Articles under GST terms

Meaning of Inverted duty structure

Term Inverted duty structure under GST   The details about Inverted duty structure are explained here. Inverted duty structure An important drawback of commercial policy or the import tariff policy is the problem of inverted duty structure prevailing in different industries. Inverted duty structure is a situation where import duty on finished goods is low compared to the import duty on raw materials that are used in the production of such finished goods. For example,

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Term Intra State Sales under GST

Meaning of term Intra State Sales under GST   This post explains about Intra State Sales under GST. Intra State sales State Goods and Service Tax (SGST) Intra State Sales also known as sales within the state. State GST would replace State VAT, Entry tax, Octroi, Luxury tax, etc. SGST would be levied on services as well. To enable taxing of services by the State, the Constitutional Amendment Act, 2016 contains suitable provisions. SGST is to be administered by the St

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Meaning of Intimation for composition levy

What is Intimation for composition levy under GST   In this article, the information about Intimation for composition levy is explained here. Intimation for composition levy.- Any person who has been granted registration on a provisional basis under clause (b)    of sub-rule (1) of rule 24 and who opts to pay tax under section 10, shall electronically  file an intimation in FORM GST CMP-01, duly signed or verified through electronic verificatio

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Interstate trade or commerce means

What is Interstate trade or commerce under GST   The details about Interstate trade or commerce are explained here.    Interstate trade or commerce Services in the course of Inter State Trade or Commerce Location of the supplier and recipient should be in different states Import of goods and services in to India shall be treated as interstate trade or commerce. Supply of Goods or Services from India to place outside India shall be treated as Int

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Interest on delayed payment of tax under GST

What is Interest on delayed payment of tax under GST   The details about Interest on delayed payment of tax under GST are explained here.  Interest on delayed payment of tax Every person who is liable to pay tax in accordance with the provisions of this Act or the rules made thereunder, but fails to pay the tax or any part thereof to the Government within the period prescribed, shall for the period for which the tax or any part thereof remains unpaid, pay, on his

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