GST - GOODS AND SERVICE TAX ACT It is applicable to whole India and it has replaced Vat, Excise and Service Tax. GST come in to force as per notification issued by the Central Govt. in the Official Gazette. In the maximum states it has started from 1 st of July 2017. To abolish different taxation applicable in different states in India, Government brought GST to uniform taxation. GST TERMINOLOGY Address of delivery : A Registered person issued Tax invoice to the recipient of goods or services or both. The address indicated on the tax invoice is called address of delivery. Address on records: This is the address of recipient of goods or services or both indicated on the records of the supplier. Agent : A person who carries the business of supply or receipt of goods or services or both on behalf of another. Aggregate Turnover: Sum of all taxable supplies (excluding Inward supplies which attracts...
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This blog is related to Accounting ,Business & Commerce and management related topics. It is an effort to teach accounts alongwith other commerce related subjects. And make awareness about new rules and regulation in the field of business & commerce.