Overview of GST
Custom Duty tax is not included in Goods and Services Tax. In which case GST registration is not compulsory? Casual taxable persons making supplies of specified handicraft goods are exempt from compulsory registration. Is electricity exempt from GST? Yes, electricity is exempt from GST. Which indirect taxes are not subsumed after GST introduction? Custom Duty is not subsumed under GST.
Tax Inclusions in GST
Which indirect taxes are not subsumed after GST introduction? 1. Custom Duty. The Countervailing Duty (CVD) and Special Additional Duty (SAD) will subsume under GST, but the Basic Customs Duty (BCD) will be charged according to current law only. Why GST is called as an indirect tax? GST is an indirect tax, expressed as a percentage applied to the selling price. When you purchase a product or service, GST is already included in the price, this makes its payment more convenient.
About GST in India
Which indirect taxes have been subsumed in the GST in India? The GST subsumed central excise duty, services tax, additional customs duty, surcharges, state-level value added tax and octroi. Basic Customs Duty is not subsumed under GST. Why is GST called an indirect tax? GST is an indirect tax, expressed as a percentage applied to the selling price. When you purchase a product or service, GST is already included in the price, this makes its payment more convenient. Who is an unregistered dealer in GST? An unregistered dealer is one who has not registered under GST. How do I calculate gross taxable value? You can calculate the tax under GST by applying the 18% rate to the selling price. What does GST mean for a Singapore company? Businesses act as collecting agents on behalf of tax department. GST is usually not a cost to the company.