GST Sewa Kendra

17/04/2023

GST UPDATES & NEWS

13th April 2023

As per the GST Network's advisories dated 12th April 2023 and 13th April 2023, taxpayers with annual turnover equal to or more than Rs.100 crore must report tax invoices and credit-debit notes to IRP within 7 days of invoice date from 1st May 2023.

13/04/2023

In GST, "inputs" refer to the goods and services that are used or consumed by a business in the course of its operations or while providing services. These inputs may include raw materials, consumables, goods used in manufacturing, machinery and equipment, office supplies, and services like rent, electricity, and transportation.

Inputs are an important component in the calculation of the GST liability of a business. The GST paid on inputs is called Input Tax Credit (ITC) and can be claimed as a credit against the GST liability on the output (i.e., goods or services sold or supplied) of the business.

The ITC mechanism under GST aims to eliminate the cascading effect of taxes that existed under the earlier tax regime. By allowing businesses to claim credit for the GST paid on their inputs, GST ensures that the tax is levied only on the value added at each stage of the supply chain. This reduces the tax burden on businesses and ultimately benefits the end consumers by making goods and services more affordable.

11/04/2023

1. What are the types of GST in India?

There are four types of GST in India, which are as follows:

Central GST (CGST)
State GST (SGST)
Integrated GST (IGST)
Union Territory GST (UTGST)

CGST and SGST are levied by the Central and State governments, respectively on the intra-state supply of goods and services, while IGST is levied by the Central government on the inter-state supply of goods and services. UTGST is applicable in Union Territories that do not have a Legislative Assembly.

2. What are the GST rates in India?

The GST rates in India vary depending on the type of goods or services being supplied. Currently, there are four GST rate slabs in India, which are as follows:

5%
12%
18%
28%
Some goods and services are exempt from GST or are taxed at a lower rate of 0.25% or 3%.

3. How to register for GST in India?

Businesses involved in the supply of goods or services with an annual turnover of Rs. 40 lakhs or more (Rs. 10 lakhs or more for North Eastern and hill states) are required to register for GST. The registration process can be completed online on the GST portal.

4. How is GST calculated in India?

GST is calculated based on the value of goods or services supplied and the applicable GST rate. The formula for calculating GST is: GST Amount = (Value of Goods or Services) x (Applicable GST Rate)/100.

10/04/2023

Welcome to GST Sewa Kendra!

We are here to keep you updated with the latest GST news and updates from the government and industry experts. Our aim is to provide you with all the information you need to stay on top of the changes and developments in the world of GST.

From changes in tax rates and regulations to new compliance requirements, we have got you covered. Our team of experts regularly monitors and analyzes the latest GST news to bring you the most accurate and reliable information.

Stay tuned for the latest GST news and updates. We also provide helpful tips and guidance on how to manage your GST compliance and optimize your tax payments.

At GST Sewa Kendra, we are committed to helping businesses and individuals navigate the complex world of GST with ease. Whether you are a small business owner or a large corporation, we are here to support you every step of the way.

25/07/2017