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of <h1>Understanding GST: Key Legislative Basis, Taxable Events, Exemptions, and Composition Scheme for Small Taxpayers</h1> The document provides a comprehensive overview of the Goods and Services Tax (GST) framework, detailing the legislative basis, taxable events, and exemptions. GST is derived from Article 246A of the Constitution, allowing both Parliament and State Legislatures to legislate on the tax. The taxable event is the supply of goods or services, with CGST and SGST/UTGST applied to intra-State supplies and IGST to inter-State supplies. Certain supplies without consideration, specified in Schedule I, are also taxable. Charitable activities registered under Section 12AA of the Income Tax Act are exempt. The document explains composite and mixed supplies, reverse charge mechanism, and outlines the composition scheme for small taxpayers, including eligibility, tax rates, and restrictions. It also covers the government's power to exempt supplies from GST and the implications for non-compliance with the composition scheme.
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