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What is the taxable event under GST

What is the taxable event under GST

Topic Name -What is the taxable event under GST   Taxable event under GST is supply of goods or services or both. CGST and SGST/ UTGST will be levied on intra-State supplies. IGST will be levied on inter-State supplies. What is meant by Taxable Event Taxable event is that event, happening of which attracts liability […]

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Where is the power to levy GST derived from

Where is the power to levy GST derived from

Topic Name -Where is the power to levy GST derived from   Article 246A of the Constitution, which was introduced by the Constitution (101st Amendment) Act, 2016 confers concurrent powers to both, Parliament and State Legislatures to make laws with respect to GST i. e. central tax (CGST) and state tax (SGST) or union territory […]

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Different companies have different types of accounting software packages and no specific format are mandated for keeping records. How will department be able to read into these complex software?

Different companies have different types of  accounting software packages and no specific  format are mandated for keeping records. How  will department be able to read into these  complex software?

Topic Name -Different companies have different types of accounting software packages and no specific format are mandated for keeping records. How will department be able to read into these complex software? As per Section 153 of the CGST/SGST Act, having regard to the nature and complexity of a case and in the interest of revenue, […]

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. What is the concept of Information Return under GST

. What is the concept of Information Return under GST

Topic Name – . What is the concept of Information Return under GST Information return is based on the idea of verifying the compliance levels of registered persons through information procured from independent third party sources. As per section 150 of the CGST/SGST Act, many authorities who are responsible for maintaining records of registration or […]

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Whether transaction in securities be taxable in GST

Whether transaction in securities be taxable in  GST

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 […]

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