GST-Goods and Service Tax - 398. page

Goods and Services Tax Act – GST Law

Tax on entertainment only by Municipalities, panchayat, regional council and district council:- Municipality, panchayat, Regional Council and District Council will have powers to impose tax on entertainment and amusement [Entry […]

GST is consumption based tax based on Vat principle: GST is consumption based tax, i.e. tax will be payable in the State in which goods and services are finally consumed. […]

Finance Cost will increase: Since IGST will be payable on inter-state branch transfers and stock transfers, finance will be blocked and interest burden of dealers having inter-state transactions will increase […]

Central Excise duty on petroleum and tobacco products: Central Excise duty will continue on petroleum products and tobacco products [Entry 84 of List I (Union List) of Seventh Schedule to […]

Union Territory Goods and Service Tax (UTGST) : In case of Union Territories which do not have legislature, UTGST (Union Territory Goods and Services Tax will be payable. These are […]

IGST for interstate transactions:- In case of Inter State supply of goods and services, there will be integrated GST (IGST) imposed by Government of India [Article 269A(1) of Constitution of […]

Dual GST for supply of goods and services within State : There will be dual GST – State GST (SGST) and Central GST (CGST) on supply of goods and services […]

Drafts Rules have been released Five sets of draft rules were released in September 2016. These related to – (a) Registration (b) Invoice (c) Payment (d) Returns (e) Refunds. FAQs […]

What is Goods and Services Tax? Goods and Services Tax means a tax on supply of goods or services, or both, except taxes on supply of alcoholic liquor for human […]

Broad definition of ‘service ‘ ‘Services’ means anything other than goods [Article 366(26A) of Constitution of India inserted w.e.f. 16-9- 2016]. Definition of ‘service’ is risky. As it is presently […]