Additionally, there is a “zero rate” for certain essential goods and services (e.g. exports). One Nation, One Tax: GST is based on the principles of value-added tax and applies to the supply of goods and services across the nation. It brings uniformity in the tax structure across ...
In the GST Council meeting, govt. also approves to impose penalty of upto 10% of profiteered amount on entities for not passing on benefits of Goods & Services Tax rate cuts to consumers. Currently, govt. levy a maximum fine of Rs. 25,000. Moreover, the date for filling annual returns...
GST is very new for all. So proper implementation and guidance are necessary to fill the forms which are not provided by the government The benefits of reduction in prices of goods and services are not reached to consumers and the big marketer has taken advantage of it Most of the merchants...
The Group of Ministers (GoM) has reduced the GST on 20-litre water bottles, bicycles and exercise notebooks to 5%. This move is aimed at making these essential items more affordable for consumers. This GST reduction can increase demand for these products, benefiting both consumers and businesses...
October has been a good month for the businesses as the lockdown has lifted from almost all parts of the country, and consumers are on a shopping spree citing the festivities of Navratri, Dusshera and now Diwali. The GST Collections surely will be on a rise! You can get details about the...
Set up GST/HST registration numbers for your country or region Set up GST/HST business posting groups Show 10 more Consumers and businesses pay GST/HST when they purchase goods or services. The amount of GST/HST to pay can vary, depending on several factors. In Business Central, you set ...
The GST Council determines the rate slabs of the GST rate slabs. The GST Council reviews the tax slabs for goods and services on a regular basis. Rates are typically high for luxury items and low for necessities. In India, the GST tax rates for numerous commodities and services are split ...
Traders across the nation might have started to charge CGST and SGST without coming into the tax bracket for registration and to further charge this tax from the consumers. The activity is suspicious and will be hampering the economy as well as the consumer’s pockets if it goes unnoticed. ...
Anyone could purchase where the VAT rate was low as compared to other states. VAT rates were different over states from a low of 5% in Karnataka and Tamil Nadu to a high of 14% in states like Delhi. But this indent is closed for the consumers as GST is applied uniformly in the whole...
The goods and services tax (GST) is a value-added tax (VAT) levied on most goods and services sold fordomestic consumption. The GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services. Critics point out, however, that the GST may...