Previously, the export of services and goods was subject to a levy of indirect taxes. Excise tax, customs duty, VAT, service tax, etc. was standard taxes charged from an exporter. Under the GST regime, all these taxes are subsumed into one. However, customs duty is an exemption and still levied on importers as usual. Currently,…
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With the introduction of GST, there has been a lot of confusion about the different aspects of this tax regime that combined nine existing taxes into one. Here, we will discuss the taxable person who is liable to register under this law. Any person who carries any business at any location in India and is…
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In order to provide relief to old/existing leases of motor vehicles, GST Council in its 22nd Meeting held on the 6th October, 2017 in the national capital took several decisions in respect of motor vehicles purchased and leased prior to 1st July, 2017. These decisions are as given below:- a) Leasing of vehicles purchased and…
The constitution divides taxation powers between center and states. Both levels of government have some exclusive areas where they can levy tax. Income tax, which includes tax on company profits, is the exclusive domain of central government. These taxes are referred to as direct taxes. Indirect taxes are taxes levied on manufacture of goods, provision of…
