What are the different components of GST (CGST, SGST, IGST, UGST)? The Goods and Services Tax (GST) is a unified tax system that replaced multiple indirect taxes in India. Under GST, there are four main components: CGST, SGST, IGST, and UTGST, each designed to handle different types of transactions and ensure tax distribution between the […]
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What is What is the difference between intra-state and inter-state supply under GST?, and how does it function in India? Under India’s Goods and Services Tax (GST) framework, the distinction between intra-state and inter-state supply is critical because it determines which tax is levied and the mechanism for collection. 1. Key Differences Between Intra-State and
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What are the rates applicable under GST, and how are they decided? The Goods and Services Tax (GST) in India is a comprehensive indirect tax implemented under a framework established by the Constitution (One Hundred and First Amendment) Act, 2016. Here’s an overview of the applicable rates, provisions in the Constitution, and landmark cases related
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How does GST impact consumers? GST is a single, unified tax system that replaced a multitude of indirect taxes such as VAT, service tax, excise duty, and others. It follows a “destination-based tax” model, where tax is collected at the point of consumption rather than the point of production. How does GST impact consumers? Why
What is the GST registration process? GST Registration Process in India GST registration is mandatory for businesses meeting certain turnover thresholds or those engaged in specific activities under the Goods and Services Tax (GST) regime. Below is the step-by-step process for GST registration in India: Step 1: Check Eligibility Businesses need to register under GST
Can a business operate without GST registration? Can a Business Operate Without GST Registration? Yes, a business can operate without GST registration only if it meets the prescribed exemptions under the Goods and Services Tax (GST) law. These exemptions are based on the type of goods or services supplied, the turnover of the business, and
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What is the difference between regular and composition scheme registration? Difference Between Regular and Composition Scheme Registration in GST The Regular Scheme and the Composition Scheme under GST are two frameworks designed to cater to different types of taxpayers based on their nature of business and compliance needs. Below is a detailed comparison: Aspect Regular
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Is GST registration required for e-commerce operators? Conditions for Availing the Composition Scheme under GST The Composition Scheme under India’s Goods and Services Tax (GST) regime is designed to make tax compliance simpler and more affordable for small businesses with a lower turnover. GST registration offers a flat tax rate and simplifies paperwork, but businesses
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What are the penalties for not registering under GST? Penalties for Not Registering Under GST Under the Goods and Services Tax (GST) regime, businesses are required to register for GST if their aggregate turnover exceeds a prescribed threshold limit. Failure to register for GST when required can result in various penalties, interest, and legal consequences.
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What are the different types of GST returns? Types of GST Returns in India Under the Goods and Services Tax (GST) regime, various types of returns need to be filed by registered taxpayers based on their business activities. These returns are necessary for tax compliance and reporting. The returns must be filed through the GSTN
