What are the changes made to the GST rate? As announced by the Finance Minister in the 2022 Budget, the GST rate will increase from 7% to 9% over the following periods: 1 July 2007 to 31 December 2022: 7% 1 January 2023 to 31 December 2023: 8% 1 January 2024 onwards: 9% Am I ...
Top GST News for the month of October 2024 October 2024 has been an eventful month for GST updates in India, with significant changes impacting businesses and taxpayers alike. These updates reflect ongoing efforts to modernize the GST framework, improve tax transparency, and ensure smoother ...
Singapore will raised its Goods and Services Tax (GST) rate from 8% to 9% in 2024. This is the second rate hike since the Minister for Finance announced GST rate increase during its tabling of Singapore Budget 2022. This article walks you through the GST increase and how to comply with ...
On the GST front, the CBIC has released multiple GST Notifications and Circulars stating several changes to the law. On July 23, 2024, the government announced the Union Budget 2024 after re-election and the finance minister laid down 9 major priorities in the budget. You can read the Union...
November 15, 2024bysuman India’s 2025 Budget preparations are in full swing. There is a significant focus on GST tax rate revisions to streamline the taxation framework. Important Dates for the 55th GST Council Meeting Finance Minister Nirmala Sitharaman is set to hold pre-budget consultations wi...
The first USC reduction in five years was announced in last year's budget. The Minister announced that the ceiling for the 2% rate of USC will be increased by €1,622 to €27,382. The 4% rate of USC will also be reduced to 3%. These changes, which will come into effect from 1 ...
In the Union Budget 2024 held on 23rd July 2024, the Finance Minister announced a reduction in the customs duty on the import of mobile phones and related components by 5%. This move aims to boost the domestic manufacturing industry and make mobile phones more affordable. These changes will co...
The ITR-U, or Income Tax Return-Updated, allows correction of errors or omissions in previous ITRs and can be filed within two years from the end of the relevant assessment year. Read more Key Highlights of Union Budget 2024 The Budget 2024 brings significant changes in direct and indirect ...
GST or Goods and Service Tax was introduced by the Government to simplify India’s taxation system. WithCGST,SGSTandIGSTin place, there are many changes expected from the implementation of GST across the country. Whether it makes goods cheaper for the common man like you and me, nobody can...
mentioning the first two digits of the SAC/HSN code is sufficient. For those with a turnover of over ₹5 crore, mentioning the first four digits of the SAC/HSN code is required. Additionally, businesses need to report the changes in the SAC/HSN code in their GSTR-1 form, which is ...