GST on Restaurant Services The Goods and Service Tax commonly known as GST subsumed 17 indirect taxes including cess as well and implements a single and uniform tax regime all across the nation. According to a recent restaurant industry research, the size of the food industry in India is likely...
GST on Restaurant Services GST on Restaurant Services The Goods and Service Tax commonly known as GST subsumed 17 indirect taxes including cess as well and implements a single and uniform tax regime all across the nation. According to a recent restaurant industry research, the size of the ...
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 ...
STEP 1:In the GSTR-3B form, declare all eligible ITC, like credits from imports, reverse charge supplies, input service distributor (ISD) invoices, and other eligible purchases. STEP 2:If any inputs, services, or capital goods are used for non-businss or exempt supplies, reverse the propo...
In a federal structure, India's determination to much-needed fiscal reforms has been widely applauded at its face value when she relinquished her previ
For June 2024, key GST due dates include June 10 for GSTR-7 (TDS) and GSTR-8 (TCS), June 11 for GSTR-1 (outward supplies for businesses with turnover over ₹5 crore and those opting out of QRMP), June 13 for GSTR-6 (Input Service Distributors), June 20 for GSTR-3B (summ...
Input service distributor Individuals making taxable supply of goods or services on behalf of other taxable persons, whether as an agent or otherwise Individuals required to pay tax under Section 9(5) Any other individuals or categories notified by the government. Benefits of Registering for GST Reg...
This publication is provided as an information service and may include items reported from other sources. We do not warrant its accuracy. This information is not meant as legal opinion or advice. Miller Thomson LLP uses your contact informati...
If you don’t want to register online, you can fill out a NAT 2954 form using the ATO publication ordering service. Order your form here. Register for GST on the phone You can also call the ATO to register for GST. Use a registered tax or BAS agent A registered professional can hand...
Changes relating to Restaurant Services The structure of GST rate in respect of restaurants is proposed to be revised as follows: Stand-alone restaurants (i.e. restaurants not attached to a hotel), whether or not air-conditioned: liable to GST at 5%, without availability of input tax credit ...