GST on sale of second hand (used and old) vehicles
In GST, margin scheme has been provided in case of sale of second hand motor vehicles. In this scheme, a person supplying old and used vehicles is liable to pay GST on the profit margin at the time…
List of Goods where E-Way Bill not required for Transportation
Rule 138 of CGST Rules 2017 has prescribed certain supplies where generation and carriage of E-Way Bill not required. For the purpose of transportation of these supplies, person in-charge of the conveyance carrying such goods must have ‘Tax…
What are the GST rates for Accommodation Sector?
GST rate for Accommodation services are provided in N/N CGST-R-11/2017 and CGST-R-12/2017. In India, GST rates are provided under different slabs on the basis of paying capacity of tenants/guests. High spending means higher rate of tax. GST rate…
What is the meaning of Inter-state supply under GST?
Section 7 of IGST Act 2017 specified situations when the supplies will be considered as Inter-State supply. Following listed are those situations when supplies will be considered as Inter-state trade or commerce:- Where the location of the supplier…
GST Impact on Educational Institutions
As per Constitution of India, Education is a right to every citizen of India. Moreover, education can’t be sold and one can not earn profits by selling Education in India. So, education is a services and not a…
What is the reason behind filling Table 5(b) of TRAN 1?
In Table 5(b) of TRAN 1, GST department seeks details of statutory forms received for which credit is being carried forward As per erstwhile Central Sales Tax Act, 1956 (in short “CST”), concessional rate of tax was charged on…
Can tailor shop stitching cloths as per order opt for composition scheme in GST?
Stitching of Cloths as per order of Customer comes under purview of Job Work. It is a provision of service. Composition scheme can be opted by only following persons: A Manufacturer of Goods A Trader of Goods A…
What is Letter of Undertaking (LUT) under GST? What are eligibility conditions for this?
Letter of undertaking (LUT) is an undertaking to be given by Owner/Proprietor/Working Partner/Managing Director of an entity in case such entity is doing export business (i.e. export of goods or services or both) or supplying Zero rated goods…
Soon E-Way Bill becomes reality for Whole India under GST
In the GST Council meeting on 16/12/2017 held through Video Conferencing, “implementation of e-way bill system” was discussed. Some of the states (not all) are already using their own way bill systems with their own old rules. Due…
SAC Code for Services- GST India
SAC Code Stands for Service Accounting Code for Service Sector. Likewise, HSN Codes for Goods, SAC codes are used for Service Sector. As per Invoicing and return rules in GST, SAC codes are mandatory if turnover in preceding…
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