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22 |
| Composition Scheme in GST |
To ease the burden of small business in terms of compliance, under GST a composition scheme has been provided. The GST composition scheme will make compliance with GST laws easy and hassle free... |
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23 |
| Levy Of ‘GST’ As Per Corresponding Acts/Laws |
The CGST Act, IGST Act, UTGST Act and Compensation Act has already been assented by the President of India after passed by the Parliament of India. SGST Act will be placed in the respective legislative assemblies of states and would be in aligned with CGST and UTGST Act. |
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24 |
| The Incidence Of CGST And SGST / UTGST |
The levy of CGST/SGST/UTGST Acts is on all “Intra-State Supply” of Goods and Services. Intra-State Supply of Goods shall have the same meaning as is assigned to it in section 8(1) of the Integrated Goods & Services Tax Act. |
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25 |
| Levy of CGST / SGST / UTGST |
Levy of the CGST is specified under section 9 of the CGST Act, and UGST in section 5 of the UTGST Act, 2017 which envisages that...... |
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26 |
| LEVY OF IGST Under Section 5 of IGST Act. |
The Inter-State supplies of goods and/or services will be the matter of IGST. Integrated Goods and Services Tax (IGST) which is equal to CGST and SGST is levied and collected on inter-state supply of goods and/or services under IGST Act....... |
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27 |
| Person / Entities Who Are Liable To Pay ‘IGST’ |
In general the suppliers of goods and/or service are liable to pay GST. However, there are conditions specified under the law for making recipient of goods and/or services or the third party liable for payment...... |
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30 |
| Concept & Definition of ‘PLACE OF SUPPLY’ Under GST Act. 2017 |
The concept of “Place of Supply” has paramount importance because of the very nature of the new taxation system of GST. As GST is a destination and consumption based tax, the place of supply is a crucial factor for Settlement of funds and cross utilization of Input Tax Credit on inputs and input services....... |
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37 |
| GST Unique Identity Number (GSTIN) |
Every taxpayer shall be issued PAN based GST Identification Number (GSTIN) State-wise. More than one GSTIN will be issued in the same State for different business verticals. The taxpayer may get separate GSTIN for the different business premises of the same business. The architecture of the GSTIN is given below... |
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