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Letter-of-Undertaking-under-GST
GST (Goods and Services Tax) India

What is the Letter of Undertaking under GST?Letter of undertaking is the document that the user provides declaring fulfillment of all requirements under GST. It is furnished in case of export undertaken without paying IGST. Also, according to the Notification No. 37 /2017 – Central Tax It is mandatory to furnish LUT to export goods or services or both without paying IGST. If the exporter fails to provide the LUT, then he has to pay IGST or provide an export bond. Earlier LUT could only be filed offline at theSEE DETAILS

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Value-of-Supply-under-Goods-and-Services-Tax
GST (Goods and Services Tax) India

  Value of SupplyIn GST regime it is important to know about the value of goods or services or both on which tax is to be paid. As per CGST Act, 2017 along with rules prescribed the provisions for determining the value of supply of goods or services have been made applicable in different circumstances and to different people.Value of  taxable supplyWhich section describe the value of supply?Value of taxable supply as per section 15Inclusions in the Value of supplyTaxes, duties,cesses,fees and ChargesAmount incurred by recipient on behalf of supplierIncidental expensesSEE DETAILS

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Accounting-Entries-under-GST
GST (Goods and Services Tax) India, Latest News

    The introduction of the biggest indirect taxation reform in India namely Goods and ServicesTax (GST) has impacted the functioning of all the sectors of the economy. The impact of the radical shift can also be tracked in the segment of Finance and Accounting as well. Prior to the introduction of GST in India Separate accounting entries for each indirect tax law like service tax, excise, VAT etc was required to be made separately. Now only entries under the goods and services tax are required to be taken onSEE DETAILS

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(Goods and Services Tax) GST Seva Kendra

 Ravi: Hello Aman, how is your startup business these days?Aman: It is good and sales are increasing, but I am finding trouble while filing GST returns.Ravi: Come On, Aman! Haven’t you heard of GST Seva Kendra? They will provide all the required information and assistance regarding GST.GST Seva KendraGST Seva Kendra centres are GST facilitation Centre which was established by the Ministry of Finance in 2017. GST Seva Kendras were established to serve the GST taxpayers and businesses by providing required assistance on GST laws and GST filings. Any GSTSEE DETAILS

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Goods-and-Services-Tax-Council
GST (Goods and Services Tax) India

GST CouncilThe concept of GST, Goods and Services Tax, is not relatively a new one. The concept of a single tax called the Goods and Services Tax was proposed in the year 1999. GST was also accepted by the then Prime Minister of India, Mr. Atal Bihari Vajpayee and he gave it a go ahead. He constituted a committee to design a GST model. The head of the committee was then Finance Minister Mr. Asim Dasgupta, under the flagship of Vajpayee Government. However, that time, the GST model was notSEE DETAILS

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Chapter-95-HSN
GST (Goods and Services Tax) India, HSN

Chapter 95: Electronic toys, sports goods and game consolesRates (%)Products DescriptionHSN CodesExport and Import HSN Codes12%Dolls or other toys made of wood or metal or textile material [incl wooden toys of sawantwadi, Channapatna toys, Thanjavur doll)950395030010, 95030020, 95030030, 950300905%Toy balloons made of natural rubber latex950395030010, 95030020, 95030030, 9503009012%Toys like tricycles, scooters, pedal cars etc. (including parts and accessories thereof) [other than electronic toys]950395030010, 95030020, 95030030, 9503009018%Electronic Toys like tricycles, scooters, pedal cars etc. (including parts and accessories thereof)950395030010, 95030020, 95030030, 9503009012%Ganjifa card9504–12%Playing cards, chess board, carrom board and other boardSEE DETAILS

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Chapter-93-HSN
GST (Goods and Services Tax) India, HSN

Chapter 93: Arms and Military weaponsRates (%)Products DescriptionHSN Codes Export and Import HSN Codes18%Military weapons other than revolvers, pistols930193011100, 93011900, 93012000, 9301900028%Revolvers and pistols, other than those of heading 9303 or 930493029302000018%Other firearms and similar devices which operate by the firing of an explosive charge (for example, sporting shotguns and rifles, muzzleloading firearms, very pistols and other devices designed to project only signal flares, pistols and revolvers for firing blank ammunition, captive-bolt humane killers, line-throwing guns)930393031000, 93032000, 93033000, 9303900018%Other arms (for example, spring, air or gas guns and pistols, truncheons),SEE DETAILS

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Chapter-91-HSN
GST (Goods and Services Tax) India, HSN

Chapter 91: Watches and clocksRates (%)Products DescriptionHSN CodesExport and Import HSN Codes18%Wrist-watches, pocket-watches and other watches, including stopwatches, with case of precious metal or of metal clad with precious metal910191011100, 91011900, 91012100, 91012900, 91019110, 91019120, 91019190, 91019910, 91019920, 9101999018%Wrist-watches, pocket-watches and other watches, including stop watches, other than those of heading 9101910291021100, 91021200, 91021900, 91022100, 91022900, 91029110, 91029120, 91029190, 91029910, 91029920, 9102999018%Clocks with watch movements, excluding clocks of heading 9104910391031000, 9103900018%Instrument panel clocks and clocks of a similar type for vehicles, aircraft, spacecraft or vessels91049104000018%Other clocks910591051100, 91051900, 91052100, 91052900, 91059100,SEE DETAILS

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Chapter-92-HSN
GST (Goods and Services Tax) India, HSN

Chapter 92: All Musical Instruments and partsRates (%)Products DescriptionHSN CodesExport and Import HSN CodesNILIndigenous handmade musical instruments92–18%Pianos, including automatic pianos; harpsichords and other keyboard stringed instruments920192011000, 92012000, 9201900018%Other string musical instruments (for example, guitars, violins, harps)920292021000, 9202900018%Wind musical instruments (for example, keyboard pipe organs, accordions, clarinets, trumpets, bagpipes), other than fairground organs and mechanical street organs920592051000, 92059010, 92059020, 9205909018%Percussion musical instruments (for example, drums, xylophones, cymbals, castanets, maracas)92060000–18%Musical instruments, the sound of which is produced, or must be amplified, electrically (for example, organs, guitars, accordions)920792071000, 9207900018%Musical boxes, fairground organs, mechanicalSEE DETAILS

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Chapter-96-HSN
GST (Goods and Services Tax) India, HSN

Chapter 96: Pencils, Sanitary towels, smoking pipes, lighterRates (%)Products DescriptionHSN CodesExport and Import HSN Codes12Worked articles of ivory, bone, tortoise shell, horn, antlers, coral, mother of pearl, seashell other animal carving material9601–5Worked corals other than articles of coral960196011000, 96019010, 96019020, 96019030, 96019040, 9601909012Worked ivory, bone, tortoise-shell, horn, antlers, coral, mother-of-pearl and other animal carving material, and articles of these materials (including articles obtained by moulding)960196011000, 96019010, 96019020, 96019030, 96019040, 9601909012Worked vegetable or mineral carving, articles thereof, articles of wax, of stearin, of natural gums or natural resins or of modellingSEE DETAILS

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