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Integrated Tax 1. Seek to reduce the rate of Central Tax, Union Territory Tax, on fertilisers from 6% to 2.5% and Integrated Tax rate on fertilisers from 12% to 5% 2. Notification for Exemption from Integrated Tax to SEZ 3. To notify the categories of services the tax on inter-State supplies of which shall be […]
Central Tax (Rate) 1. Seek to reduce the rate of Central Tax, Union Territory Tax, on fertilisers from 6% to 2.5% and Integrated Tax rate on fertilisers from 12% to 5% 2. To notify the categories of services the tax on intra-State supplies of which shall be paid by the electronic commerce operator 3. To […]
Input tax credit is considered very significant for every business unit which are always in the need to invest in the business in the manner of capital.
The Goods and service tax is the biggest reform by the Indian government to tackle the complex tax rate structure that was followed until now.
SAG Infotech Blog is a source for all the latest GST notifications for the year 2024 regarding Central, Integrated, Union Territory, Compensation cess and their respective taxes applicable. Following the latest GST notifications in accordance with proper laws, rules, and rates is a must for every trading and business unit and will keep the tradition […]
Reverse charge is a mechanism under which the recipient of the goods or services is liable to pay the tax instead of the provider of the goods and services. Under the normal taxation regime, the supplier collects the tax from the buyer and deposits the same after adjusting the output tax liability with the input tax credit available. But under reverse charge mechanism (RCM), liability to pay tax shifts from supplier to recipient.
GST is an added advantage to the tax compliance of the nation with its dynamic applicability in the current environment of the fast-paced economy.
The anti-profiteering clause of new indirect taxation structure seems like ineffective with no powers. The government has not framed restrict rules or regulations under this, in fact, suo moto will do more research on the anti-profiteering provision of GST Regime.
Input tax credit in GST, As defined by section 2 (57) of the MGL (Model GST Law) and section 2 (1) (d) of the IGST Act, Input tax is related to a taxable entity which means the (IGST and CGST) in respect of CGST Act and (IGST and SGST) in respect of SGST Act is levied on every supply of goods or any services on the entity which is used by it or which is intended to to be consumed in the course of the business and subsumes the tax payable under sub-section (3) of section 7. In a simple way, input tax credit defines that an entity can reduce the taxes it paid on the inputs at the time of paying the taxes on output.
