The GST Cess should be calculated based on the price of the goods. The GST Cess should be levied in addition to the GST taxes, i.e., CGST + SGST/UTGST in case of intrastate supplies and IGST in case of interstate supplies.
Exports are deemed ‘zero-rated supply’ under GST. Therefore, exporters can claim a refund of the Integrated Items and Services Tax (IGST) and cess paid on the exported items. This repayment mechanism is intended to guarantee that the Indian tax system does not serve as a barrier to exports...
‘Bill of Supply’ is created for which the above steps are equally applicable. The only difference: GST Tax cannot be charged in a Bill of Supply. The Tax Invoice and Bill of Supply have been explained below.
Now that we know where each category of GST is applicable, let’s explain them. What is the Integrated Goods and Services Tax (IGST)? IGST is the category of GST that involves taxes levied on all interstate supplies of goods and services. The tax is shared between the central and state ...
Swatch Bharat Cess (Abolished as of July 1, 2017 with the introduction of GST). Financing and promoting Swatch Bharat Abhiyan or Clean India Mission0.5% of the value of service. (this excludes any service tax or any other applicable tax)Restaurant bill: Rs. 500. Therefore SBC payable = 500...
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The conditions applicable on an issue of credit note in GST are listed below: The supplier issues the credit note in respect of a tax invoice which has been issued by him earlier. The credit note cannot be issued any time after either of the following 2 events (“due date for credit not...
The new return GST CMP-08 has now been made available on the GST portal. Composition Taxpayers shall now file GST CMP-08 instead of GSTR-4. 1. Why was GST CMP-08 due date been extended? The Deadline for the GST return filing for Composition Taxpayers in FORM GST CMP-08 was extended...
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National calamity contingent duty: National calamity contingent duty is a duty which is imposed on goods like tobacco, pan masala or any other good which is injurious to health. The rate of tax under this duty varies from 10% to 45% and different rates are applicable to different situations....