GST derives its constitutional validity from Article 246A, which was introduced by the 101st Amendment, 2016 which provides both the parliament as well as states concurrent powers to make laws with respect to GST i. e. central tax (CGST) and state tax (SGST) or union territory tax (UTGST).
What are the Payments made under GST regime? Under the GST regime, where intra-state supply CGST and SGST taxes are calculated, Central GST (CGST, going into the account of the Central Government) and the State GST (SGST, going into the account of the concerned State Government).
Goods and Services Tax(GST) is considered as the biggest reforms of the Indian indirect Tax credit is one of its key features which will help in eliminating cascading effect of taxes.
Deadlines for filing returns GSTR-2, GSTR-3 moved to Nov 30, Dec 11 The government on Monday extended Deadlines for filing by a month for the filing of July GSTR-2 to month November and GSTR-3 to 11th December.
SAC codes mean? SAC codes mean Service accounting code are codes issued by CBEC to uniformly classify each service under GST. Each service has a unique Service Accounting code and these codes can be used in invoices created by you for the services you delivered. GST for service is collected in 5 slabs i.e. 0%, […]
A tax invoice is deemed to include a Revised Tax Invoice and a revised invoice can be issued by a supplier of goods or services under GST which takes place between the effective date of registration and the actual date of registration and the actual date of issuance of a certificate of registration. Search Here […]
What are Offences And Penalties under GST The law has clearly defined rules of offenses and the penalties under GST in each scenario. This is very important info for business owners, Tax Practioner’s and Professionals as an inadvertent mistake can cause severe consequences.
Place Of Supply Under GST defines that the transaction will be counted as Inter-State or Intra-State and accordingly levy of IGST and SGST, CGST will be determined. Know Who Supplier? In GST, a supplier means somebody who supplies goods or services of any type. A supplier contains an agent acting on behalf of a supplier […]