The Goods and Services Tax Act was passed by Parliament on March 29, 2017, and came into effect on July 1, 2017. This pivotal reform marked a significant shift in India’s tax landscape, intending to reduce the tax burden on businesses and consumers while promoting a unified market across ...
Recommended:GST Impact on Cars and Spare Parts Industry in India According to the sources, discussions with the finance ministry are in the process concerning some issues related to the new tax structure for UVs, seeking clarity on the parameters set by the Council. The source also pointed out ...
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. ...
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...
Learn about new or changed functionality for India GST features released in Dynamics 365 Finance version 10.0.05, including outlines on new configurations.
Fraud call in the name of Fedex, Drugs and Aadhar misuse September 15, 2023 How to get HSRP to your Vehicles ?- Two and Three wheelers, Light Motor Vehicles, Passenger Cars ? September 11, 2023 OLA S1 Pro charger refund is waiting ...
However, the input tax credit is not available on cars unless you are in the business of providing driving training or supplying such cars. In a situation where service is offered/supplied, should the credit be given to the state where the bill is generated or the state it is received?
Let's go through the steps below to view how the GST is computed on Deskera Mobile App. Select the right HSN code Pick the right HSN code auto-populated from the system 1. Tap on the 'Product' Icon. 2. Create a new product as per usual. For India, you will need to indicate the...
Buying a bigger utility vehicle that consists of an SUV and MPV (multi-purpose vehicle) shall cost higher. The UVs especially those that are more than 4 meters would seem to witness a rise in the prices by 2% with the 50th GST council surging the cess fr
GST is applicable at a rate of 28% on personal use vehicles, without differentiation between petrol and diesel cars. Additionally, luxury cars attract a Composition Cess, increasing the effective tax rate. However, vehicles using cleaner technologies or electric vehicles benefit from lower tax rates...