Table of Contents
How the goods and services tax GST system works?
The goods and services tax (GST) is an indirect federal sales tax that is applied to the cost of certain goods and services. The business adds the GST to the price of the product, and a customer who buys the product pays the sales price inclusive of the GST.
Does GST cover service tax?
So, as per law, Service Tax has been phased out by GST and customers are not supposed to pay it.
Can CGST and SGST be used to pay IGST?
Utilising ITC for the fulfillment of Tax liability CGST: The CGST input tax credit cannot be used to pay the SGST liability but can be used to pay the liability under CGST. Further, the balance of CGST credit available can be used to pay the IGST liability.
Which services are taxable under service tax?
1. Levy of service tax
| Sr.No | Service Category | Date of Introduction |
|---|---|---|
| 1 | Advertising | 01.11.1996 |
| 2 | Air Travel Agent | 01.07.1997 |
| 3 | Airport Services | 10.09.2004 |
| 4 | Architect | 16.10.1998 |
Can I Utilise SGST against IGST?
A taxpayer can utilise IGST credit in any proportion and in any order, but the condition is to completely utilise the IGST credit before using CGST or SGST credit. So as you can see in the example, IGST credit has been utilised first as per the new system of set-off, only after which, can CGST or SGST/UTGST be set-off.
How can I transfer ITC from SGST to Cgst?
To file Form GST PMT-09, perform following steps:
- Access the https://www.gst.gov.in/ URL.
- Navigate to Services > Ledgers > Electronic Cash Ledger option.
- Click File GST PMT-09 For Transfer of Amount option to perform intra-head or inter-head transfer of amount.
- Electronic Cash Ledger page is displayed.
What is GST and how does it work?
Goods and Services Tax (GST): What It Is and How It Works. Goods and Services Tax or GST is a broad-based consumption tax levied on the import of goods (collected by Singapore Customs ), as well as nearly all supplies of goods and services in Singapore. In other countries, GST is known as the Value-Added Tax or VAT.
What are goods and Services Tax?
The Goods and Services Tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption. The GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services.
What is GST tax rate?
GST on Loans and Advances. Earlier Service Tax was levied on Loans which has now been replaced by GST which would now be levied on loans. The rate of Service Tax was 15\% whereas the rate of GST is 18\% . Jul 1 2020