What is Goods and Services Tax Act 2017?

What is Goods and Services Tax Act 2017?


Act ID: 201713
Short Title: The Integrated Goods and Services Tax Act, 2017
Long Title: An Act to make a provision for levy and collection of tax on inter-State supply of goods or services or both by the Central Government and for matters connected therewith or incidental thereto.
Ministry: Ministry of Finance

What is good and Service Act?

GST is known as the Goods and Services Tax. It is an indirect tax which has replaced many indirect taxes in India such as the excise duty, VAT, services tax, etc. The Goods and Service Tax Act was passed in the Parliament on 29th March 2017 and came into effect on 1st July 2017.

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What is taxable event supply of goods and services?

Taxable event is that on the happening of which the charge is fixed. It is that event which on its occurrence creates or attracts the liability to tax. The taxable event under GST shall be the supply of goods or services or both made for consideration in the course or furtherance of business.

What are the activities which shall be treated as supply of goods or supply of services as per Schedule II of the Cgst act?

any lease, tenancy, easement, licence to occupy land is a supply of services; any lease or letting out of the building including a commercial, industrial or residential complex for business or commerce, either wholly or partly, is a supply of services.

How many sections are there in GST?

There are Four GST types namely Integrated Goods and Services Tax (IGST), State Goods and Services Tax (SGST), Central Goods and Services Tax (CGST), and Union Territory Goods and Services Tax (UTGST). The taxation rate under each of them is different.

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What is supply of goods and services?

A supply of goods includes the following: the transfer of ownership of goods by agreement. the sale of movable goods on a commission basis by an auctioneer or agent acting in his or her own name but on the instructions of another person. the handing over of goods under a hire-purchase contract.

How are services imported?

Import of services refers to the supply of a service, wherein the supplier is located outside India, the recipient is located in India, and the place of supply of service is in India. Import of services attracts GST under reverse charge basis.

What is intermediary services under GST?

Section 2(13) of the IGST Act 2017, an intermediary includes broker or an agent or any other person by whatever name called, who arranges or facilitates the supply of goods or services or securities between two or more persons.

What is supply of services under GST?

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What is supply under GST? Supply includes sale, transfer, exchange, barter, license, rental, lease and disposal. If a person undertakes either of these transactions during the course or furtherance of business for consideration, it will be covered under the meaning of Supply under GST.

What is supply of service in GST?

The categories include such as sale, transfer, barter, exchange or license. In addition, it also includes rental, lease or disposal made or agreed by a person in the course or furtherance of business. In this article, we look at the applicability of GST on the supply of service.