Subscription   Feedback   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Articles Highlights TMI Notes SMS News Newsletters Calendar Imp. Links Database Experts Contact us More....
Extracts
Home List
← Previous Next →

Levy and Exemption under GST - supply of goods or services or both

Goods and Services Tax - GST - By: - CA Akash Phophalia - Dated:- 17-6-2016 - 1. Background GST is a comprehensive VAT on the supply of goods or services or both. All goods and services will be subject to GST unless specifically exempted i.e. operati .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

and collection of GST are discussed hereunder. 2. Levy This act proposed to levy tax which may be called as CGST or SGST on all the intra-State supplies of goods or services or both. The rate of tax will be applicable as per the categorisation and cl .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ion 7] 3. Compound levy In the erstwhile law related to indirect taxation the system of compound levy was available in State laws only. In the central indirect tax law compound levy was restricted to a very limited extent and applicable on the limite .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

se charge would be having an option to pay tax at such rate as may be prescribed but not less than one percent. Further, this scheme is available only to the assessees who are not affecting any inter-state supply of goods or services. Another point t .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

Assessee would also not be eligible for input credit. 4. Taxable person Unlike earlier law, there is a separate section defining the meaning of the term taxable person . Taxable person means a person who carries on any business at any place in India .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

imit (b) Casual taxable persons, irrespective of the threshold specified (c) Persons who are required to pay tax under reverse charge (d) Non resident taxable persons (e) Persons who are required to deduct tax under section 37 (TDS) (f) Agents (g) In .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

fied persons In the situation other than above- (l) Suppliers liable to be registered where it makes a taxable supply of goods of services if its aggregate turnover in a financial year exceeds ₹ 9 lacs. (m) Supplier liable to be registered wher .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

(o) Transferee in case where business is transferred. 5. Not considered as taxable persons The following persons will not be considered as taxable persons for the purpose of this act - (a) Employee providing service in the course of employment (b) Pe .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

what is new what is new
  ↓     bird's eye view     ↓  


|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version