7 things you must know about GST

GST- 7 things you must know! 1. GST applicable on ‘supply’ In GST regime, all ‘supply’ such as sale, transfer, barter, lease, import of services etc of goods and/ or services made for a consideration will attract CGST (to be levied by Centre) and SGST (to be levied by State). As GST will be applicable on ‘supply’ the erstwhile taxable events such as ‘manufacture’, ‘sale’, ‘provision of services’ etc. will lose their relevance. Further, certain supplies, even if made without consideration, such as permanent transfer of [...]


What would be taxed under GST- the taxable event

Taxable event under GST The GST regime has introduced a new concept for taxable event. While under the earlier regime, the taxable event was: Provision of service for Services, Sale of goods for VAT, Manufacture of goods for Excise and so on, GST would have “Supply of goods and services” as the new taxable event Let’s understand what does “Supply of goods and services” mean: It includes all forms of supply of goods and/or services such as- sale, transfer, barter, exchange, license, rental, lease or disposal. It also includes [...]


Would GST apply to me?

The bigger question- would GST apply to me? Who needs to register under GST? As we would all know GST would be one tax for all indirect taxes, thus it spreads its applicability to a larger section of businesses and person GST would apply to: All businesses including trade, commerce, manufacturing, service provider, profession etc. All persons in any form- Individual, Individuals, HUF, Company, Firm, LLP, AOP, Co-operative society, Society, Trust etc. However, GST does not apply to Agriculturists. Agriculture includes floriculture, horticulture, sericulture, raising of crops, grass or garden [...]


Returns Under The GST Law

Returns to be files under GST Following are the returns which would be required to be filed under the GST law Monthly returns Form GSTR-1: To furnish details of outward supplies of taxable goods and/or services effected This return is required to be furnished by the 10th of the next month Form GSTR-2: To furnish details of inward supplies of taxable goods and/or services claiming input tax credit            This return is required to be furnished by the 15th of the next month. Form GSTR-3: Monthly [...]

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