- What is GST rate under RCM?
- What is the rate of GST?
- What are the problems of GST?
- Is GST a failure?
- What are the 3 types of GST?
- What is Self Assessment in GST?
- How is GST calculated?
- What is GST advantage and disadvantage?
- What are the challenges of GST in India?
- Who is the CEO of GST?
- Is GST is good for our nation?
- Who is founder of GST?
- What is the limit for RCM under GST?
- Is GST good or bad for India?
- Is GST successful in India?
- What is reverse charge in GST?
What is GST rate under RCM?
(i) where the supplier of the service charges GST @ 12% from the service recipient, the service recipient shall not be liable to pay GST under RCM; and, (ii) where the supplier of the service doesn’t charge GST @ 12% from the service recipient, the service recipient shall be liable to pay GST under RCM..
What is the rate of GST?
Four different GST rates are applicable on water and water-based products. These are 5%,12%,18% and 28%….Ans.Transaction Value per unit per day (Rs.)GST RateRs. 1000 and lessNilRs. 1001 to Rs. 750012%Rs. 7501 and more18%Apr 23, 2020
What are the problems of GST?
Business are facing such practical issues with the filing process as there is little tolerance for errors in the return filing process. Businesses worry that mismatched invoices would lead to further scrutiny of those transactions by different tax administration raising the cost of compliance with GST.
Is GST a failure?
New Delhi: It has been two years since the government’s much-touted indirect tax regime–the Goods and Services Tax—was rolled out, but the technology-driven tax code has failed to curb evasion as was envisaged, said the Comptroller and Auditor General of India (CAG).
What are the 3 types of GST?
Currently, the types of GST in India are CGST, SGST and IGST. This simple division helps distinguish between inter- and intra-state supplies and mitigates indirect taxes. To learn more, read about these 3 different types of GST.
What is Self Assessment in GST?
Self Assessment: Self Assessment as the name suggests is a process whereby a person first assesses, tax payable by him, pays the tax and then files the return furnishing the details of how he has arrived at the tax payable by him. The assessment as made by the registered person would be treated as final.
How is GST calculated?
GST can be calculated simply by multiplying the Taxable amount by GST rate. If CGST & SGST/UTGST is to be applied then CGST and SGST both amounts are half of the total GST amount. For example: GST including amount is Rs. 525 and GST rate is 5%.
What is GST advantage and disadvantage?
GST is levied only on the value of the good or service. • Abolition of Multiple Layers of Taxation : One of the advantages of GST is that it integrated different tax lines such as Central Excise, Service Tax, Sales Tax, Luxury Tax, Special Additional Duty of Customs, etc.
What are the challenges of GST in India?
Mentioned below are few of the challenges of the GST.Reporting of HSN. … Numerous offences and penalties under GST. … Reconciliation in GST. … Refunds are time taking in GST regime. … Several items to be brought under the ambit of GST. … Lack of an efficient Helpline. … Accounting Software. … Government Role.More items…•
Who is the CEO of GST?
CEO Prakash KumarGST Network CEO Prakash Kumar on Friday said e-invoicing and the new format for filing GST will help improve the ease of doing business and reporting for the indirect taxes.
Is GST is good for our nation?
By merging a large number of Central and State taxes into a single tax, GST is expected to significantly ease double taxation and make taxation overall easy for the industries. For the end customer, the most beneficial will be in terms of reduction in the overall tax burden on goods and services.
Who is founder of GST?
Prime Minister Narendra Modi launched GST into operation on the midnight of 1 July 2017. But GST was almost two decades in the making since the concept was first proposed under the Atal Bihari Vajpayee government.
What is the limit for RCM under GST?
Purchase from Unregistered Person of any goods/services 5,000 per day. Therefore if a total purchase of less than Rs. 5,000 is made in one day from unregistered person then there is no requirement to pay tax on RCM. This limit is total of Rs.
Is GST good or bad for India?
GST (Goods and service tax) is overall good for economic of country. … Now, there are almost 130 plus countries who run their government on GST. If these countries not faced any problem from long years then how GST is bad for India. If everyone follow the rule of GST then it’s definitely good for India.
Is GST successful in India?
As the historical GST completes two years in operation, it is seen as a huge success by industry, stated the Confederation of Indian Industry (CII). … “GST is not just a tax change but a business change. It impacted business processes and businesses needed support from Government for this change.
What is reverse charge in GST?
Reverse Charge means the liability to pay tax is on the recipient of supply of goods or services instead of the supplier of such goods or services in respect of notified categories of supply. There are two type of reverse charge scenarios provided in law.