Reading Time: 10 minutes Frequently Asked Questions on Composition Levy Q 1. What is composition levy under GST? Ans. The composition levy is an alternative method of levy of tax designed for small taxpayers whose turnover is up to Rs. 75 lakhs ( Rs. 50 lakhs in case of few States). The objective of composition scheme is to bring
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Reading Time: 8 minutes Composition Levy Scheme in GST 1. Composition Levy Scheme under GST law. Composition levy scheme is a very simple, hassle free compliance scheme for small taxpayers. It is a voluntary and optional scheme. Benefits of composition scheme • Easy compliance as no elaborate accounts and records to be maintained • Simple Quarterly Return • Quarterly
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Reading Time: 5 minutes Input Service Distributor in GST Input Service Distributor (ISD) means an office of the supplier of goods or services or both which receives tax invoices towards receipt of input services and issues a prescribed document for the purposes of distributing the credit of central tax (CGST), State tax (SGST)/ Union territory tax (UTGST) or integrated
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Reading Time: 8 minutes How to Generate GST E-WAY BILL by SMS The e-way bill system has been rolled out on a trial basis from 16 January 2018. For details, please visit www.ewaybill.nic.in
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Reading Time: 7 minutes GST Rate changes on services by GST Council Meeting GST Rate changes Finance Minister Shri Arun Jaitley headed the 25th Meeting of the GST Council in New Delhi on 18th January 2018. The Council has recommended many relief measures regarding GST rates on goods and services, GST Rate changes many sectors and commodities. The Council has
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Reading Time: 4 minutes Recommendations of 25th GST Council Meeting The Union Finance Minister Shri Arun Jaitley Chaired the 25th Meeting of the GST Council in New Delhi on 18th Jan 2018. The Council has recommended certain in GST/IGST rate and clarifications in respect of GST rate on Goods specified below as per discussions in the 25thGST Council Meeting held
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Reading Time: 6 minutes Casual taxable person in GST “Casual taxable person” means a person who occasionally undertakes transactions involving the supply of goods or services or both in the course or furtherance of business, whether as principal, agent or in any other capacity, in a State or a Union territory where he has no fixed place of business.
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Reading Time: 6 minutes The Meaning and Scope of Supply The taxable event in GST is the supply of goods or services or both. Various taxable events like manufacture, sale, rendering of service, purchase, entry into a territory of State etc. have been done away with in favor of just one event i.e. supply. The constitution defines “goods and
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Reading Time: 2 minutes Concept of Aggregate Turnover in GST Turnover, in common parlance, is the total volume of a business. The term ‘aggregate turnover’ has been defined in GST law as under “aggregate turnover” means the aggregate value of all taxable supplies (excluding the value of inward supplies on which tax is payable by a person on reverse
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Reading Time: 8 minutes Composite Supply and Mixed Supply Composite Supply and Mixed Supply,The taxable event under GST is the supply of goods or services or both. GST will be payable on every supply of goods or services or both unless otherwise exempted. The rates at which GST is payable for individual goods or services or both is also separately
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