ITC is not allowed on motor vehicles and other conveyance unless they are: Further supplied OR Used for transporting passengers or goods OR Used for imparting training on driving, flying, or navigating such vehicles or conveyances Other Scenarios ...
GST is paid on motor vehicles and other conveyances unless they are used for specified purposes, such as transporting goods and passengers or imparting training. GST on food and beverages, outdoor catering, beauty treatments, health services, cosmetic and plastic surgery, except when these services...
The Commissioner issued the taxpayer with assessments for LCT and GST on the basis that each vehicle was (i) used for the purpose of holding as trading stock and (ii) also used for the additional purpose of being displayed as an exhibit in a car museum. The primary judge The majority o...
Therefore, it was contended that Rent-a-Cab service essentially falls under the transportation of services, and GST paid on vehicles used for rent-a-cab service should be covered under the norms of section 17(5)(a)(B) of the GST Act. A few photocopies of invoices carrying details of tot...
These goods as on date are pan masala, tobbaco and tobacco products, coal, aerated waters, motor cars & motor vehicles and any other supplies. • GST Compensation Cess is calculated on taxable value. Though it is coined as Cess it is similar to tax. It is independent of IGST, CGST ...
ITC is not allowed if depreciation has been claimed on the tax component of capital goods. Certain goods and services, such as motor vehicles, food, beverages, and beauty services, are restricted from ITC claims in GST. What Can Be Claimed as Input Tax Credit (ITC)?
Exemption from IGST has been granted to import of goods under a lease agreement if IGST is paid on the lease amount. However, this exemption will not apply on import of motor vehicles. Inter-state movement of goods such as rigs, tools, spares and goods on wheel such as cranes, not in ...
All the proceeds received from the GST compensation cess would be credited to a non-lapsable fund known as the Goods and Services Tax Compensation Fund. The funds would then be used for compensating tax revenue loss to States on account of GST implementation. If any funds are unutilised, then...
ITC is blocked for general insurance, repair, and maintenance services related to motor vehicles, servicing, work contract services related to construction, etc. GST Composition Scheme It is a hassle-free compliance scheme for small taxpayers. In the Composition Scheme, a registered taxable person ...
If a motor car is imported by company X and was bought at S $ 100,000 onFree on Board (FOB), it incotermsthe overseas freight, handling, and insurance charges to ship the car to Singapore cost S $ 1,000. Assumingthe excise dutyfor motor cars is 20% of the customs value, the to...