What is the time of supply for services? Time of Supply for Services under GST The time of supply for services under the Goods and Services Tax (GST) regime determines when the tax liability arises on a supply of service, which in turn affects when the supplier must file returns and make payments. The time […]
What are the GST rate slabs? India’s Goods and Services Tax (GST) system features four main tax slabs for levying tax on goods and services. These slabs are established to categorize items based on their essentiality, luxury status, and consumption patterns. The GST Council, which is composed of both the Central and State Finance Ministers,
What is the GST rate for essential goods? Under the Goods and Services Tax (GST) regime in India, essential goods are generally taxed at lower rates or even exempt from tax. The Indian government has classified essential goods and services as those that are basic for survival and daily life. These items are taxed at
What is the rate of GST on luxury goods? In India, Goods and Services Tax (GST) applies a higher tax rate on luxury goods as they are considered non-essential and are often taxed to reduce consumption. The rates of GST on luxury goods can vary, and as of the most recent tax structure, luxury goods
How is the rate of GST on food and beverages determined? The Goods and Services Tax (GST) on food and beverages in India varies depending on the type of food product and the circumstances in which it is sold or consumed. The GST rates are broadly classified into categories like essential food items, processed food,
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What is HSN code, and how is it used under GST? HSN Code (Harmonized System of Nomenclature) is an internationally standardized system of names and numbers used to classify traded products. It is used for the identification of goods and services under the Goods and Services Tax (GST) system in India, and it helps in
What is a SAC code in GST? What is a SAC Code in GST? SAC Code (Services Accounting Code) is a systematic numerical code used for the classification of services under the Goods and Services Tax (GST) regime in India. Just like the HSN Code (Harmonized System of Nomenclature) is used to classify goods, the
What is an e-way bill, and why is it required? An e-way bill is an electronic document generated on the GST portal that facilitates the movement of goods. It is required under the Goods and Services Tax (GST) regime to ensure that goods are moved in compliance with the law, and to track the movement
Who must generate an e-way bill? An e-way bill is required for the movement of goods under GST when certain conditions are met, and it is typically generated by the consignor (seller), transporter, or consignee (buyer). It is primarily needed when goods worth more than Rs. 50,000 are being transported. Here’s a detailed breakdown of
Is an e-way bill required for all interstate movements? An e-way bill is generally required for interstate movements of goods under GST when certain conditions are met, primarily when the value of goods exceeds Rs. 50,000. However, there are some exceptions and specific circumstances where an e-way bill may not be necessary for interstate movement.
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