For example, if a manufacturer purchases raw materials costing ₹100 and pays 5% GST, the total cost becomes ₹105. Upon adding ₹50 in value to the product, he sells it for ₹155. The GST on ₹155 is ₹7.75, but he can claim an input tax credit of ₹5 for the GST p...
How to Apply for a QR Code-Enabled PAN Card under PAN 2.0 December 3, 2024 Public helpful Your Number Will Be Barred in 2 Hours: Exposing the Latest Mobile Fraud November 29, 2024 GST PAN 2.0: Transforming India’s Tax Ecosystem
As announced in Budget 2022, the permanent GSTV scheme was improved to provide ongoing offsets for the GST expenses of lower- to middle-income households, as well as most retiree households, beyond the transitional period covered by the Assurance Package. Eligible households including lower to midd...
India established a dual GST structure in 2017, which was the biggest reform in the country's tax structure in decades.9The main objective of incorporating the GST was to eliminate tax on tax, ordouble taxation, which cascades from the manufacturing level to the consumption level.10 For exampl...
How does the Indian GST model compare with GST in other countries? Particulars India Canada UK Singapore Name of GST in the Country Goods and Service tax Federal Goods and Service Tax & Harmonized Sales Tax Value Added Tax Goods and Service Tax Standard Rate 0% (for food staples), 5%, 12...
financial or business decisions. Use this information strictly at your own risk. Khatabook will not be liable for any false, inaccurate or incomplete information present on the website. Although every effort is made to ensure that the information contained in this website is updated, relevant an...
Motor cars and other motor vehicles principally designed for the transport of persons (other than motor vehicles for the transport of ten or more persons, including the driver), including station wagons and racing cars. Any other supplies as notified from time to time. ...