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Answer:
One word :
1 . I didnt know
2 . Groceries, residential rent, and medical services, and services such as financial services.
3 . POS
4 . Inter-state supply takes place when the supply of goods and/or services conducted between two states.
5 . The CGST / SGST is payable on all intra-State supply of goods and/or services and IGST is payable on all inter- State supply of goods and/or services. The CGST /SGST and IGST are payable at the rates specified in the Schedules to the respective Acts.
6 . Under GST, intra-state supply occurs when the distribution of goods and services takes place within the same state or territory of the Country
7 . Section (8) of IGST Act, deals with Intra-state supply of goods & service. It can be defined as a supply in which the actual location of the supplier and the supply of goods/services are the same state or UT.
8 . Section 7 (5)(a) of the IGST Act, the transaction would be an Inter-state supply. Lastly, it needed to be determined whether the transaction is leviable to tax under GST.
9 . Input Tax Credit means reducing the taxes paid on inputs from taxes to be paid on output.
10 . Output Tax Credit means reducing the taxes paid on inputs from taxes to be paid on input.
11 . Input tax credit means that when a manufacturer pays the tax on his output, he can deduct the tax he previously paid on the input he purchased
12 . Financial needs
13 . The GST council has fitted over 1300 goods and 500 services under four tax slabs of 5%, 12%, 18% and 28% under GST.
Brief :
1 . GST is a single tax on the supply of goods and services. It is a destination based tax. GST will subsume Central Excise Law, Service Tax Law, VAT, Entry Tax, Octroi, etc. Importance of GST in Indian Economy: GST Regime: GST is one of the biggest indirect tax reforms in the country.
2 . Harmonization of laws, procedures and rates of tax.
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