Are all goods and services taxable under GST?

Supplies of all goods and services are taxable except alcoholic liquor for human consumption.

Are the transaction in securities taxable under GST?

Securities are excluded from the definition of goods and services. Hence, the transaction in securities is not taxable under GST.

How are imports being taxed under GST?

Imports of goods and services is levied by IGST into the country.

• If SGST is accrued to the state, the incidence tax will consider destination principle and the tax revenue where the imported goods and services are consumed.
• Full and complete set-off is available on the GST paid on import on goods and services.

How are exports treated under GST?

Exports are treated as zero-rated supplies. No tax is payable on exports of goods or services.

• The exporter has an option to either pay tax on the output and claim refund of IGST
OR
• He can export under the bond of without payment of IGST and later claim a refund of Input Tax Credit (ITC)