What is Reverse Charge Mechanism Under GST? What is Reverse Charge? Reverse charge mechanism is not new in Indian tax regime. It existed in service tax as well where it is applicable to only service and not on goods. Service providers were liable to collect and deposit the tax. Although, the burden of tax lies…
How to Cancel GST Registration? What is meant by cancellation of registration? GST has subsumed all other indirect taxes that were applied by the state and the central government. It is a tax levied at predetermined rates in a categorized manner on each level of value addition of goods and services. GST Registration is important…
Advantages and Disadvantages of GST One of the biggest tax reform in the history of India has hailed Goods and Service Tax, commonly referred to as GST in India. Levied on both goods and services, the tax has replaced many indirect taxes that were imposed by the Center and the State government. Any tax regime…
What is GST? What is GST – Goods and Services Tax The Goods and Service Tax Act, 2017 passed in the Parliament led to the imposition of Goods and Services Tax (GST) in India. It is an indirect tax or consumption – based tax levied on the supply of goods and services. It is levied…
GST Returns (GSTR) : Types of GST Returns With the imposition of GST in India, the process has been simplified as many of the taxes have been removed. Therefore, all the citizens of India need to report using the same structure irrespective of the location and type business. The GST Council and the Ministry of…