GST on Making Charges 5% NIL Rs. 550 Total Price of 25 gm Gold Jewelry Rs. 1,23,433.20 Rs. 1,24,850 Different Rates Applicable on Gold The current pricing for purchasing new gold jewelry is as follows: Customs duty of 10% on imported gold, A 3% GST on the price of gold used ...
Tax Liability on Transportation Charges in Invoice Read More→ Input tax Credit A significant change that GST introduced was the mechanism of input credit under GST. ITC is the heart and soul of GST. Input Credit Mechanism is available to you when you are covered under the GST Act. Which ...
Previously, service tax was levied on loans at 15%. With the advent of GST, this has increased to 18%. However, GST is not applicable to loan repayments or interest payments. It is only levied on processing charges and other fees excluding principal and interest payments. Therefore, the ...
Gst on royalty under rcm(25) Gst on post supply discount(21) Itc credit for raw materials sold as scrap(20) 16(4) time limit(19) Payment of rcm on seniorage charges(16) Non issue of tax invoice by registered gta(16) Itc reversal on fixed assets written off in the books(15) ...
According to their reporting and auditing requirements, service charges and VAT were separate taxes in the former tax administration. GST combines them, resulting in fewer filings and fewer hours invested in tax compliance. There are approximately eleven GST returns, and out of those, four are sta...
Things to note on the GST rate change from 8% to 9% on 1 Jan 2024 When you are required to charge GST at a rate of 9% on supplies made on or after 1 Jan 2024, it is important to include this 9% GST in your GST return, regardless of whether you have already received the payme...
The GSTN’s new advisory relates to the introduction of the E-way bill system for gold in Kerala. View more From the January 2025 tax period, a new advisory relates to restricting the editing of auto-populated liability in GSTR-3B. View more 27th January 2025 The new functionality to fil...
Giving context to the defined terms in this description assists: “Refined materials” refers to the acquisition of gold metal any fineness not in investment form – all supplies of such gold to the taxpayer were taxable supplies on which GST was payable by the suppliers; “Division 165 Supplyi...
I am regular reader of your portal on internet.information are very accurate and updates. I just want to know that pls publish an article of GST on job work charges on paddy and rice.is any gst job work charges applicable on milling of paddy and grading shorting of rice. If any privat...
The Federal Government has introduced new goods and services tax (GST) law for precious metals in response to alleged fraud taking place in the gold trading industry.