GST Learner

Goods and Service Tax (GST) is one of the most significant tax reforms introduced in the history of the Indian fiscal evolution. With a singular impact on the economic growth of the country and the way business is done in India, it is expected to achieve the following: Convert India into one market by seamless flow of tax credits – today some taxes are not creditable when goods move outside an Indian State, service tax credit is not available to a trader or a services unit cannot claim credit of Value Added Tax (VAT) paid on goods Multiple taxes to be replaced by singular tax making compliance easier Number of tax rates to be reduced substantially making life easier and disputes lesser Compliance process to become uniform due to singular IT portal where business and government agencies interact – this can also reduce human interaction and bring transparency in operations Business decisions may not be driven by tax considerations as most of the taxes will ...

Introduction This is perhaps a very important question that everybody asks for. Is I am liable to pay GST? And if yes, then when? When did I am liable to pay the GST? What is the basic exemption limit for GST? All these questions are of vital importance and hence, we try to find out answer for these questions in the most user-friendly language  with covering all changes made under 21st GST Council Meeting dated September 09, 2017 relevant to our Notes . Let us proceed. Who is Liable to pay GST? Any person who is supplying goods or services is liable to pay GST. This is very clear; however, the government has also set up the basic exemption limit for small suppliers of goods and services. Any person having aggregate turnover of more than 20 lakh is liable to register under GST and hence needs to pay the tax as well. However, if you belong to the north-eastern state (Special Category States), then you need to register if your turnover is more than10 lakh. Exam...

Introduction GST is applicable on  ad valorem basis , therefore valuation of supply become very important aspect and one of the most analytical and disputed aspect. It will always be open for regulators to raise doubt on the valuation of supply. Indirect taxation always provided broad guidelines to ascertain the value of goods/services subject to the taxation. These guiding principles have been made very objectively to remove doubt and future disputes among regulators and assessees. In the prior regime, under Excise, Service Tax etc there was also valuation principles and GST has adopted same principle of valuation. Legal framework Under GST framework, valuation principles are given under Section 15(1) of CGST and SGST Acts and where the value cannot be determined under sec l5(1), then it shall be determined in the manner prescribed in the Rules 27 to 35 GST Rules, 2017. 1.  Transaction Value cardinal principle The value of a supply of goods or services...