Currently, GST on health and life insurance policies is fixed at 18%. According to the formula, the Centre collects 9% GST with a matching collection by states. Before GST, life insurance premiums were subject to 15% service taxes, including Basic Service Tax, Swachh Bharat cess, and Krish...
When there is an interest subsidy, there are two arrays of interest involved- “applicable fixed interest rate gross” and “Net applicable fixed interest rate”. The borrower is under no obligation to pay the lender interest on principal i.e. the applicable fixed interest rate gross. The lend...
GOODS AND SERVICES TAX GST GUIDE FOR INPUT TAX CREDIT GST GUIDE FOR INPUT TAX CREDIT (250413) TABLE OF CONTENTS INTRODUCTION 1 GENERAL OPERATIONS OF GOODS AND SERVICES TAX (GST) 1 GENERAL OVERVIEW 1 Input Tax 1 Flat Rate Addition 3 ENTITLEMENT TO CLAIM INPUT TAX 3 ALLOWABLE INPUT TAX 4 Su...