Value of Supply: Under GST, the value of supply is the total amount collected by the seller from the buyer for the goods or services. When dealing with related parties, GST is charged based on the transaction value, which refers to the price at which unrelated parties would typically transac...
The Gujarat authority upon an advance ruling for goods and services tax GST specified that the owners did not require to furnish GST on electricity or the charges taken from the tenants moreover, in addition, as the value of supply as per the lease agreement ofimmovable property rent. Gujarat...
State Goods and Services Tax (SGST):SGST is charged by the State Government on the supply of goods and services within its jurisdiction. Similar to CGST, SGST is also limited to transactions happening within a specific state. Integrated Goods and Services Tax (IGST):This tax is imposed by th...
GST is levied on all types of goods and services except petroleum products, and electricity, on which the taxes are levied by the state governments. It is divided into two parts namely, State Goods and Services Tax (SGST) collected by state governments and Central Goods and Services Tax (CGS...
This is part two of a two-part article on the concept of supply for GST purposes and is relevant for candidates preparing for P6 (MYS), Advanced Taxation. The article is based on prevailing laws as at 31 March 2015. The article is written on the assumption th...
# When to register for GST:- Mandatory to get GST Registration when annual turnover exceeds INR 40/20 lakh or supply goods and services inter-state or through E-commerce platform. # What are the GST tax rates:- Tax rates vary from 0% to 28% depending on the type of goods & nature ...
The Goods and Services Tax (GST) is an indirect tax imposed on India's supply of goods and services. The Goods and Services Tax (GST) is a multi-stage, a destination-based tax levied on all value additions. On July 1, 2017, GST went into effect, replacing most of the country's ...
However, GST registration charges vary depending on the type of business and turnover. Therefore, after successfully completing GST registration, the applicant will receive a unique GSTIN. The central government issues a state-wise, 15-digit number to applicants once the registration is completed; ...
While multiple theories go around in the market on the subject, this article aims to discuss the theories and examine them in light of applicable laws. The issue It is common knowledge that, for GST to be applicable, there needs to be a supply of goods or services. Therefore, the primary...
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