In the GST regime, art works such as paintings, drawings, engravings, sculpture, lithograph etc fall under the 12% bracket. In the pre-GST regime handicrafts were exempted from taxation. But under GST, exemption for many of the handicrafts is removed. The export of handicrafts is treated as zero-rated supply under Section 2 (109) of Model GST

A tax invoice includes particulars of the product, details about the supplier and the recipient along with tax charged. The tax invoice has to be issued for purchases/supplies above Rs.200. And for purchases below Rs.200, the registered person can issue invoice on demand. Invoice becomes a basic document for recording the supply of goods and/or

In case of indirect tax, the burden of tax can be shifted by the tax payer to someone else. Indirect tax is levied on goods and services rather than on income or profits. All the indirect taxes, both central and state, are now subsumed under GST. The following taxes are replaced by GST: Taxes currently

Direct tax is levied directly on personal or corporate income. In direct tax, the incidence and impact of taxation fall on the same entity. In this case, the burden of tax cannot be transferred by the tax payer to someone else. The taxpayer has to pay the tax directly to the government.

GST GST is Goods and Services Tax levied on the supply of Goods and Services. GST will subsume various indirect taxes levied by the state and central governments. It is expected to bring together India under a single market. The implementation of GST is expected to lower the cost of goods and services in India.

Can the customer who buys from a taxable person who is under the composition scheme claim composition tax as input tax credit? Ans. No, customer who buys goods from taxable person who is under composition scheme is not eligible for composition input tax credit because a composition scheme supplier cannot issue a tax invoice Can