount. This is called as Input Tax Credit.
For example, if you buy a product from a registered dealer, you will have to pay taxes on the purchase.
GST stands for Goods and Services Tax. GST is imposed on value added goods and services that are sold for domestic consumption. GST has replaced many indirect taxes in our nation. It was enforced on 29th March, 2017 and came into effect on 1st July 2017…