the total GST amount will be ₹180, split equally into CGST and SGST, i.e., ₹90 each. The seller collects ₹1,080 from the buyer, pays ₹90 to the Central Government, and ₹90 to the State Government. The seller can also claim input tax credit for the GST paid on purchas...
Like all such taxes, there are few exceptions even under GST where goods or services are exempt from tax liability. Such exemptions on specified goods or services are granted by the government based on certain conditions. Hence, while determining the tax liability underGST, one needs to check f...
GST Exemption List 2023. Exempted supply of Goods means NIL rated goods or wholly exempted goods and it also includes non-taxable supply of goods.
Some goods are exempted from GST by law. Exempted items are financial services and the sale or lease of residential properties. When is the GST Paid The GST is paid when one buys goods or services from GST registered businesses and when one import goods into Singapore. In the case of ...
Sector-specific Exemptions: Certain sectors, such as healthcare, education, and basic necessities like food grains, are either exempted from GST or have reduced tax rates to ensure affordability and accessibility. Threshold Exemption: Small businesses with a turnover below a specified threshold (curren...
The standard GST rate in Singapore is 7%. Exports of goods or supply of international services are zero rated. Financial services including bank and insurance services are exempted from GST. The threshold for GST registration is an annual turnover exceeding SGD 1 million. ...
e-way billcame in with a whole set of questions in the minds of a business owner. In this section, we have tried to answer your questions on the several rules imposed by the government while generating an e-way bill, who is exempted from filing an e-way bill, state-wise e-way bill...
GST Advisory services are to evaluate the fiscal impact of GST on business and product pricing. Our GST Advisory experts will help you obtain GST refunds and undertake GST compliances.
GST on my product Curd. Lassi is exempted from paying GST. No GST applicable for Butter milk. Chena or paneer, other than put up in unit containers and bearing a registered brand name is exempted to pay GST. No GST concession on sale of Natural honey, other than put up in unit ...
What Goods and Services Are Subject to GST? All goods and services are taxable and known as taxable supplies. However, some items are specifically exempt from GST by law. Exempted items include financial services and the sale or lease of residential properties. ...