What are inter-state and intra-state supplies under GST? What is their relevance? GST is a levy on supply of goods or services. To levy GST, supplies are categorised in two viz inter-state supplies (supplies from one state to another) and intra-state supplies (supplies within the state).
Overall Scheme of Valuation under GST: The value of supply of goods or services or both shall in general be the transaction value i.e. the price actually paid. In cases where consideration is non-monetary or supplies between related persons, offices/units of same entity located in different states, value shall be determined in the prescribed manner.[…]
Applicability of this document: This document on GST is applicable to all Micro, Small and Medium Enterprises having turnover up to Rs. 1.5 Crore.
What is Input Tax Credit under GST? GST is a value added tax where the tax paid by a supplier on all goods or services procured for further supply of goods or services by him shall be available as input tax credit (ITC),
What is Advance Ruling? Advance ruling a mechanism prescribed under a taxing statute to seek clarity on applicability of respective tax.
Brief about GST Applicability of Goods and Services Tax
What is Composition Scheme under GST? Composition scheme under GST is an optional levy provided to the manufacturers,