Goods and Service Tax (GST) is an indirect tax which is for India on the supply of products and administration. It could be a comprehensive multistage, goal based assess: comprehensive since it has subsumed nearly all the indirect taxes but few; multi-staged because it is forced at each step within the generation prepare, but is meant to be discounted to all parties within the different stages of generation other than the ultimate customer.
Destination based tax or consumption tax are levied where goods and services are being consumed. In destination–based taxation, exports are considered together with zero taxes whereas imports are taxed on par with the production done in the domestic basis.
f there is delay in filing GST, the penalty charged if Rs 200/- per day. There is no such late fees charged in IGST
If the GSTR is not Filed, then there will be a penalty of 10% of Tax due or Rs 10,000, whichever is earlier
If someone has committed fraud, then there will be a penalty of 100% of the tax due or Rs 10,000 whichever is earlier.
Composition Scheme is a simple process under the GST law for all the taxpayers, so that they can get rid of the difficult formalities and have to pay the GST at a fixed rate based on the turnover. This scheme is opted by the taxpayer whose turnover is less than Rs 1.0 crore. But now the CBIC has notified the increase to the threshold limit is from Rs 1.0 Crore to Rs. 1.5 Crores. The limit is now Rs 75* lakh, in case of North-Eastern states and Himachal Pradesh. The applicable GST rate under the composition scheme is 1% of the rate of annual turnover, in case of manufacturer or traders(Goods).