What is GST Taxmann?

What is GST Taxmann?

GST (Goods and Services Tax) is the biggest indirect tax reform of India. GST is a single tax on the supply of goods and services. It is a destination based tax. GST will subsume Central Excise Law, Service Tax Law, VAT, Entry Tax, Octroi, etc.26-Jun-2017

What are the 4 types of GST?

There are four different types of GST as listed below:

• The Central Goods and Services Tax (CGST)
• The State Goods and Services Tax (SGST)
• The Union Territory Goods and Services Tax (UTGST)
• The Integrated Goods and Services Tax (IGST)

Which book is best for GST practitioner?

Best 5 books for Professionals in India:

• Summary book of GST. Publishing house: Mukhaksh.
• Taxmann's GST New return's: How to meet your obligations. Publishing house: Taxmann.
• Taxmann's GST Audit and Annual Returns.
• Comprehensive guide on indirect tax laws, GST, customs & FTP.
• Taxmann's GST Acts with Rules and Forms.

What is the GST on printed books?

Printed books is exempted from paying GST. As per GST Law, there is no GST payable on Printed books. So the rate of GST payable on Printed books is nil rate. The Council has broadly approved the GST rates for goods at nil rate, 5%, 12%, 18% and 28% to be levied on certain goods.04-Jan-2019

What is GST slab rate?

The GST council has fitted over 1300 goods and 500 services under four tax slabs of 5%, 12%, 18% and 28% under GST. This is aside the tax on gold that is kept at 3% and rough precious and semi-precious stones that are placed at a special rate of 0.25% under GST.

What is the use of GST rate finder?

The government on Friday launched an app called GST Rate Finder-- which as the name suggests is your ready reckoner for all the tax rates that are to be levied under the GST (Goods and Services Tax) regime. The app has been developed by the Central Board of Excise and Custom (CBEC).08-Jul-2017

What is ITC in GST?

Input Tax Credit Mechanism. in GST. Uninterrupted and seamless chain of input tax credit (hereinafter referred to as, “ITC”) is one of the key features of Goods and Services Tax. ITC is a mechanism to avoid cascading of taxes. Cascading of taxes, in simple language, is 'tax on tax'.

Who is the head of GST?

Finance Minister Nirmala Sitaraman

Who collects IGST?

the Central Government

How do I become a GST expert?

GST Practitioner – Application Procedure

• Step 1: Log on the website.
• Step 2: Click on the Register option.
• Step 3: Registration Page appears.
• Step 4: Select GST Practitioner.
• Step 5: Select the State.
• Step 6: Enter the Name.
• Step 7: Enter the PAN.
• Step 8: Enter the Email ID.

Who can Practise GST?

The following people can become GST practitioners: A retired officer of the Commercial Tax Department of any State Government or of the CBIC who has worked in a post of Group-B (or higher) gazetted officer for a minimum period of two years.12-Jan-2022

How do I study for GST Act?

Beginner's Guide to GST

• BASICs OF GST. (Chapter 1) Goods and Service Tax (GST) is applicable in India from 1st July 2017.
• Registration. (Chapter 2)
• Composition Scheme. (Chapter 3)
• Invoicing. (Chapter 4)
• Input tax Credit. (Chapter 5)
• Reverse charge mechanism. (Chapter 6)
• Payment of GST. (Chapter 7)
• E-way Bill. (Chapter 8)

Is printing of books exempted from GST?

Printed books, including braille books and newspaper, periodicals & journals, maps, atlas, chart & globe are not taxable under GST.

What are the GST rates for printing & stationery?

Stationery Products of Base Metals Taxed at 28% GST The following stationery products and pens are taxed at 28% under GST. However, they are not classified under chapter 96. The following stationery products are classified under chapter 83 -miscellaneous articles of base metal.

Do books have GST?

The sale of books is outside the scope of GST and GST is not included in the sale.

Is GST 12% or 18 %?

The GST rates of 5%, 12%, 18% and 28% on goods, were affecting consumers with several pros and cons on services. However, services such as healthcare and educational services were excluded from GST. The passed GST rates slabs from the GST council consists of NIL, 5%, 12%, 18%, 28% rates on different services.22-Jul-2022

What product is 18% GST?

What Falls Under the 18% GST Rate? Household products, including hair oil, toothpaste, shampoo, etc. All devices for length measuring by hand, like measuring tapes, callipers, etc.

Is GST increasing 2022?

“Prices will go up on daily essentials for end-consumer who cannot avail input tax credit benefits. These include pre-packaged or labeled buttermilk, curd, and paneer, earlier exempted, and will now attract 5 per cent GST starting from 18th July 2022," said Archit Gupta, Founder and CEO of Clear.16-Jul-2022

What are the 3 types of GST?

Currently, the types of GST in India are CGST, SGST, and IGST. This simple division helps distinguish between inter-state and intra-state supplies and mitigates indirect taxes. To learn more, read about these three different types of GST.

What is the GST rate in 2022?

The Central Board of Indirect Taxes and Customs (CBIC) has notified that 18% Goods and Services Tax (GST) rate will be applicable 1 J 1 January 2022 onwards and f the 12% GST rate for government contracts will be withdrawn.

What is HSN and sac?

HSN Stands for Harmonized System Nomenclature and SAC stands for Service Accounting Code. It is an internationally adopted system for commodity description and product nomenclature system developed by the World Customs Organization (WCO). It came into existence in the year 1988.06-Jun-2019

What is GST Taxmann?