Tag - gst duniya

GST DUNIYA. Part 11 – (Taxation of E-Commerce Business)

GST on E commerce Sellers Hope you had read the previous parts of the GST Duniya series, if not, then read it from here:Part 1  Part 2 Part 3 Part 4 Part 5 Part 6 Part 7 Part8 Part 9 Part 10First of all,lets understand the meaning of E commerce sellers;:E-commerce sellers means sellers selling their products to customers via internet. E commerce business is growing rapidly in modern world i.e. world of technology.E commerce websites are gaining trust of customers and it is normal phenomenon now a days to [...]

GST DUNIYA. (Part – 10)

GST on Restaurant servicesHope you had read the previous parts of the GST Duniya series, if not, then read it from here:Part 1  Part 2 Part 3 Part 4 Part 5 Part 6 Part 7 Part8 Part 9 Today we will discuss about GST on Restaurant servicesGST on restaurant services: We all know that most of us are very much fond of eating in restaurants. So now under GST Regime as tax rates are changed,It is important for us to understand the rates levy on restaurants. May be [...]

GST DUNIYA. (Part – 9)

Hope you had read the previous parts of the GST Duniya series, if not, then read it from here:Part 1  Part 2 Part 3 Part 4 Part 5 Part 6 Part 7 Part 8Today we will discuss about the Amendments in GST. As we all know GST has been rolled out from july 1,2017. So for its better implementation, various meetings had taken place and some important decisions which were taken in these meetings are explained below:Update About Composition Scheme :Composition Levy (SECTION 10)In terms of section 10(1), [...]

GST DUNIYA. (Part – 8)

we are extremely sorry for the delay. There were some technical problems due to which we couldn't post the updates but now we are back in action. Hope you had read the previous parts of the GST Duniya series, if not, then read it from here:Part 1Part 2Part 3Part 4Part 5Part 6Part 7Today we will discuss about Penalties and Prosecutions  in GST  Various Penalties and Prosecutions under GST regime are explained below: First of all there is a need to understand,why penalty imposes on [...]

GST DUNIYA. (Part – 6)

 Hello Readers,Hope you had read the previous parts of the GST Duniya series, if not, then read it from here:Part 1Part 2Part 3Part 4Part 5Today we will discuss about Returns in GSTLet’s start:Under the GST law, a normal taxpayer will be required to furnish three returns monthly and one annual return, It means total 37 returns need to be file in GST law.. Similarly, there are separate returns for a taxpayer registered under the composition scheme, taxpayer registered as an Input [...]

GST DUNIYA. (Part -5)

Hello Readers,Hope you had read the previous parts of the GST Duniya series, if not, then read it from here:Part 1Part 2Part 3Part 4Today we will discuss about the Transition Provisions in GSTLet’s start:Transition ProvisionsWhenever a new levy or new scheme of taxation is introduced, it shall completely change the existing law with provisions of new law.Same is happening under GST where new provisions of GST complete change the provisions of Service tax,VAT,CST,Excise,etc So to cope up with that change, [...]

GST DUNIYA. (Part- 4)

Hello Readers,Hope you had read the previous parts of the GST Duniya series, if not, then read it from here:Part 1Part 2Part 3Today we will discuss about the Composition Levy in GSTLet’s start: Composition Levy (SECTION 10) In terms of section 10(1), a registered person whose aggregate turnover in the preceeding financial year did not exceed rs.50 lakhs, may opt to pay amount(note that it is not a tax which a person is required to pay),in lieu of tax payable in normal [...]

GST DUNIYA. (Part- 3)

Hello Readers,Hope you had read the previous parts of the GST Duniya series, if not, then read it from here:Part 1Part 2Today we will discuss about the Registration procedure and exempted goods & services.Let’s start:Registration:Every person carrying out a taxable supply of goods or services whose turnover exceeds the threshold limit of Rs. 20 lakh/ 10 Lakh as applicable will be required to register as a normal taxable person. GST Registration is important because mainly it will enable to avail benefit [...]

GST DUNIYA. (Part- 1, Basics)

Hello Readers,A warm welcome to the GST Duniya series. We will try to cover each and every part of GST with examples so that everyone can easily understand the concept irrespective of his/her working field.Let's begin with the Basics:GST is a comprehensive tax levy on manufacture,sale and consumption of goods and services at national level. Goods & Service Tax or GST is a value added tax which will subsume and replace all the current indirect taxes levied in India. Hailed as one [...]