1. This Act is the Goods and Services Tax Act 1993.Interpretation 2.—(1) In this Act, ...
For instance, if a service provider buys a product for ₹200 and pays 5% GST, the product cost becomes ₹210. After adding ₹100 in value, he charges ₹310 for the service. The GST liability of ₹310 is ₹15.5, and with an input tax credit of ₹10 (the GST paid on t...
The concept of Intermediary services was embodied in Goods and Services Tax Act from the Service Tax regime. “Intermediary” has been defined under section 2(13) of Integrated Goods and Services Tax Act, 2017 (hereinafter referred as the Act) as under- “Intermediary means a broker, an age...
There are difficulties in the goods and services tax (GST) in the year 2021. Therefore an issue is raised on the healing towards the year gifts or brand promotion goods such as pens, calendars, bags, or diaries under the GST framework. Any goods such as
Goods & Services Tax portal will act as a single windows for all the taxpayers to pay their taxes smoothly and easily instead of various heads and spectrums earlier. All the taxpayers including traders, businessman, and merchants can now pay their monthly/yearly excise duty, service tax, VAT...
About Goods and Service Tax (GST): The Goods and Services Tax (GST) in India was introduced by the Constitutional (One Hundred and First Amendment) Act of 2017. It is a unified tax system that replaced multiple indirect taxes levied by both the Central and State Governments. Under GST, th...
GOODS AND SERVICES TAX (GST) Introduction to GST * Notes to Speaker 2: You are strongly encouraged to conduct an annual self-review of your past GST returns ... – A free PowerPoint PPT presentation (displayed as an HTML5 slide show) on PowerShow
As an Etsy seller and self-employed businessperson, you must report your net business income on your tax return. To organize your business income and expenses, you can use the Etsy tax preparation checklist below. Some of the items may not apply to you,
The place of supply of service is outside India. The payment for such service has been received by the supplier of service in convertible foreign exchange or in Indian rupee wherever permitted by RBI (Inserted by IGST Amended Act, 2018) The supplier of service and the recipient of service ar...
Section 194Q of the Income Tax Act was recently introduced vide the Finance Act, 2021. Section 194Q states, “It is provided for TDS by the person responsible for paying any sum to any resident for purchase of goods. The rate of TDS is kept very low at 0.1%. The tax is only require...