Month: May 2018
What is the difference between Nil Rated, Exempted, Zero Rated and Non-GST supplies? Are they different or the same thing?
Nil Rated It is the supply of goods and services that have 0% GST. Example: Grains, salt, jaggery etc. Exempted It is the supply of goods and services that does not attract GST and allows no claim on ITC. Zero Rated Zero Rated Supplies include: – supplies made to any country other than India; and […]
Each taxpayer is assigned a state-wise PAN-based 15-digit Goods and Services Taxpayer Identification Number (GSTIN). Here is a format break-down of the GSTIN: The first two digits represent the state code as per Indian Census 2011. Every state has a unique code. For example State code of Bihar is 10 State code of Sikkim is […]
The Finance Ministry has extended the last date for filing GST returns in form GSTR-3B for the month of April 2018 by two days to 22 May to give more time to taxpayers facing technical issues with the filing system, it said on Friday. “Earlier, it was brought to the notice of the competent authority […]
Coaching centres are not exempt from the Goods and Services Tax (GST) even as some educational services bear ‘nil’ tax, the government has clarified. 18% GST will be applicable on fees of coaching classes, a ruling by the Maharashtra Authority for Advance Rulings (AAR) said, TOI reported. A Mumbai-based coaching institute had moved state AAR […]
As it meets on May 4 via video conferencing, the Goods and Services Tax Council will have many items on the agenda, including adoption of a simplified system, which will make compliance easy, without compromising on revenue for the government. It will also consider a proposal for the government to have majority stake in GST […]