Composition Scheme: Composition Scheme is a simple and easy scheme under GST for taxpayers. Small taxpayers can get rid of tedious formalities and pay GST at a fixed rate of turnover.
E-WAY BILL: Electronic Way Bill (E-Way Bill) is basically a compliance mechanism wherein by way of a digital interface the person causing the movement of goods uploads the relevant information prior to the commencement of movement of goods and generates e-way bill on the portal.
Exemption from GST: Agricultural services, including harvesting, packaging, warehouse, cultivation, supply, leasing of machinery, are essentially GST exempt services. An exception to these exempted services includes the rearing of horses.
GST Assessment procedure: The term “assessment” means a determination of tax liability under this Act and includes self-assessment, re-assessment, provisional assessment, summary assessment, and best judgment assessment.
GST Returns & Types: A “Tax Return” is a document that showcases the income of a registered taxpayer. Such a document needs to be filed with the tax authorities in order to pay tax to the government. The tax to be paid by a registered dealer depends upon the income declared by such a person in the tax return filed with the tax authorities.
GSTN & GSTIN: Goods and Services Tax Network (GSTN) is a nonprofit non-government company, which will provide shared IT infrastructure and service to both central and state governments including tax payers and other stakeholders. Every taxpayer under the GST system is given a 15 digit identification number called the Goods and Services Tax Identification Number (GSTIN). Prior to the GST system, all dealers registered under the state VAT law used to get a unique TIN number. Now GSTIN has replaced TIN.
INPUT TAX CREDIT: refers to the tax already paid by a person at time of purchase of goods or services and which is available as deduction from tax payable.
Introduction & Definition of GST: The goods and services tax is a tax on goods and services sold domestically for consumption. The tax is included in the final price and paid by consumers at point of sale and passed to the government by the seller. The GST is a common tax used by the majority of countries globally.
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