UNPACKED AND UNLABELLED SALTED POPCORN The GST Council’s recent clarification on popcorn taxation has ignited a wave of online memes, with users analysing the complexities of tax rates for various types of popcorn. During its 55th meeting on Saturday, the GST Council clarified the tax structure for popcorn and announced that there would be no […]
Tag: GST
Annual Return under GST (Form GSTR-9)
Form GSTR-9 Every taxpayer registered under Goods & Service Tax is required to file an annual return in the form of GSTR-9. It is required to be filed for every financial year on or before 31st December in the subsequent fiscal year. It is the consolidation of all the returns filed related to that financial […]
Composition scheme under GST
Composition scheme is meant to make the life of small businesses easier. It’s an option wherein a taxpayer can opt to pay a fixed percentage of turnover as fees in lieu of tax and get relief from complying with other provision of law. Below are the important points: Precondition Those having a turnover up to […]
A Brief explanation about Integrated Goods and Service Tax
IGST is a part of Goods and Service Tax (GST) IGST means Integrated Goods and Service Tax, one of the three categories under Goods and Service Tax (CGST, IGST, and SGST) with a concept of one tax one nation. IGST falls under Integrated Goods and Service Tax Act 2016. IGST is charged when movement of […]
A Brief simple explanation about State Goods and Service Tax (SGST)
SGST is a part of Goods and Service Tax (GST). SGST means State Goods and Service Tax, one of the three categories under Goods and Service Tax (CGST, IGST, and SGST) with a concept of one tax one nation. SGST falls under State Goods and Service Tax Act 2016. For easy understanding, when SGST is […]
A Brief explanation about Central Goods and Service Tax
CGST is a part of Goods and Service Tax (GST) CGST means Central Goods and Service Tax, one of the three categories under Goods and Service Tax (CGST, IGST, and SGST) with a concept of one tax one nation. CGST falls under Central Goods and Service Tax Act 2016. For easy understanding, when CGST is […]
Advantages of GST
GST Eliminates the Cascading Effect of Tax GST is a comprehensive indirect tax that was designed to bring the indirect taxation under one umbrella. More importantly, it is going to eliminate the cascading effect of tax that was evident earlier. Cascading tax effect can be best described as ‘Tax on Tax’. Let us take this example […]
Impact of Goods and Services Tax on Hotel Industry
“Athithi Devo Bhavha” (Guest is God) has been one of the central tenets of Indian culture since times immemorial. Today, the hospitality sector (which includes tourism also) is one of the fastest growing sectors in India and is expected to grow at the rate of 8 % between 2007 and 2016. The boom in travel and […]