The genesis of the introduction of GST in the country was laid down in the historic Budget Speech of 28th February 2006, wherein the then Finance Minister laid.
Jump to GST Council - GST CouncilGoods and Services Tax (GST) is an indirect tax (or consumption tax) used in India on the supply of goods and services. It is a comprehensive, multistage, destination-based tax: comprehensive because it has subsumed almost all the indirect taxes except a few state taxes.
Central Board of Indirect Taxes and Customs, Government of India · 1 Nation Tax Market. About GST+. GST - Concept & Status, Overview; GST - Concept.
Chapter / Heading / Sub-heading / Tariff item, Description of Goods, CGST Rate (%), SGST / UTGST Rate (%), IGST Rate (%), Compensation Cess.
In a series of tweets, on the first death anniversary of former Finance Minister Arun Jaitley, the ministry said before goods and services tax (GST), the combination.
The Goods and Services Tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption.
Goods and Services Tax. GST Acts and Rules · GST Trade Circulars, Notifications and G.R. Quick Links.
With this tax reform, GST replaced multiple indirect taxes that were levied on different goods and services. The Central Board of Indirect Taxes and Customs (CBIC).
From Goods and Services Tax (GST)
Composition scheme may not suit all businesses because of its restrictions (concept).
Write any three points clearly (exam style).
Discount treatment (basics) (concept):
Write any three clear points.
Goods and Services Tax (GST) is an indirect tax (or consumption tax) used in India on the supply of goods and services. It is a comprehensive, multistage, destination-based tax: comprehensive because it has subsumed almost all the indirect taxes except a few state taxes.
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Assessment is determining/verifying tax liability based on returns/records. GST is primarily self-assessed, but provisions cover provisional/best judgment cases (overview).
Audit examines records and returns to verify correctness of turnover, tax paid, refund claimed and ITC (concept/overview).
Conclusion: Both mechanisms ensure compliance and correctness in GST (concept).