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FREQUENTLY ASKED QUESTIONS (FAQs) ON FINAL GOODS AND SERVICES TAX (GST) Part- 25

Yes. In terms of Rule 137 of the CGST Rules, 2017, the Anti-profiteering Authority shall cease to exist after the expiry of two years from the date on which the Chairman of the Authority enters upon his office unless the GST Council recommends otherwise.

FREQUENTLY ASKED QUESTIONS (FAQs) ON FINAL GOODS AND SERVICES TAX (GST) Part- 24

The registered person will not be able to carry forward the excess ITC of VAT to GST if he opts for composition scheme – Section 140(1).

FREQUENTLY ASKED QUESTIONS (FAQs) ON FINAL GOODS AND SERVICES TAX (GST) Part- 23

Goods and Services Tax Network (GSTN) is a not-for- profit, non-government company under Section-8 of the Companies Act-2013, promoted jointly by the Central and State Governments, to provide shared IT infrastructure and s e r v i c e s , to b o t h c e n t r a l and state governments including tax payers and other stakeholders.

FREQUENTLY ASKED QUESTIONS (FAQs) ON FINAL GOODS AND SERVICES TAX (GST) Part- 22

The basic principle of GST is that it should effectively tax the consumption of such supplies at the destination thereof or as the case may at the point of consumption. So place of supply provision determines the place i.e. taxable jurisdiction where the tax should reach.

FREQUENTLY ASKED QUESTIONS (FAQs) ON FINAL GOODS AND SERVICES TAX (GST) Part- 21.5/21.6

The imports by EOUs are to be levied IGST and compensation cess as per the Notification No. 59/2017-Cus dated 30.06. 2017. However, as part of export package, imports by EOUs have been temporarily exempted from payment of IGST and compensation cess up to 31st March, 2019 vide Customs Notification No. 65/2018-Customs dated 24.09.2018.

FREQUENTLY ASKED QUESTIONS (FAQs) ON FINAL GOODS AND SERVICES TAX (GST) Part- 21.3\21.4

Prior to GST, there were two All Industry Rates (AIRs) of duty drawback on exports. The higher rate rebated Customs duties, Central Excise duties and Service tax on inputs or input services used in the manufacture of export goods subject to the condition that no input credit i.e. CENVAT credit was claimed.

FREQUENTLY ASKED QUESTIONS (FAQs) ON FINAL GOODS AND SERVICES TAX (GST) Part- 21.2

As in the earlier service tax regime, five conditions have been prescribed for a service to be treated as exports in GST. The five conditions comprised in the definition of the term “Export of Services” are cumulative and are to be fulfilled in totality in order to consider a transaction of supply of service as an export supply.

FREQUENTLY ASKED QUESTIONS (FAQs) ON FINAL GOODS AND SERVICES TAX (GST) Part- 21/21.1

 Yes, any zero rated supply is eligible for input tax credit paid by such supplier. As per section 16(2) of the IGST Act, credit of input tax may be availed for making zero-rated supplies, notwithstanding that such supply may be an exempt supply.

FREQUENTLY ASKED QUESTIONS (FAQs) ON FINAL GOODS AND SERVICES TAX (GST) Part- 20

Integrated Goods and Services Tax” (IGST) means tax levied under the IGST Act on the supply of any goods and/ or services in the course of inter-State trade or commerce

FREQUENTLY ASKED QUESTIONS (FAQs) ON FINAL GOODS AND SERVICES TAX (GST) Part- 19

The CGST/SGST Actcodifies the offences and penalties in Chapter XVI. The Act lists 21 offences in section 122, apart from the penalty prescribed under section 10 for availing compounding by a taxable person who is not eligible for it.

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Shielding Your Business: A Comprehensive Guide to Business Continuity Planning (BCP)

Business Continuity Planning (BCP) is like a safety net for businesses, ready to cushion the impact when the unexpected hits. It’s more than just disaster management—it’s a strategic contingency plan ensuring the safety of a company’s assets, processes, and resources against unforeseen disruptions.

FAQs on GST applicability on ‘pre-packaged and labelled’ goods- reg

The changes relating to GST rate, in pursuance of recommendations made by the GST Council in its 47th meeting, are coming into effect from the 18th of July, 2022. One such change is moving from imposition of GST on specified goods when bearing a registered brand or brand in respect of which an actionable claim or enforceable right in a court of law is available to imposition of GST on such goods when “pre-packaged and labelled”. Certain representations have been received seeking clarification on the scope of this change, particularly in respect of food items like pulses, flour, cereals, etc. (specified items falling under the Chapters 1 to 21 of the Tariff), as has been notified vide notification No. 6/2022-Central Tax (Rate), dated the 13th of July, 2022, and the corresponding notifications for SGST and IGST.

