Goods and Services Tax (GST) is a part of the proposed tax reforms to evolve an efficient and harmonised consumption tax system in the country. GST is proposed to be a comprehensive indirect tax levy on manufacture, sale and consumption of goods as well as services at the national level. ...
All goods other than in frozen state and put up in unit containers is exempted to pay GST. GST concession on Meat of bovine animals, fresh and chilled. No GST payable on Meat of swine, fresh or chilled. GST on Meat of sheep or goats, fresh or chilled is nil rate. No GST payable o...
India established a dual GST structure in 2017, which was the biggest reform in the country's tax structure in decades.9The main objective of incorporating the GST was to eliminate tax on tax, ordouble taxation, which cascades from the manufacturing level to the consumption level.10 For exampl...
The textile industry, one of the nation’s oldest and second-largest manufacturing sectors, employs skilled and unskilled workers. Therefore, businesses must be aware of the GST on apparel, clothing, and textile goods. The Goods and Services Tax: What is It? HSN Code and GST rate for ...
You cannot claim ITC on GST-exempted goods that are manufactured using raw materials and services applicable for GST. Scrapped goods To classify the goods that fall under these scenarios, you use the stock transfer process to move these goods to a logical unit (not a physical one). You mus...
Latest Updates on GST and Import Duties for Mobile Phones In the Union Budget 2024 held on 23rd July 2024, the Finance Minister announced a reduction in the customs duty on the import of mobile phones and related components by 5%. This move aims to boost the domestic manufacturing industry an...
July 1st is particularly special as it marks the 7th anniversary of the Goods and Services Tax (GST) in India. The GST Act, passed in Parliament on March 29, 2017, came into effect on July 1, 2017. The journey of the GST regime has been revolutionary, featuring significant changes like...
As a seller, I will upload my artwork on these platforms, will create a virtual listing of products & set selling price for each product. Customers(who are also from outside India) visit and place order with these platforms.These platforms manufacture and deliver orders to customers and after...
Some of the local levies in State VAT, such as entertainment tax, luxury tax, tax on betting, lottery, gambling, etc., were not brought under VAT. Double taxation of certain goods and services Service tax and VAT were not integrated. No CENVAT after the manufacturing stage. All these issu...
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