Learn what is GST compensation cess, how to calculate cess, what are the GST compensation cess rates on different goods who is liable to collect the cess
If the Cess is applicable for any commodity, based on the GST group code then system will pick the Cess% defined on it.In this scenario, invoice has been issued for INR 800 on which 18% IGST (9% CGST and 9% SGST/UTGST in case of Intra-State or Intra-Union Territory transaction or...
GST Cess would be applicable on both supply of goods or services that have been notified by the Central Government. Also, both intra-state supplies of goods or services and inter-state supplies of goods or services would attract GST cess. All taxable person under GST, except taxpayers registere...
GST REGISTRATION IS APPLICABLE OR NOT EDUCATIONAL INSTITUTIONS GST- GSTR2B Value Zero in ITC and Liability comparsion Late fee GSTR 9 annual return 2021-22 Rcm on cotton purchase from unregistered dealer INPUT GST ITC view more » Start a New Discussion Trending Online Classes Live GST Cert...
Find more about the GST Cess rateshere. How to calculate Compensation Cess? For example, Company ABC supplies two cars that are worth Rs. 200,000 each to T&T Company in the same state, Karnataka. The cess rate is 1%, and the GST rate applicable to motor cars is 28%. ...
It is levied and collected on value addition at each stage of production or distribution process (all points in supply chain). The supplier can avail credit on input tax credit paid on procurement of goods or services.Components of GST: Expand table ComponentLevied byApplicable on Central GST...
(Abolished as of July 1, 2017 with the introduction of GST). Financing and promoting initiatives to enhance agricultural sector0.5% of the value of service. (this excludes any service tax or any other applicable tax)Restaurant bill: Rs. 500. Therefore KKC payable = 500*0.5/100= Rs. 2.5The...
As per the new amendments made to CGST Act in the Lok Sabha, the centre has excluded the provision of credit available for the Cess paid when transiting from GST considering previous indirect tax regime. The alterations in the amendment bill are applicable starting from July 1, 2017, ...
4. The rules and provision of Chapter V of the Finance Act 1994, those belong to the refunds, interest, penalty and exemptions from taxes that apply on levy and collection of such taxable services, also may applicable on to the collection of Krishi Kalyan Cess on all taxable services. Face...
Custom Import Duty on Importing Goods. Introduction The concept of import duty is very wide and is almost applicable to every product or item imported to India barring a few goods like food grains, fertilizer, life saving drugs and equipment etc. Import duties form a significant source of reven...