Burden to be borne by the final consumer Elimination of Multiple Taxes Continuous Chain of Tax Credit HOW GST FUNCTIONS
GST is always levied of a Supply when there is a
supply it attracts GST Not only a supply constitutes GST but also a consideration must also flow in return of the supply Also the supply must be in the furtherance of Business FACTS AND PRACTICES
Import of furniture by a household
Transfer Of Goods by a business to his/her Relatives Central Government Supplying goods by way of Public Distribution System COMPOSITE LEVY A BOON TO INVESTORS If a supplier is an intra state Supplier and his annual turnover doesn’t exceed 1 crore then he can apply for a scheme of composite levy TAX RATES TYPE OF BUSINESS
! Manufacturers
2.5 Restaurant Services
0.5 Anyone Else
WHY COMPOSITE LEVY IS NOT SO POPULAR It is Just for small scale business holders Also a person who has applied for composite levy cant forward their benefits to the next chain of suppliers So no big business man are ready to come and buy goods from such producers APPLY UNDER GST
A PERSON WHOSE TURNOVER IS UNDER 40 LAKHS
NEED NOT APPLY UNDER GST ACT AND THUS NEED NOT PAY GST INSTRUMENTS UNDER GST COLLECTION
ELECTRONIC CASH LEDGER
ELECTRONIC LIABILITY LEDGER ELECTRONIC CREDIT LEDGER THANK YOU