For transactions within a state, GST comprises two components: CGST (Central GST) and SGST (State GST), both applied to the same taxable value of the product or service. The GST Council decides the rates for CGST and SGST. For example, if a product sells for ₹1,000 with an 18% GS...
He further added that GST Council which comprises several state finance minister will meet every month and would make strategies for revenue distribution. While participating in the discussion, some of the members have been demanding that tax rates under GST should be reduced on several items such ...
Additionally, luxury cars attract a Composition Cess, increasing the effective tax rate. However, vehicles using cleaner technologies or electric vehicles benefit from lower tax rates, promoting sustainable mobility solutions. Real Estate GST applies to under-construction properties at varying rates. Until...
For issuances of invoice in 2023 for a delivery that will be made in 2024, should I charge 9% GST? No. If you’re issuing an invoice in 2023, the GST rate is 8%. Can I show both old and new GST rates in the same tax invoice for billings that straddle the GST rate change?
Multiple Tax Levels: India’s GST system has multiple tax rates, with four primary tax rates (5%, 12%, 18%, and 28%). Additionally, there is a “zero rate” for certain essential goods and services (e.g. exports). One Nation, One Tax: GST is based on the principles of value-adde...
Can we get an Input Tax Credit for capital expenditures like Solar panels, vehicles, etc.? Input Tax Credit (ITC) on capital goods is generally available if they are used in the course of business. However, the input tax credit is not available on cars unless you are in the business of...
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%. ...
Update on GST-Construction done for landlord under Joint Development Agreements after April 2019 Mandatory KYC to be done by every Director with MCA Exemption from GST for Residential Welfare Association - An Update Registration under GST for works contract ...
If you only make zero-rated supplies, you can apply for exemption from GST registration, even if your total taxable turnover exceeds the S$1 million. IRAS will approve the exemptions if your total taxable supplies are zero-rates and more than 90%, and, if your input tax is higher than ...
The goods and services tax (GST) is a value-added tax (VAT) levied on most goods and services sold fordomestic consumption. The GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services. Critics point out, however, that the GST may...