Input Tax Credit (ITC) is a mechanism that allows businesses to claim credit for the tax they’ve paid on their purchases. Input Tax Credit in GST ensures that companies are only taxed on the value they add at each stage of the supply chain, not on previous stages of production. By usi...
1. VAT: It was taxed on the portion of your food on the bill. 2. Service Tax: It was the tax which charged on the services which was provided by the restaurant. 3. Service Charge: Mainly the first thing is THIS IS NOT TAX, it shouldn't be merged with tax a...
Restaurant services (non-AC) Clothing and footwear > ₹1,000 28% Luxury items and services High-end automobiles Consumer durables like ACs and refrigerators Tobacco and tobacco products Hotel accommodations > ₹7,500 Special Rates Unique rates for specific categories ...
Also, there were several GST compliance changes including a new advisory regarding the reporting of taxable supplies of restaurant services among other important updates. Get all the information here: Top GST News of the month. While it’s the new year, we still need to take care of our GST...
1. Services by cloud kitchens/central kitchens: Service provided by way of cooking and supply of food, by cloud kitchens/central kitchens are covered under „restaurant service‟, as defined in notification No. 11/2017- Central Tax (Rate) and attract 5% GST [without ITC]. 2. Supply of...
Recently, GST rates on restaurant substantially reduced from 18% to 5%, however, restaurants had failed to pass on the benefit to customers by increasing pre-tax base price and keeping the final bill amount unchanged. Illustration Invoice (when tax rate on restaurants is 18%) Tea: 84.75 GS...
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Q.6 – Can ECOs be obligated to reverse proportional ITC on their input goods and services for the reason that the ITC would not admissible on the restaurant services? Q.7 – Could ECO use its ITC to file the tax with respect to the restaurant service supplied via ECO?
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Step 1:Visit Official GST Portal onhttps://www.gst.gov.in/; Step 2: Services:On the homepage, click on the“Service”tab.This application procedure includes two parts; New Registration; TRN (Temporary Reference Number) Step 3: New Registration:Choose“New Registration”option; ...