GST is not payable on Human hair, unworked, whether or not washed or scoured; waste of human hair Semen including frozen semen. GST on Live trees and other plants; bulbs, roots and the like; cut flowers and ornamental foliage is nil rate. GST is not payable on sale of Fresh vegetables...
As per GST Law, there is no GST payable on picks. So the rate of GST payable on picks is nil rate. Under GST, all goods and services transacted in India are classified under the HSN code system or SAC Code system. Goods are classified under HSN Code and services are classified under ...
while services are categorised using the SAC Code. GST rates have been set in five classes called slabs which are predicated on the HSN or SAC codes. These five slabs are: NIL, 5%, 12%, 18%, and 28%
TCS Rate Reduction:Lowered to 0.5% (0.25% CGST/SGST). Mandatory Filings: GSTR-7:Mandatory filing even with no TDS, no late fee for nil filing. GSTR-9/9A Exemption:Exempt for taxpayers with turnover up to Rs.2 crore for FY 2023-24. ...
Standard Goods and Services fall under 2nd Slab at 18% and Special category of Goods and Services including luxury - 28%. The most essential goods and services attract nil rate of GST under Exempted Categories. Luxury goods and services and certain specific goods and services attract additional ...
What is the difference between Nil Rated, Exempted, Zero Rated and Non-GST supplies? How do I enable API access? What should I enter in GSTN username field when I enable online filing in Zoho Books? Can I file IT returns through Zoho Books?
The NIL GSTR 1 filing checkbox option under GSTR-1/IFF has been made available by the CBIC department Through three circulars, numbers 177, 178, and 179, the CBIC has clarified the new GST rate and exemption on specific services, penalties, and compensation. The July 2022 functions for GST...
9. Reconciliation of rate wise liability and amount payable thereon The table provides for the reconciliation of tax paid as per reconciliation statement and amount of tax paid as declared in Annual Return (GSTR 9). Under the head labelled ―RC‖, supplies where the tax was paid on reverse...
Nil rated 5% 12% 18% 28% The Formula for GST Calculation To add GST to the base amount, GST Amount = ( Original Cost X GST% ) / 100 Net Price = Original Cost + GST Amount To remove GST from the base amount, GST Amount = Original Cost – [Original Cost X {100 / (100 + GST...
Sale of Items and Goods with Inclusive of GST Tax Rate in Tally.ERP9 When defining the price of the item you can include the tax rate. This inclusive Tax Rate can assign during sale under two ways.. 1. Permanently at the time of Creating a Stock Items, 2. In Sale Invoice, selecting...