GST on No Claim Bonus
No claim bonus, insurance companies give some monitory benefit by reducing the insurance premium amount of those customer, who have not claimed any insurance amount against such policy during the policy period
Inter State supply v/s Intra State supply in GST
GST is a dual model tax which is implemented in India, whereas both Central Government and state Government levy GST simultaneously. If a transaction happens between same state, then both Central Government and State Government levy GST i.e., Central Goods and Services tax (CGST) and State Goods and Services tax (SGST) or if transaction occurs in union territory, then instead of SGST, Union Territory Goods and Service tax (UTGST) will be levied and if transaction occurs between two different states, or one state and one Union territory or as the case maybe, then Integrated Goods and Services tax shall be levied.
GST Credit Setoff Rules
Goods and Services Tax (GST) in India has an advantage that it has the remedy for cascading effect. It means that it allows tax payer to adjust taxes paid on purchases against the taxes that is required to be paid on sales
The Concept of Supply- GST
The concept of “Supply” is very important from a GST standpoint as it is a taxable event in GST i.e. if any transaction falls under the definition of Supply, then only GST would be applicable.
The provisions relating to the meaning and scope of supply are contained in Chapter III of the CGST Act read with various schedules given under said Act. To understand the concept of Supply, one is required to read Section 7 and Section 8 of the CGST Act along with Schedule I, II, and III (In this article, we have covered the provisions of Section 7)
Combined Supplies- Treatment under GST
the concept of Composite or mixed supplies has been introduced in GST, and its treatment is defined under section 8 of CGST Act 2017