It’s surreal that we’ve completed half of this year, and 2025 is just six months away! July 1st is particularly special as it marks the 7th anniversary of the Goods and Services Tax (GST) in India. The GST Act, passed in Parliament on March 29, 2017, came into effect on July 1...
Rather, it is inflicted on goods and services which in turn improves the MRP of Goods and Services. Unlike a direct tax, the indirect tax should be sustained by the end consumer, rich and poor alike. There are multiple indirect taxes. Some of those are levied by the central government ...
GST is levied on the supply of goods and services, and the tax rate varies based on the type of goods and services being supplied. GST is a destination-based tax, meaning the tax revenue goes to the state where the goods or services are consumed. The GST council, consisting of the ...
GST works in a very simple process as it is an indirect tax of a nation, that combines several indirect taxes including VAT tax, services tax, central Excise tax, customs tax etc. It means that by removing other indirect taxes the government is collecting a single tax on the supply of go...
GST e-invoice is the introduction of the digital invoice for goods and services provided by the business firm generated at the government GST portal. The concept of a GST e-invoice generation system has been taken into consideration for the reduction in GST evasion. The GST officers have come...
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 ...
Composition service providers are subject to a 6% GST rate, comprising 3% CGST and 3% SGST. When calculating the total annual turnover, the value of supply for exempt services related to extending deposits, loans, or advances, where the income is in the form of interest or discount, should ...
Consideration can be defined as a barter of goods or services, or payment made for a supply in money, or in kind. A prepayment or deposit toward a supply is also as accepted as a consideration by the government. According to CGST Act, the following activities that will be treated as su...
GST is a multi-stage, broad-based, consumption tax charged on the supply of goods and services, as well as on the importation of goods into Malaysia. What is the rate of GST and when will GST be implemented? The current GST rate is prescribed at 6% of the value of the goods and ser...
State was not liable to pay service tax on amount received for providing securities to various banks being the duty of the state. Levy and Collection of Tax Government of Rajasthan has power to charge tax/cess payable under the provisions of Rajasthan Agriculture Produce Marketing Act, 1961 fr...