Goods And Service Tax (B.Com) 3rd Sem Previous Year Solved Question Paper 2022

Practice Mode:

Explain Taxable under GST


Under the Goods and Services Tax (GST), taxable refers to supplies of goods and services that are subject to GST. In other words, any transaction, sale, or provision of goods and services that falls within the scope of GST regulations is considered taxable . This means that any supply of goods or services, from the sale of physical products to the provision of professional services, may be deemed taxable under GST. There are often threshold limits in place, under which smaller businesses with annual turnovers below a certain amount might be exempt from GST registration, the specific thresholds varying by 
country. GST is typically applied at different rates, depending on the nature of the goods or services, encompassing standard, reduced, or even zero rates for certain items. Registered businesses can often benefit from claiming Input Tax Credits (ITC) by offsetting the GST paid on their purchases against the GST they collect on their sales. Compliance with GST regulations, including regular filing of GST returns, accurate tax collection, and proper record-keeping, is imperative for businesses that are taxable under GST.