Right to Registration and Compliance Eligible businesses have the right to obtain GST registration under the law Taxpayers can cancel or amend registration based on business needs Right to access and operate GST portal with personal credentials Entitled to receive a...
Classification of Software Services Software development, customization, and implementation are treated as services under GST Packaged software sold with license keys is categorized as goods Cloud-based software or SaaS platforms are classified as Online Information...
Online Gaming Online gaming includes skill-based games, chance-based games, or mixed models Examples include fantasy sports, poker, rummy, e-sports, and betting platforms Regulated under IT laws and subject to indirect tax policies GST classification depends on...
Scope of Taxation Financial services include banking, insurance, fund management, brokerage GST applies to fee-based services like account maintenance, advisory, processing Interest on loans, deposits, and securities is exempt under GST Transaction-based charges...
Applicability on Credit Card Transactions GST is not levied on credit card purchases directly by the cardholder Goods/services bought using credit card are taxed as per usual GST rules The merchant charges GST on the invoice and remits it to the government The payment...
General Penalty Provisions Penalties imposed under Section 122 to 138 of the CGST Act Applicable for contraventions like non-registration, evasion, incorrect returns Penalty can be a fixed amount or a percentage of tax involved Both monetary and prosecution penalties...
Definition and Objective GST audit is an examination of records, returns, and documents of a registered person It ensures correctness of turnover declared, taxes paid, and ITC claimed The audit verifies compliance with GST provisions and accuracy of disclosures...
Simplified Taxation GST replaces VAT, CST, and local entry taxes for wholesalers Uniformity across states reduces inter-state tax arbitrage Enables seamless interstate transactions without separate forms Encourages expansion of wholesale networks across regions...
Unified Tax Structure GST replaces excise duty, VAT, CST, service tax, and entry tax Creates a single tax regime for manufacturers across India Eliminates cascading effect of multiple taxes on the same product Simplifies tax calculation across raw materials and...
Supplies to SEZ Supplies from DTA to SEZ units or developers are treated as zero-rated Supplier can export under LUT without paying IGST or pay IGST and claim refund Goods or services must be used for authorized operations of SEZ Invoice must clearly mention supply to...