Components of GST & Application of SGST, CGST and IGST

Goods and Service Tax known as GST is a refined financial tax system for organizing all the business units to pay taxes in equivalent consideration. GST has eliminated many cascading tax schemes (Components of GST) which mean a tax on tax and have shaped an equal tax reform. Components of GST In this article, we are explaining some important Components of GST and Tax system. In GST there are major three components: CGST, SGST and IGST. These components play an important role in GST Bill. So what are CGST, SGST…

Read More

What is GST? How does GST works? In India

What is GST

Introduction of GST : Goods and Services Tax commonly known as GST was introduced in India on 1st of July 2017. GST is introduced to eliminate the multiple different flows of taxes levied by central and state government. The GST is governed by GST council under Finance Minister of India. In this article, we would give brief and essential pointers on GST India for better understanding What is GST? What is GST? How does GST works? Goods and Services Tax or GST is one indirect tax in one whole nation and…

Read More

Job Work under GST Complete Information

GST Complete Information

Job Work under GST Complete Information What is Job Work? Section 2(68) of the CGST Act 2017 covers the definition of ‘Job work’. It means any process or treatment undertaken on raw materials or semi-finished goods, belonging to another registered person. Thus, a job worker is a person whether registered or unregistered; who is treating or processing the goods of another registered person or principal manufacturer. GST has provided special provisions for removal of goods for job-work; as well as receiving them back after processing from the job worker, without…

Read More

Input Tax Credit under GST

GST Complete Information

Input tax credit implies that you can deduct the tax you have already paid on inputs from the tax to be paid on outputs. The scope of input tax credit post-GST has widened. Here, we shall discuss all about ITC (Input Tax Credit), its time limit as well as how to calculate and claim ITC. Input Tax Credit under GST Earlier, it was impossible to claim ITC for central sales tax, luxury tax, and entry tax and other taxes. Even the manufacturers and service providers were unable to claim central…

Read More

20 Things You Must Know About E-way Bills

E-way

Under GST, e-way bill rules prescribes the process and procedural aspects for the movements of goods. GST E-way bills is an electronic way bill which you require for the movement of goods exceeding the value of Rs. 50000; and can be generated on the GSTN. Thus, if any goods whose value exceeds Rs. 50000; you have to pre-register online before moving them. Here, we will discuss 20 things about (E way) bill that you must know. 20 Things You Must Know About E-way Bills Who shall furnish details: Every person…

Read More