Category: GST Knowledge Portal

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 […]

Topic Name – What are the benefits which the Country will accrue from GST   Introduction of GST would be a very significant step in the field of indirect tax reforms in India. By amalgamating a large number of Central and State taxes into a single tax and allowing set-off of prior-stage taxes, it would […]

Topic Name – How a particular transaction of goods and services would be taxed simultaneously under Central GST (CGST) and State GST (SGST)   The Central GST and the State GST would be levied simultaneously on every transaction of supply of goods and services except the exempted goods and services, goods which are outside the […]

Topic Name –  Why was the Constitution of India amended recently in the context of GST Currently, the fiscal powers between the Centre and the States are clearly demarcated in the Constitution with almost no overlap between the respective domains. The Centre has the powers to levy tax on the manufacture of goods (except alcoholic […]