Author: Tabish Ahmad

Topic Name – How will Exports be treated under GST Exports will be treated as zero rated supplies. No tax will be payable on exports of goods or services, however credit of input tax credit will be available and same will be available as refund to the exporters. The Exporter will have an option to […]

Topic Name – How will imports be taxed under GST Imports of Goods and Services will be treated as inter-state supplies and IGST will be levied on import of goods and services into the country. The incidence of tax will follow the destination principle and the tax revenue in case of SGST will accrue to […]

Topic Name – How will the goods and services be classified under GST regime HSN (Harmonised System of Nomenclature) code shall be used for classifying the goods under the GST regime. Taxpayers whose turnover is above Rs. 1.5 crores but below Rs. 5 crores shall use 2-digit code and the taxpayers whose turnover is Rs. […]

Topic Name – What are the benefits available to small tax payers under the GST regime Tax payers with an aggregate turnover in a financial year u p t o [Rs.20 lakhs & Rs.10 Lakhs for NE and special category states] would be exempted from tax. Further, a person whose aggregate turnover in the preceding […]

Topic Name – Who is liable to pay GST under the proposed GST regime   Under the GST regime, tax is payable by the taxable person on the supply of goods and/or services. Liability to pay tax arises when the taxable person crosses the turnover threshold of Rs.20 lakhs (Rs. 10 lakhs for NE & […]

Topic Name – How will decisions be taken by GST Council   The Constitution (one hundred and first amendment) Act, 2016 provides that every decision of the GST Council shall be taken at a meeting by a majority of not less than 3/4th of the weighted votes of the Members present and voting. The vote […]

Topic Name – What is the guiding principle of GST Council The mechanism of GST Council would ensure harmonization on different aspects of GST between the Centre and the States as well as among States. It has been provided in the constitution  ( one hundred and first amendment) Act, 2016 that the GST Council, in […]

Topic Name – What would be the role of GST Council A GST Council would be constituted comprising the Union Finance Minister (who will be the Chairman of the Council), the Minister of State (Revenue) and the State Finance/Taxation Ministers to make recommendations to the Union and the States on (i) the taxes, cesses and […]

Topic Name – Who will decide rates for levy of GST The CGST and SGST would be levied at rates to be jointly decided by the Centre and States. The rates would be notified on the recommendations of the GST Council.           About Bihar Tax Consultant – Bihar Tax Consultant is […]

Topic Name – What is IGST   Under the GST regime, an Integrated GST (IGST) would be levied and collected by the Centre on inter-State supply of goods and services. Under Article 269A of the Constitution, the GST on supplies in the course of interstate trade or commerce shall be levied and collected by the […]