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  GST law is prominently based on the concept of supplies. The type of supplies you made decides your GST liabilities. Thus, it becomes important to classify the correct supplies. Supply in common sense means anything be it either goods or services that you offer. There are tons of different goods and services that are being rendered or offered across the country. Some of them are necessity items or life-saving items or luxury items or we can say FMCG and so on. So, it does not justify charging the same rate of tax to each good and service. And that is why the GST act has classified and differentiate these goods and services into 4 major categories namely EXEMPT SUPPLIES, NON-GST SUPPLIES , NIL RATED SUPPLIES, ZERO RATED and the rest are TAXABLE supplies. Let us discuss the basic difference amongst the above-mentioned different kinds of classification. 1)     Exempt Supplies:   Section 2(47) of CGST act defies exempt supplies as a supply of any goods or...

  1. Smooth Loan Approval: The major influential perk of filing of return to a private is that it enables a private to urge hassle-free authorization . a private may in need of a home equity credit , car loan, commercial loan , or consumer loan . Financial institutions always invite tax returns before approving and disbursing a loan to work out the creditworthiness of a private . Thus, filing income tax returns turns out as a means of getting finance from outside.   2. Establishing income proof: The tax return may be a document that encompasses information just like the total income earned during the fiscal year , total investments made, the entire expenditure incurred, net income earned, fixed assets ownership, and so on. this type of data validates the income earned by a private . Thus it’s demonstrating an individual’s financial position. The tax return is that the most authentic document that proves your earnings.     3. Claim Tax Refund: There are ...

In order to give a boost to the Indian economy and to promote corporatization, the government has introduced an all-new section namely Section 115BAA and Section 115BAB to the Income tax act, whereby the governments have declared the tax benefits to those manufacturers who runs the business by formulating company subject to certain terms and condition. The said sections have received welcoming responses all over the nation. By this step of the government, the environment of running the business in India is expected to be more transparent and legalize. Let us discuss these sections in detail in this article. Section 115BAA: Section 115BAA of the Income-tax act states that, a Domestic company whether Manufacturer or not, needs to pay income tax at the rate of 22% (plus surcharge and cess) from the F.Y 2019-20 if such company adhere to certain terms and condition as prescribed under the act. After adding a surcharge of 10% and a cess of 4%, the effective tax rate would be 25.17%. A co...

    INTRODUCTION The idea of Non-Resident Taxable Person (hereinafter known as NRT) comes into play out of the situations in which the corporation or an company mounted and registered out of doors India and desires to interact in a transaction in India in which such transaction is chargeable for GST. To be taken into consideration as NRT, an company should have installation out of doors India and need to now no longer have a workplace in India. On indulging in transactions on which GST is applicable, such agencies need to sign in themselves as a Non-Resident Taxable man or woman below GST. So now, allow us to talk a number of the essential components of GST applicability on Non-Resident taxable persons .   Meaning of NRT “Non-resident taxable man or woman” way any man or woman who every now and then undertakes transactions related to deliver of products or offerings or both, whether or not as most important or agent or in every other capacity, however who has n...

  INTRODUCTION: In this article, we will throw light upon aspects related to exports and its consequences under GST law. Earlier, the exports were exempt under service tax and excise act. But the situation is quite different in the GST. GST act provides the definition of export of goods or services and also specify the manner in which the export is to be dealt with and its reporting in the GST returns .    WHAT IS EXPORT OF GOODS: Section2 (5) of IGST Act defines the export of goods with it grammatical variation and cognate expression means taking out of India to a place outside India. WHAT IS EXPORT OF SERVICES: Section 2(6) of IGST Act defines Export of Services as Supply of any services when: (i)                The supplier of services is located in India; (ii)             The recipient of services is located outside India; (iii) ...