https://www.taxtmi.com/article/detailed?id=8563 Goods and Services Tax is a destination-based indirect tax consolidating prior levies to curb cascading taxation. Aggregate turnover for registration and composition counts taxable, exempt and zero-rated supplies. Valuation rules now include interest and penalties; refunds arise for exports and inverted duty situations. Stock transfers have specific tax and input credit implications where eligible. Alcoholic liquor for human consumption remains outside GST; certain petroleum products may enter GST only upon GST Council recommendation. A compensation mechanism addresses state revenue shortfalls and import taxation powers have been aligned with customs law. en-us Wed, 26 Jun 2019 06:18:16 +0530 Wed, 26 Jun 2019 06:18:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=8563 Goods and Services Tax is a destination-based indirect tax consolidating prior levies to curb cascading taxation. Aggregate turnover for registration and composition counts taxable, exempt and zero-rated supplies. Valuation rules now include interest and penalties; refunds arise for exports and inverted duty situations. Stock transfers have specific tax and input credit implications where eligible. Alcoholic liquor for human consumption remains outside GST; certain petroleum products may enter GST only upon GST Council recommendation. A compensation mechanism addresses state revenue shortfalls and import taxation powers have been aligned with customs law. Articles Goods and Services Tax - GST Wed, 26 Jun 2019 06:18:16 +0530 https://www.taxtmi.com/article/detailed?id=8563