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GOODS & SERVICES TAX (GST) (7)

Goods and Services Tax (GST) is an indirect tax levied in India on the sale of goods and services. GST is a destination based tax which is levied only on value addition at each stage because credits of input taxes paid at procurement of inputs will be available. Thus, the final consumer will bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages

Ans:- No. GST has subsumed Central Excise Law, Service Tax Law, State VATs, Entry Tax, Luxury Taxes, Octroi etc. Earlier, there were so many taxes which were levied on goods such as Excise, VAR, entry tax, octroi. Similarly, service tax, entertainment tax, luxury tax were levied on services. Now, there is only single tax i.e. GST and it will make dream of One Nation, One Tax feasible.

Yes, a professional like Chartered Accountant, architects, fashion designers, make-up artists etc.

Ans:- Yes, you can take GST registration & can do business without any tension.

Ans- If a person only deals in exempted supplies and no taxable supplies then no registration is required to be obtained.

Ans- For the payment of taxes under reverse charge, ITC cannot be claimed. Thus, reverse charge liability is required to be deposited through electronic cash ledger only. Further, the amount of taxes paid under reverse charge can be utilized to pay the output tax liability of the next month under normal charge.

Ans- If reverse charge is applicable on a particular supply then the composition dealer has to pay GST under reverse charge as a recipient of supply at normal GST rates as applicable.

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