Respected Members,
In new GST Return (ANX 1) , there is two columns:-
Ist: Differential Percentage of Tax Rate
IInd: Supply covered under Section 7 of IGST Act
Kindly describe the meaning of these columns so that i could choose appropriate option.
Thanks in advance.
Differential Percentage of Tax Means :
For Eg. As per Notification 37/2017 CT R
vehicle. “Leasing of vehicles purchased and leased prior to July 1, 2017, would attract GST at a rate equal to 65 percent of the applicable GST rate (including Compensation Cess),” the finance ministry said in a statement.
And As per supply cover under section 7 IGST Act it's the rate prescribed by Notification is to be charged on taxable value
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