GST Rules for Small Business/ Traders: 1. Type of Sale a. Local Sale (Within the State) – Two taxes – a. SGST b. CGST. Rate of Tax (for example 14% + 14%) total 28% will be applicable. b. Central Sale ( Outside State)- Only one tax – IGST – Rate of Tax for example 28%…
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To facilitate with GST regime, Service Tax Return for the period from 01.04.2017 to 30.06.2017 shall be submitted by 15th August 2017. And revised return for the same period may be filed within 45 days of filing the original return. --By notification no. ST-18/2017 dated 22.06.2017
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Introduction of Composition Scheme of GST: To provide greater relief from complex compliance requirements under GST Law for small businesses for taking credit and issuing Tax Invoice, maintaining various records of inputs and outputs, filling mandatory three returns monthly etc., an option is provided to go for a COMPOSITION SCHEME. This scheme provides much needed…
Read MoreIntroduction- GST ON JOB WORK Job-work sector constitutes a significant industry in Indian economy. It includes outsourced activities that may or may not culminate into manufacture. The term Job-work itself explains the meaning. It is processing of goods supplied by the principal. The concept of job-work already exists in Central Excise, wherein a principal manufacturer…
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