FAQ on GST for Traders (Frequently Asked Questions)

Under GST, a trader would be entitled to avail input tax credit paid on their domestic procurements of goods and services unlike the present indirect tax regime. Presently, a significant portion of indirect taxes namely Central Excise and Service Tax form part of the cost component for a trader.

Order No. 01/2022 – GST: Authorization Under CGST Rules

Explore Order No. 01/2022 – GST: Authorisation Under CGST Rules & its implications for taxpayers. Get informed and stay compliant with the latest updates.

Electronic Way Bill in GST

Electronic Way Billi’s a document required for movement of goods and it includes details such as name of consignor, consignee, transporter, the point of origin of the movement of godsend its destination.Electronic Way Bill (e-way bill) is basically a compliance mechanism wherein by way of a digital interface the person causing the movement of goods uploads the relevant information prior to the commencement of movement of goods and generates e-way bill on the GST portal.

Order No. 01/2020 – GST: Extension of FORM GST TRAN-1

Explore Order No. 01/2020 – GST: Extension of FORM GST TRAN-1 & its implications for taxpayers. Get informed and stay compliant with the latest updates.

Order No. 01/2020 – CT: Revocation of Cancellation of Reg.

Explore Order No. 01/2020 – CT: Revocation of Cancellation of Reg. & its implications for taxpayers. Get informed and stay compliant with the latest updates.

FAQs On TCS Under GST (Frequently Asked Questions)

As per Section 2(44) of the CGST Act, 2017, electronic Commerce means the supply of goods or services or both, including digital products over digital or electronic network.

FAQs on Anti-profiteering provisions (Frequently Asked Questions)

In terms of Section 171 of the CGST Act, 2017, the suppliers of goods and services should pass on the benefit of any reduction in the rate of tax or the benefit of input tax credit to the recipients by way of commensurate reduction in prices. The wilful action of not passing on the above benefits to the recipients in the manner prescribed is known as “profiteering”.

Order No. 01/2019 – GST: Extension of time limit for TRAN-1

Explore Order No. 01/2019 – GST: Extension of time limit for TRAN-1 & its implications for taxpayers. Get informed and stay compliant with the latest updates.

Notification No. 26/2019 – Union Territory Tax (Rate) Update

Understand Notification No. 26/2019 – Union Territory Tax (Rate) on bus body building GST. Rates, rules, examples, FAQs & compliance tips.

Notification No. 10/2017 – UTTR Explained

Learn how Notification No. 10/2017-UTT (Rate) provides UTGST exemption for second-hand goods dealers operating under the Margin Scheme.

Notification No. 21/2019 – Central Tax Explained

G..S.R……(E).— In exercise of the powers conferred by section 148 of the CGST Act, 2017 (12 of 2017) (hereafter in this notification referred to as the said Act), the Central Government, on the recommendations of the Council,

Notification No. 01/2018 – UTGST Explained

Notification No. 01/2018 – Union Territory Tax (Rate) amends 11/2017 to revise UTGST rates on services. Full guide with FAQs.

Notification No. 13/2018 – Integrated Tax (Rate) Explained

Notification No. 13/2018 – Integrated Tax (Rate) extends exemption from IGST under Section 5(4) till 30 Sept 2018. RCM relief explained.

Rule 84. Conditions for purposes of appearance .-

Important Keyword: FORM GST PCT-05, Rule. Table of Contents GST Rule 84. Conditions for purposes of appearance.- GST Rule 84. Conditions for purposes of appearance.- (1) No person shall be eligible to attend before any authority as a goods and services tax...

Notification No. 09/2017 – Integrated Tax (Rate) Explained

Learn Notification 09/2017 IGST—complete guide to GST service exemptions with examples, rules, and FAQs explained simply.

GST Online Payment | How to Pay Your GST Easily

Make GST online payment easily and securely through government-approved platforms for seamless tax compliance and smooth business operations.

Section 20. Miscellaneous transitional provisions.

Provided that the registered person shall be allowed to reduce his tax liability on account of issue of the credit note only if the recipient of the credit note has reduced his input tax credit corresponding to such reduction of tax liability.

Notification No. 31/2018 – Central Tax Explained

Notification No. 31/2018 – Central Tax prescribes special procedure for taxpayers with provisional GST IDs to complete migration and obtain GSTIN.