To assist Singaporeans in coping with the impact of the GST rate hike, the Government enhanced the Assurance Package to over SGD10 billion in September 2023. This ensured that the AP will continue to offset additional GST expenses for the majority of Singaporean households for at least five yea...
From last few months, the government is working upon to hike the cess on luxury vehicles from 15 percent to 25 percent and now finally, a bill has been approved by the Lok Sabha which has made the cess on luxury cars at 25%. The new move implemented by the government will help to ...
Rate Type Which goods or services 19% Standard All other taxable goods and services; land transactions for business use 9% Reduced Domestic road passenger transport; domestic passenger transport by sea; hotel accommodation; restaurants and catering services; cafes 5% Reduced Certain foodstuffs; non-alc...
Under the new tax structure, vehicles that meet all three determined commonly associated SUV conditions, namely an engine capacity exceeding 1,500cc, a length exceeding 4,000 mm, and a ground clearance of 170 mm or higher, are eligible for a higher compensation cess rate of 22 per cent. Ma...
Click hereto know more about the GST guides for each industry Singapore GST Calculation To calculate Singapore GST at a 7% rate is very easy: just multiply the GST exclusive value, say $300, with 0.07, i.e $300 * 07 = $21 (GST amount) ...
GST is applicable at a rate of 28% on personal use vehicles, without differentiation between petrol and diesel cars. Additionally, luxury cars attract a Composition Cess, increasing the effective tax rate. However, vehicles using cleaner technologies or electric vehicles benefit from lower tax rates...
As of date, the GST rate on premia for health insurance, term and unit-linked insurance plans attracts 18 per cent GST. On endowment plans, the GST is applied differently. While it is 4.5 per cent for premium paid during the first year,...
Let’s understand how the introduction of GST reduced costs for end consumers through an example. A manufacturer produces goods (10% tax rate applicable) worth ₹1,000 and sends it to a warehouse for labelling & packaging. The warehouse adds ₹250 to the existing value of the goods. The...
Prime Minister Narendra Modi reviewed the preparations for the new indirect tax regime — GST. More Attention towards Cyber Security A Look at the Tax Structure for Footwear and Readymade Garments Impact of GST on Different Cars in India reducing the Tax rate for Luxury cars to 42-43% from 45...
The goods and services tax (GST) is computed by simply multiplying the price of a good or service by the GST tax rate. For instance, if the GST is 5%, a $1.00 candy bar would cost $1.05. What Are the Benefits of the GST?