What is blocked credit under GST? Under the Goods and Services Tax (GST) framework in India, Blocked Credit refers to the input tax credit (ITC) that cannot be claimed by a registered taxpayer. Even though the taxpayer incurs GST on certain goods and services, they are not allowed to claim credit for the tax paid […]
What is the definition of “supply” under GST? Under India’s Goods and Services Tax (GST) regime, the term “supply” is fundamental to the tax structure because GST is levied on the supply of goods and services. The definition of supply is broad and includes all forms of supply of goods and services, whether for a
How is the value of supply determined? he value of supply under the Goods and Services Tax (GST) is the transaction value of the goods or services provided, subject to certain adjustments, deductions, or inclusions based on specific provisions under the CGST Act, 2017, and IGST Act, 2017. Definition and General Provisions under GST Under
What is a “taxable supply”? A “taxable supply” refers to any supply of goods or services that is subject to GST under the provisions of the Goods and Services Tax (GST) law. It is a transaction where the supply of goods or services is made by a taxable person, and it is not exempt from
Are exports and imports considered taxable under GST? Under the Goods and Services Tax (GST) regime in India, exports and imports have distinct treatment in relation to taxation. While they are generally considered to be supply under the law, the taxation treatment differs significantly due to the special provisions related to exports and imports. Exports
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What is the time of supply for goods? Time of Supply for Goods under GST The time of supply is an important concept in the Goods and Services Tax (GST) regime. It determines when a transaction of supply is considered to have occurred for the purposes of levying GST. The time of supply determines the
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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Who is required to register under GST? The Goods and Services Tax (GST) has streamlined the taxation system for the food and hospitality sector by replacing multiple indirect taxes like VAT, service tax, and luxury tax. Its implementation has introduced transparency and uniformity, but it also presents unique challenges for businesses in this sector. Constitutional
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