GST – Few Updated Aspects

#GST#

Destination based tax.
Only value addition will be taxed.

Types of GST-
Centre will levy – CGST
IGST
States will levy – SGST

Who is liable to pay GST ?
When the taxable person crosses the threshold exemption limit of Rs 10 lakhs
Rs 5 lakhs for NE States.

Except for certain specified cases ,
On all Intra State Supply CGST/SGST Payable.
On all Inter State Sale IGST Payable.

Import will be treated as Inter State Supplies & IGST will be Levied.

Export will be treated as zero rated Supplies and tax will be paid.

Compostion Scheme –

Small tax payers with turnover in my UpTo 50 lakhs shall be eligible for composition scheme.
Floor rate of tax shall not be less than 1 %.

GSTN – Goods & Service tax Network

A Special purpose vehicle called the GSTN has been set up to cater to the needs of GST.

Will provide IT Infrastructure and services to CG & SG.

GSTN Portal –

Application for Registration.
Payment.
Return.
MIS/Reports.

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