Brief about GST

Applicability of Goods and Services Tax

Types of GST

Understanding of GST

Payment of Goods and Services Tax

Reverse Charge for Specified Services

Requirement of Registration

Composition Scheme

Valuation of GST

Returns under GST

Credits under GST

This article is contributed by Partners of SBS and Company LLP - Chartered Accountant Company. You can be reached at This email address is being protected from spambots. You need JavaScript enabled to view it.

1. What is Advance Ruling?

Advance ruling a mechanism prescribed under a taxing statute to seek clarity on applicability of respective tax. Such rulings or decisions are obtained in advance prior to undertaking a transaction by making suitable applications before the prescribed authorities. Under GST, advance ruling can be sought on any of the following matters;

1. Classification of goods or services or both
2. Applicability of a notification issued under the provisions of GST Law
3. Determination of time and value of supply of goods or services or both
4. Admissibility of Input Tax Credit of tax paid or deemed to have been paid
5. Determination of liability to pay tax on any goods or services or both
6. Whether registration is required
7. Whether anything done with respect to goods or services or both amounts to or results in supply of goods or services or both. 

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1. What is Composition Scheme under GST?

Composition scheme under GST is an optional levy provided to the manufacturers, traders and Restaurants to opt for composition scheme whose aggregate turnover in the previous financial year does not exceed Rs. 100 Lakhs which leads to reduction of compliances for small scale businesses i.e. maintenance of books of accounts, issuance of invoices, furnishing of returns etc and to pay a fixed percentage of turnover as tax in lieu of paying taxes at higher rate. In case of suppliers located in special category states, the turnover limit to opt for composition scheme is Rs. 75 lakhs. 

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1. 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), which shall be used to pay the GST collected on goods or services supplied by him. The difference between the GST collected and the ITC shall be paid in cash. ITC is defined to mean CGST, SGST and IGST paid including tax paid under reverse charge on supplies received by a tax payer. 

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