GST on sale of car by a business house The present moot question is whether GST on sale of car (old and used) by a Business House. GST is leviable on ‘Supply’ as defined under Section 7 of the CGST Act, 2017 (hereinafter referred as Act). Relevant portion of said definition of ‘Supply’ is reproduced […]
Category Archives: Goods and services Tax
Goods and services Tax
Goods and services Tax is applied by Indian government as one nation one tax
“GST” Was Apply by the Government to benefited to Business Man.
Before Implementation of GST Various Indirect taxes like service tax,Sales tax,and Excise duty was applicable in india .
In Above all indirect tax cenvat credits i.e. input tax credits on purchase/services received was adjusting with outward sales and outward services given .
For smooth running of this system the Indian Government also implemented this by discontinue of above mentioned tax,
In This Section we try to clarify regarding GST Refunds,GST Returns,GST Circulars,GST Notifications,GST Forms.
12% tax rate without ITC on Restaurants- Proposal Air-conditioned restaurants currently charge GST @18% and non-air-conditioned ones charge 12% GST. As per recent proposal made to GST Council, a rate of GST in case of restaurants is being planned to be kept at 12% without the facility of ITC on Restaurants.If this proposal is materialized […]
Supplied for exports – Goods taxed at concessional rate Taxing at rate of 0.05% for Intra state supply of taxable goods by a registered supplier to a registered Supplied for exports subject to the following conditions:
Valuation rules under GST could lead to transfer pricing disputes As companies focus on the country’s biggest indirect tax reform — Goods and Services Tax — an old ghost of transfer pricing may come to haunt them in the coming years, warn tax experts.
Electronic Liability Register under GST- Things You Must Know 1. What is an Electronic Liability Register? In an Electronic Liability Register, all liabilities accrued by the taxpayer are displayed. Payments made from the Electronic Cash Ledger and/or credit utilized to discharge the liabilities are also shown in the ledger. It can be accessed in the […]