Definition and Purpose SEZ stands for Special Economic Zone, defined under SEZ Act, 2005 SEZs are areas designated to promote export-led industrial growth SEZ units or developers enjoy tax benefits and simplified compliance Supplies to or from SEZs are treated...

Definition and Concept Deemed exports refer to supplies where goods do not leave India, but are treated as exports The benefits of exports like refunds and exemptions are available to deemed exports Such supplies are notified under Section 147 of the CGST Act These...

Meaning and Purpose Zero-rated supplies are taxable supplies taxed at 0% GST rate Allow full input tax credit (ITC) and refund eligibility Mainly applicable to exports and supplies to SEZ units or developers Tax rate is zero, but transaction is not exempt Governed by...

 Coverage Non-GST supplies refer to goods or services not governed under GST No GST is levied, and such supplies are excluded from GST returns Examples include alcohol for human consumption, petrol, diesel, and electricity Covered under Schedule III or outside...

Current Exclusion from GST Petrol, diesel, natural gas, ATF, and crude oil are currently outside the scope of GST These items are taxed under existing central excise and state VAT laws Excluded via constitutional amendment under Article 279A(5) GST Council has not yet...

 GST Is Applicable GST is levied on under-construction properties, not on completed or ready-to-move-in ones Sale before the completion certificate or first occupancy attracts GST Applicable to residential, commercial, and mixed-use properties GST is also levied...

Applicability of GST GST applies to the renting of commercial property, such as shops, offices, and warehouses Residential property rented for business purposes is also taxable under GST Residential rent for personal use is exempt from GST Taxpayer renting property...

Definition and Relevance Stock transfer refers to movement of goods between branches or locations of the same business Under GST, branches in different states are treated as distinct persons Stock transfer between such branches is considered a taxable supply Requires...

Types of Discounts Pre-supply discounts: Offered before or at the time of sale Post-supply discounts: Given after the transaction based on performance or volume Trade discounts and cash discounts are treated differently under GST Discounts can be fixed value or...

Definition and Importance Value of supply is the amount on which GST is calculated It includes price actually paid or payable for goods or services Must be considered whether the transaction is between related or unrelated parties Forms the basis for tax liability,...