Category: GST Knowledge Portal

Topic Name – Whether transaction in securities be taxable in GST Securities have been specifically excluded from the definition of goods as well as services. Thus, the transaction in securities shall not be liable to GST. Meaning of securities The definition of securities given under Section 2(h) of the Securities Contracts (Regulation) Act 1956. The […]

Topic Name – Whether actionable claims liable to GST As per section 2(52) of the CGST/SGST Act actionable claims are to be considered as goods. Schedule III read with Section 7 of the CGST/SGST Act lists the activities or transactions which shall be treated neither as supply of goods nor supply of services. The Schedule […]

Topic Name – . What is the purpose of Compliance rating mechanism As per Section 149 of the CGST/SGST Act, every registered person shall be assigned a compliance rating based on the record of compliance in respect of specified parameters. Such ratings shall also be placed in the public domain. A prospective client will be […]

Topic Name – How are the disputes going to be resolved under the GST regime The Constitution (one hundred and first amendment) Act, 2016 provides that the Goods and Services Tax Council shall establish a mechanism to adjudicate any dispute- (a) between the Government of India and one or more States; or (b) between the […]

Topic Name – What is GSTN and its role in the GST regime GSTN stands for Goods and Service Tax Network (GSTN). A Special Purpose Vehicle called the GSTN has been set up to cater to the needs of GST. The GSTN shall provide a shared IT infrastructure and services to Central and State Governments, […]

Topic Name – Whether the composition scheme will be optional or compulsory It is optional with Registered Persons. Composition Scheme is beneficial for small businesses.                   About Bihar Tax Consultant – Bihar Tax Consultant is among the best and experienced tax consultant in Bihar. Having the years […]

Topic Name – What is the scope of composition scheme under GST Small taxpayers with an aggregate turnover in a preceding financial year up to [Rs. 50 lakhs] shall be eligible for composition levy. Under the scheme, a taxpayer shall pay tax as a percentage of his turnover in a state during the year without […]

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. […]