GST Software Features
In the interest of taxpayers, the Ministry of Finance has decided to extend the due date for filing of return in Form GSTR-3B for the month of April 2018. This is among many forms that traders, exporters or industry have to file under the Goods and Services Tax (GST)...
Photo credit:newsworldindia.in Income Tax Exemption limit is Rs.2,50,000/- After that, up to 5 Lakh, Tax rate is 5% (earlier it was 10%) Payment of Rent - Rs.50,000 per month by any Individual or HUF (not subject to Tax Audit requirement) - Deduct TDS @5%. Cess levied...
‘Export’ and ‘Supply to SEZ units’ collectively termed as “Zero-rated Supply” under GST. Therefore the Procedures for ‘Export’ and ‘Supply to SEZ without charging tax’ are similar ( Form GST RFD 11 )A registered person making zero-rated supply shall be eligible to...
What is Goods and Services Tax ?
GST is a destination based tax on consumption of goods and services. It is proposed to be charged at every stage right from manufacturer up to final consumption with credit of taxes paid at previous stages available as set off. To sum up, just the value addition will be subject to tax and the major burden will be borne by the end consumer.
What is CGST ?
CGST is a part of Goods and Service Tax (GST). CGST means Central Goods and Service Tax, CGST is a tax levied on Intra State supplies of both goods and services by the Central Government and will be governed by the CGST Act. one of the three categories under Goods and Service Tax (CGST, IGST and SGST) with a concept of one tax one nation. CGST falls under Central Goods and Service Tax Act.
What is HSN Code?
HSN stands for Harmonized System of Nomenclature which was developed by the World Customs Organization (WCO) with the vision of classifying goods all over the World in a systematic manner.
What is SGST ?
SGST is a part of Goods and Service Tax (GST).SGST means State Goods and Service Tax, Under GST, SGST is a tax levied on Intra State supplies of both goods and services by the State Government and will be governed by the SGST Act.
What is IGST ?
An integrated GST (IGST) would be levied and collected under the scheme, by the Centre on inter-state supply of goods and services, as mentioned under the Article 269Aof the Indian Constitution.