{"id":54546,"date":"2017-05-04T12:24:01","date_gmt":"2017-05-04T06:54:01","guid":{"rendered":"http:\/\/www.vskills.in\/certification\/tutorial\/?p=54546"},"modified":"2024-04-12T14:20:16","modified_gmt":"2024-04-12T08:50:16","slug":"tax-exemption-levy-gst-bill","status":"publish","type":"page","link":"https:\/\/www.vskills.in\/certification\/tutorial\/tax-exemption-levy-gst-bill\/","title":{"rendered":"GST Tutorial | Tax Exemption and Levy | GST Bill"},"content":{"rendered":"

Tax Exemption and Levy | GST Bill<\/h1>\n
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What is the GST bill?<\/p>\n

The tutorial will provide you all the details needed to know about India’s biggest tax reform.GST Bill or Goods and Services Tax bill, is assumed to be one the biggest tax model in India. GST Bill will simplify the current taxation system. This GST bill will convert the country into a unified market by replacing all indirect taxes with one tax.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

Let us now consider the topics of the clauses under tax exemption and levy of taxes<\/p>\n

Section 8. Levy and collection of Central \/ State Goods and Services Tax<\/strong>There shall be levied a tax called the Central\/State Goods and Services Tax(CGST\/SGST) on all intra-State supplies of goods and\/or services on the value determined under section 15 and at such rates as may be notified by the Central\/State Government in this behalf, but not exceeding fourteen percent, on the recommendation of the Council and collected in such manner as may be prescribed<\/p>\n

Section 9. Composition levy<\/strong><\/p>\n

Notwithstanding anything to the contrary contained in the Act but subject to subsection (3) of section 8, on the recommendation of the Council, the proper officer of the Central or a State Government may, subject to such conditions and restrictions as may be prescribed, permit a registered taxable person, whose aggregate turnover in the preceding financial year did not exceed fifty lakh rupees, to pay, in lieu of the tax payable by him, an amount calculated at such rate as may be prescribed, but not less than two and a half percent in case of a manufacturer and one percent in any other case, of the turnover in a State during the year.<\/p>\n

Section 10. Taxable person<\/strong><\/p>\n

Taxable Person means a person who is registered or liable to be registered under Schedule V of this Act.<\/p>\n

Section 11. Power to grant exemption from tax<\/strong><\/p>\n

Where an exemption in respect of any goods and\/or services from the whole of the tax leviable thereon has been granted absolutely, the taxable person providing such goods and\/or services shall not pay the tax on such goods and\/or services.<\/p>\n

 <\/p>\n

\"\"<\/a><\/h3>\n

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\"GSTBack to GST Tutorial Main Page <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Tax Exemption and Levy | GST Bill What is the GST bill? The tutorial will provide you all the details needed to know about India’s biggest tax reform.GST Bill or Goods and Services Tax bill, is assumed to be one the biggest tax model in India. GST Bill will simplify the current taxation system. This…<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"categories":[4,7079],"tags":[7097,7107,7104,7093,7103,7080,7089,7106,7101,7102,7100,7094,7091,7095,7090,7096,7092,7086,7099,7085,7083,7084,7105,7088,7087,7098],"class_list":["post-54546","page","type-page","status-publish","hentry","category-accounting-banking-finance","category-gst-tutorial","tag-about-gst-bill","tag-full-form-of-gst-bill","tag-good-and-service-tax","tag-goods-and-services-tax","tag-goods-service-tax","tag-gst","tag-gst-bill","tag-gst-bill-full-form","tag-gst-bill-meaning","tag-gst-definition","tag-gst-details","tag-gst-full-form","tag-gst-india","tag-gst-meaning","tag-gst-registration","tag-gst-tax","tag-income-tax-act","tag-income-tax-return","tag-meaning-of-gst","tag-service-tax","tag-tax","tag-tax-return","tag-what-does-gst-stand-for","tag-what-is-gst","tag-what-is-gst-bill","tag-what-is-gst-tax"],"acf":[],"yoast_head":"\nGST Tutorial | Tax Exemption and Levy | GST Bill<\/title>\n<meta name=\"description\" content=\"This GST bill will convert the country into a unified market by replacing all indirect taxes with one tax. 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