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GIST OF GST

Goods and Services Tax - GST - By: - esha agrawal - Dated:- 20-8-2016 Last Replied Date:- 22-8-2016 - Hello everyone coming with another article on GST, a very hot topic in discussion now a days , here is a with meaning of some important terms which will help readers to understand the definitions properly and help practising chartered accountants to deal their clients efficiently in the matter of GST You all must have heard so many information on the Goods and Services Tax. Some are saying GST w .....

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the Centre has agreed to sweep excise duty and additional excise duty, service tax, countervailing duty, surcharge and cess and central sales tax into the waiting arms of GST. The States have obligingly agreed to give up VAT (sales tax), entertainment tax, luxury tax, taxes on gambling, octroi and entry taxes, cess and purchase tax. GST will thus replace all of these taxes. When goods are shipped from one State to another, then it is called inter state , the Centre will collect an integrated GS .....

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due on final product, but this exists in name only because so many taxes like central sales tax, additional excise and customs duty, luxury tax, to name a few - are not eligible for such set-offs, As a result, both producers and sellers end up paying taxes on the same inputs over and over again. It should be thanks that in case of GST there is no concept of input tax credit all taxes are summed up and GST is you pay just once for. Now here is the meaning of some basic terms in GST like What does .....

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harges of hotel/ aircraft etc.) INCLUDING intangible property (which cannot be touched like copyright, patent etc) EXCLUDING Money What does the word SUPPLY means in supply of goods/ services If supply is for a consideration- All form of supply of goods/SERVICE :- exchange, transfer, barter, lease etcIN THE COURSE of business AGENCY SERVICES for supply or receiving goods/ services e.g. consignment agent Aggregator service e.g. meru cab/ uber/ Ola etc In GST even if NO CONSIDERATION is there then .....

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n it is called supply of service In case of business assets if it is permanent transfer then it is called supply of goods, but if temporary transfer then it is called supply of services, if sold by third party (bank) then supply of goods by the person In case of Immovable Property If there is Renting/ Leasing of immovable property then it issupply of service If sale of under construction property then also it is supply of service In case of Intangible Property (IPR) Intangible property is either .....

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RESHOLD EXEMPTION OF GST IS RS 10 LAKHS means now all the small traders also covered under GST. So here are some of the provisions of GST... to be continued with some other and very important concepts of GST till then enjoy and keep smiling!!!! Thanking you all For any queries and comments please contact me on:eshaag6@gmail.com - Reply By Moni Vimal - The Reply = Hello eshaThanks for sharing the update. But can you please tell me when these exmptions like roti, kapda, shiksha etc. are notified a .....

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