Category: Goods and Services Tax Act
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Input Tax Credit (ITC) under GST Regime
Input Tax Credit (ITC) under the GST Act is a mechanism that allows businesses to claim credit for the taxes paid on inputs (goods or services) used in the production of taxable goods and services. The primary objective of ITC is to avoid the cascading effect of taxes, which means tax on tax, by allowing…
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Inter-state and Intra-State Supply
The concept of supply under GST ensures comprehensive taxation of all economic activities. It captures a wide range of transactions to simplify and unify the indirect tax system while reducing the cascading effect of taxes. Proper classification of supplies and understanding the rules governing taxable events, place of supply, and tax rates is critical for…
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Levy and Collection of GST in India
The introduction of the Goods and Services Tax (GST) in India marked a significant reform in the country’s indirect taxation system. GST replaced a complex web of taxes levied by both the Central and State Governments with a single tax that is levied uniformly across the country. The GST regime is built on the principles…
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Goods and Services Tax Network (GSTN)
The Goods and Services Tax Network (GSTN) is a pivotal organization in India’s indirect taxation ecosystem, serving as the technological backbone for implementing and managing the Goods and Services Tax (GST). It is a non-profit company, which will provide shared IT infrastructure and service to both central and state governments including tax payers and other…
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Dual GST Model
The introduction of the Goods and Services Tax (GST) on July 1, 2017, marked a significant reform in India’s indirect tax structure. India adopted a unique Dual GST Model that reflects its federal structure, balancing taxation powers between the Central and State governments. This model subsumed multiple indirect taxes, simplified the tax structure, and aimed…
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Salient Features of GST
Tax is a mandatory financial charge or levy imposed by a government on individuals, businesses, or other entities to fund public expenditures and services. Taxes are collected to support the functioning of the government and provide public goods and services such as infrastructure, education, healthcare, defence, and social welfare programs. Goods and Services Tax is…
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Goods and Services Tax (GST)
Tax is a mandatory financial charge or levy imposed by a government on individuals, businesses, or other entities to fund public expenditures and services. Taxes are collected to support the functioning of the government and provide public goods and services such as infrastructure, education, healthcare, defence, and social welfare programs. In this article, let us…
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101st Constitutional Amendment Act, 2016
The Constitution is the foundation and source to legislate all laws in India. All laws are subordinate to the Indian Constitution because the constitution is the supreme law of the land. The Constitution acknowledges the significance of taxes as a way for the government to raise money and fund its expenditures. It seeks to guarantee…
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Direct and Indirect Taxes
Tax is a mandatory financial charge or levy imposed by a government on individuals, businesses, or other entities to fund public expenditures and services. Taxes are collected to support the functioning of the government and provide public goods and services such as infrastructure, education, healthcare, defence, and social welfare programs. In this article, let us…