Skip to main content

Section 9 Under CGST Act 2017 and IGST Act 2017- Levy and Collection of GST



 The Tax on Goods and Services (GST) is a tax on the consumption of goods and services dependent on destinations. It is planned to be charged from production to final use at all stages, with the tax credit paid at previous stages available as a setoff. In a nutshell, only value-added will be charged and the tax burden will be borne by the final user levy and GST collection will be carried out in the case of intra-state supply and inter-state supply, according to the provisions of the CGST Act 2017 and IGST Act 2017.

 

In the case of intra-state supply, GST is levied as per CGST (Central Goods and Services Tax) Act, 2017, and in the case of inter-state supply, GST is levied as per IGST (Integrated Goods and Services Tax) Act, 2017. CGST is levied on all the supplies of goods or services or both supplied within the state, except on the supply of alcoholic liquor for human consumption at such a rate as notified by the Central Government on the recommendation of the GST Council.

 

The Central Goods and Services Tax (CGST) shall be payable by the recipient on a reverse charge basis for the notified goods/services or both and for the taxable supply of goods/services by the unregistered supplier to registered suppliers.

 

The Integrated Goods and Services Tax (IGST) shall be imposed on any or both supplies of goods or services supplied from one state to another, with the exception of the supply of alcoholic liquor for human consumption at the rate notified by the Central Government on the advice of the Council of the GST. IGST shall be paid by the purchaser on a reverse charge basis on the notified goods/services and on the taxable inter-state supply of goods/services by the non-registered suppliers to the registered suppliers.

 

The provisions of Section 5 of the IGST Act are identical to Section 9 of the CGST Act, except that the term CGST has been replaced by IGST under the IGST Act. Under the IGST Act, all interstate supplies and products imported into India are subject to a tax called integrated tax and the maximum rate under Section 5(1) of the IGST Act is 40 percent.


Brief reading of  Levy and Collection of GST on our Blog section.

 Thanx for reading article, hope this article help you in getting Prepare for CS Executive Exam 2021

 Visit our CS Executive Blog section for more CS Executive Study Materials.

  Now prepare smartly for CS EXECUTIVE TEST  with our CS Executive Online Classes Via.. cs executive online lectures Learn direct from your home/office. We here at Takshila Learning provide you the CS Executive Video Lectures, CS Executive Pen drive Classes along with CS Executive STUDY MATERIAL and ICSI Executive Study Material to help you prepare for your CS Executive Exam with the utmost ease.

 Call at 8800999280 / 8800999283 / 8800999284

Labels:

Comments

Post a Comment

Thank you we will contact ASAP.

Popular posts from this blog

Lessons-Worksheets-Question Papers-CBSE Class 2 English

Lessons-Worksheets-Question Papers-CBSE Class 2 English CBSE 2nd Class English – One and Many  In this blog, we share the spelling rules used in the concept of  One  and Many. When there is only one of a naming word (noun), it is said to be a  singular noun . When a noun shows more than one, it is said to be in the  plural . We can add  –S, -es, -ves or ies  to show that there is more than one noun.  For example,  we say many birds, four biscuits, six brushes. But for the students of  Class 2 , it’s very difficult and confusing to understand where to use  s , es, ves or ies  in the form of many. Don’t worry, it looks difficult, but it is very easy as in grammar each concept has a set of rules that need to practice. Noun ending with  –s, -x, -o, -sh, -ch, and –ss  form plurals by taking  –es. Look at these pairs of words: Bus – Buses Brush – Brushes Continue ..... Click here ...
Post a Comment
Read more

Class 3 English Practice Grammar Worksheet -The Adverb

 Class 3 English Practice Grammar Worksheet -The Adverb Class 3 English – The Adverb – Kinds of Adverb Fill in the blanks with suitable Adverbs of place. Choose from the box.  Up               outside                       everywhere                 back                down      away          here                           there                     ...
Post a Comment
Read more

PURCHASED GOODWILL METHOD UNDER IND AS 103

The acquisition of subsidiaries results in  Goodwill calculation  and also records net assets of the subsidiary at fair value on the date of acquisition. Let’s get answers to all the questions related to Goodwill, valuation of NCI, and impairment relating to them. Q1 – What are the ways in which an entity can make payment for purchase consideration? ANS: – Cash – Share exchange – Deferred payment – Contingent consideration Q2 – How is deferred payment dealt, when it forms part of purchase consideration? ANS:  The deferred payment is discounted to present value and included in the cost of consideration. At the end of each year, the liability is increased by unwinding the discount, until the payment is settled. For example, An amount of Rs. 108,000 was deferred to be paid after 2 years. The discount rate applicable is 8%. The net present value today of Rs. 108,000 is equal to (108,000 * 1) / (1.08) ^2)= Rs. 92,593 included in purchase consideration. A liability of Rs. 92,59...
Post a Comment
Read more