This is part two of a two-part article on the concept of supply for GST purposes and is relevant for candidates preparing for P6 (MYS), Advanced Taxation. The article is based on prevailing laws as at 31 March 2015. The article is written on the assumption t...
Value of Supply: Under GST, the value of supply is the total amount collected by the seller from the buyer for the goods or services. When dealing with related parties, GST is charged based on the transaction value, which refers to the price at which unrelated parties would typically transac...
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...
The rate of Goods and Services Tax (GST) on the supply of food and drinks in a mess or canteen of an educational institution is five per cent without input tax credit (ITC).If schools up to higher secondary level supply food directly to students, then the same are exempt from...
made on or after 1 Jan 2024 (for example, due to system update delays), you are still obligated to account for GST at 9% in your GST return. To do this, you can calculate the output tax payable by using the tax fraction of 9/109 on the total payment received for the supply. ...
Choose the applicable GST slab based on your service provided. 3 Select the appropriate "Supply type" for your transaction. 4 Hit the "Calculate" button to instantly get your GST calculation. GST Rates Applicable in India: A Brief Overview ...
GST is a value-added tax levied on supply. GST offers an extensive and continuous chain of tax set-offs. The supplier at each stage can use the input tax credit of GST paid on the purchase of goods and services. The business can set off this Input Tax Credit (ITC) against the GST ...
One public transport bus service provider may include the cost of food in the price of the ticket (composite supply with bus transportation as a principal supply). The other may charge separately for the food (segregated supply of bus transportation and food). ...
GST is designed to simplify tax collection by applying tax at multiple stages, only on added value, and at the point of consumption. Below, we’ll walk through these features to show how GST works across the supply chain, ensuring a fair and efficient tax process. ...
Read Also: KAAR: GST Exemption on Supply of Food, Medicines, Drugs, etc. to In-Patients of a Hospital The AAR bench of Mahipal Singh (Central Tax member) and Mahesh Kumar Gowla (State Tax member) stated that the service of disposal and treatment of Bio-Medical received via clinical est...