Under the earlier tax regime, various goods and services were exempted from tax, be it Central Excise levy or Service Tax. The same way, few goods and services have been relieved from the burden of tax by the government under the new GST regime as well. In our previous blogs, we have already discussed that … Continue reading Exemption under GST

Under the pre GST regime era, Section 66B of the Finance Act, 1994, was the charging section for levy of service tax and it specifically provided that service tax is leviable only on those services which were provided or agreed to be provided in the taxable territory, i.e., India except the state of Jammu and … Continue reading WHAT IS A ZERO-RATED SUPPLY?

The taxable event under GST is “supply” of goods or services or both. GST is leviable on every supply of goods or services or both unless otherwise exempted. The applicable rates for goods and services have been notified by the Government. There is no ambiguity for charging particular rate of tax, if the supply of … Continue reading COMPOSITE SUPPLY AND MIXED SUPPLY

The Constitution of India provides comprehensive Lists bifurcating the powers and duties between the Centre and States Government. Therefore, both the Central and States Government need funds for discharging their duties and responsibilities. Central government has the authority to make laws and levy taxes in respect of matters enumerated in List I of the Schedule … Continue reading LEVY & COLLECTION OF GST

Supply is a taxable event for the purposes of taxation under GST. The obligation to pay tax arises when goods or services are supplied. Hence, establishing whether or not a transaction comes under the scope of supply is critical in deciding whether or not GST is leviable. There was no concept of supply under the … Continue reading SUPPLY – A TAXABLE EVENT UNDER GST