FAQ on IT

FAQs on IT/ITES under GST

India is the world’s largest sourcing destination for the information technology (IT) industry, covering approximately 67 per cent of the US$ 124-130 billion market. In this Article, we provide you FAQs as issued by CBEC relating to IT/ITES Industry covering issues regarding registration requirement, treatment of software, rate of tax, applicability of reverse charge etc.
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Government services

GST FAQs on Government Services

In this Article, we provide you FAQs relating to Government Services as issued by CBEC. Question 1: Are all services provided by the Government or local authority exempted from payment of tax ? Answer: No, all services provided by the Government or a local authority are not exempt from tax. As for instance, services, namely,
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Gems & Jewelry FAQs on GST

India is the world’s largest cutting and polishing center for diamonds, with the cutting and polishing industry being well supported by government policies. Moreover, India exports 75 per cent of the world’s polished diamonds, as per statistics from the Gems and Jewelry Export promotion Council (GJEPC). In this Article, we provide you with FAQs issued by CBEC relating to Gems & Jewelry sector.
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FAQs on Exports under GST

With an intent to give impetus to Forex reserves of the country, Government has been regulating the export-import policy. In this article, we provide you with FAQs issued by CBEC covering issues faced by Export Sector. Question 1: How are exports treated under the GST Law? Answer: Under the GST Law, export of goods or
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Electronic Commerce Operator

Electronic Commerce Operator FAQs on GST

In this Article, we provide you FAQs issued by CBEC relating to Electronic Commerce Operator, registration requirement, applicability of TCS provisions etc. Question 1: What is Electronic Commerce? Answer: Electronic Commerce has been defined in Sec. 2(44) of the CGST Act, 2017 to mean the supply of goods or services or both, including digital products
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COMPOSITION SCHEME

FAQs on Composition Scheme

Composition Scheme is introduced to bring simplicity and reduce compliance burden for small taxpayer. In this article, we provide you FAQs as issued by CBEC relating to Composition Scheme covering issues faced by small taxpayers Q 1. What is composition levy under GST? Ans. The composition levy is an alternative method of levy of tax
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MSME Sector FAQs on GST

In this article, we provide you with GST FAQs on MSME Sector issued by CBEC covering concerns as faced by sector. Question 1: What is GST? Answer: GST stands for Goods and Services Tax, which islevied on supply of goods or services. “Supply” is a legal term which has very broad sweep and various types
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GST FAQs on Drugs & Pharmaceuticals

Drugs and Pharmaceuticals Sector FAQ on GST

The pharmaceutical industry in India ranks 3rd in the world terms of volume and 14th in terms of value. In this Article, we provide you with FAQs issued by CBEC covering issues regarding samples distributed free of cost, queries regarding loan and licensee units, clearance to SEZ units, discount claimed etc. Question 1: Whether formulations cleared have
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GST FAQs on Mining Sector

Mining Sector FAQ on GST

Mining Industry in India is a major contributor to GDP of economy grossing nearly around 10% to 11% of total Industrial Sector. It is not untouched by the Impact of GST. In this Article, we provide you with the FAQs relating to Mining Sector as issued by CBEC resolving some of the related queries. Question
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Textile Sector FAQ on GST

Textile Industry is one of the leading sector in Indian economy contributing 14% to total Industrial Production consisting mostly of unorganized sector and employing both skilled  and  unskilled worker. In this article we provide you the FAQ’S issued by CBEC relating to textile sector covering issues regarding registration, rate of tax, classification of  goods, job
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