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 ...
This unprecedented collection was fueled by robust domestic transactions and a notable increase in imports, reflecting the strong economic activities at the close of the fiscal year. Additionally, state-wise collections revealed Maharashtra as the leader, with Karnataka and Gujarat following closely. ...
GSTN Updates UPI and Credit/Debit Cards Payment Method with Axis and Karnataka Bank to increase its payment process. Read More 05th August 2024 The new GSTR-8 advisory reduces the current rate from 1% to 0.5%. View more 02nd August 2024 The new advisory pertains to Jammu & Kashmir and...
From 1 January 2024, IKEA Singapore will absorb the 1 percent GST rate increase and maintain prices on offerings online and in-store.We remain committed to our mission of creating a better everyday life for the many people. This year, we made extra efforts to ensure efficiencies in the...
Budget Smartphones: The 18% GST rate led to a slight increase in prices for budget models, such as those from brands like Realme, Redmi, and Poco impacting affordability for price-sensitive consumers. Mid-Range Smartphones: This segment experienced a relatively neutral impact, with price adjustme...
price of 24 carat gold. This is primarily due to theconsolidation of various taxesinto a single GST rate, which has resulted in a slightly higher overall tax burden. However, the increase in price has been relatively moderate compared to the potential impact of a significant hike in GST ...
(owned by Swiggy rival Zomato) and Zepto. According to aRedseer reportfrom March last year, quick commerce had a market size of $2.8 billion, with a 77% year-on-year growth rate. The segment also saw a 46% increase in average Monthly Transacting Users (MTU) from 2022 to 2023. ADatum...
Crackdown on fraudulent claims: The government’s efforts to crack down on fraudulent input tax credit claims, have also contributed to the increase in GST collections Increase in imports: The higher value of imported goods due to rising commodity prices is another reason behind the increase in GS...
December 2024 In December 2024, gst.gov.in saw an increase in search traffic, reaching 12M visits, which is an increase of 4.6M visits compared to the previous month. The traffic value increased to 1.2M, a growth of 419K. Traffic 12 M+4.6M Traffic value $1.2M+419K Keywords 60K Sea...
Petroleum goods, sugar and basmati rice are some of the major product categories that have shown an increase in value and volume terms. The USA, United Arab Emirates, Netherlands, China, and Saudi Arabia round up the top five export destinations. Make sure you're ready fore-invoicingas it...