Applicable On supply side: GST is applicable on 'supply' of goods or services as against the old concept on the manufacture of goods or on sale of goods or on provision of services. Destination based Taxation: GST is based on the principle of destination-based consumption taxation as against...
as well as different states. With the old taxation system, India’s central government could only tax production. Although state governments could levy taxes on the sale of goods, they were not allowed to levy taxes on services. Both federal and state governments should be happy...
as well as different states.With the old taxation system, India’s central government could only tax production. Although state governments could levy taxes on the sale of goods, they were not allowed to levy taxes ...
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A derivative market is a platform where financial instrument whose price is dependent upon or derived from one or more underlying assets. Stock Market What is the stock market? A Stock market is a place where stocks, futures, options and commodities are traded. Buyers and sellers meet on ...
Besides, in disregard to its obligation to pass on the benefit of GST rate reduction, the respondent enhanced the base prices so as to keep them at par with the old MRPs. Hence, HUL is held guilty of offences u/s 122(1)(i) of the CGST Act for issuing incorrect invoices to the ...
The Goods and Services Tax (GST) Appellate Tribunals, eagerly anticipated to address taxpayer disputes within the six-and-a-half-year-old indirect tax regime, are set to commence operations around July or August. What is GST Appellate Tribunal? The GST Appellate Tribunal is a quasi-judicial bod...
The user has to select the GST component for which the balance of old tax is required to be transferred. For example, user can select GST component as CGST, if he wishes to carryforward Service Tax balance as CGST balance under GST. This field is automatically activated one, if an Input...
1. What is the importance of Goods and Service Tax? Based on most assets and services which is traded for indigenous consumption, GST is the most prominent value-added indirect tax reform in the country. Consumers pay the GST, but it is paid to the government by the company’s marketing ...
Educational institutions are liable to pay GST on RCM for these goods or services – Sponsorship revenues from non-corporate entities Security services from non-corporate entities Sale of capital assets Training, seminars & workshops, for people except for students, faculty, and staff. 8. When ...