If an e-commerce company collects tax on behalf of a provider of goods or services who makes supply via the operator’s online platform, the tax is known as Tax Collected at Source (TCS) under GST. TCS will be levied as a percentage of net taxable supply. CGST Act Section 52 deals wi...
GST council in the direction of giving some liberation to the e-commerce sector taken the step to cap the rate ofhighly controversial TCSin the clause of managing e-commerce industry which requires the companies to deduct some percentage of total sales before handing over the amount to the sell...
As stated earlier, this tax is usually calculated based on a stipulated flat-rate percentage of the total sales price of a product. While some countries charge as much as 30% for their goods and services tax rate, some charge as little as 1%-7%. Here are a few examples: Austria: 19%...
Notice that GST TDS is calculated based on the defined percentage (10.0). Additionally, notice that the GST that is calculated on the invoice amount is excluded from the GST TDS calculation. When the journal voucher is posted, it's shown on the Voucher transactions page. The GST TDS...
while populous states with massive consumption capacity such as, Bihar, West Bengal, Rajasthan, Madhya Pradesh and Punjab, will become beneficiaries of GST reform. A Standard Chartered Bank report showed that the GST ref...
Zero percentage GST on purchase of Semen What is the rate of GST on purchase of Tender coconut water put up in unit container and bearing a registered brand name? Any GST exemption on sale of Human hair? Click here to know GST rate on Goods and Services ...
If we factor in the three-percentage point decline in the incidence of GST duty from 14.8 to 11.8 per cent as suggested by the RBI, the actual proportion in 2021-2022 would have been 7.4 per cent of the GDP (according to a recent article by Arvind Subramanian and Josh Felman). What we...
specified in section 49, be entitled to take credit of input tax charged on any supply of goods or services or both to him which are used or intended to be used in the course or furtherance of his business and the said amount shall be credited to the electronic credit ledger of such ...
while the percentage a deposit bears to the total purchase price is relevant, mere consideration of that aspect is not sufficient to determine whether an amount paid by the recipient of a supply is a true deposit – the Courts have accepted that a seller at greater risk between contract and ...
11th September 2018: Analysing the GST compliance trend of taxpayers, it is observed that the percentage of filing for GSTR 3B is higher than GSTR 1. To enable taxpayers to comply with the filing of GSTR 1, the due dates were extended Here is a summary of the key updates in GST Retur...