The 2024 GSTV disbursement is scheduled for August 2024. It amounts to $1.4 billion, encompassing both GSTV-Cash and GSTV-Medisave, which is approximately $200 million more than in 2023. This slight increase in payment can be attributed to the projected inflation rate and economic growth for ...
Changes in the rate of tax Changes in both the time and supply rules for goods and services. Evaluate the impact on outward supplies. Check the GST valuation mechanism, including incidence on free supplies, discounts, incidental supplies, and supplies related parties. ...
This complex structure has led to inconsistencies, such as varying tax rates on everyday food items, which complicate compliance and pose challenges for businesses. To address these issues, the government is also exploring additional safeguards to improve the efficiency and fairness of the GST system...
GST on Live sheep and goats is nil rate. No GST payable on sale of Live poultry, that is to say, fowls of the species Gallus domesticus, ducks, geese, turkeys and guinea fowls. Other live animals such as Mammals, Birds, Insects] falls under GST exemption list Concessional rate of GST ...
GST on Food GST on Rent GST on Insurance Premium Frequently Asked Questions 1. What is the GST Rate on Imported Mobile Phones? The GST rate on imported mobile phones and their components is 18%. However, the overall cost of imported phones is influenced by various factors such as custom du...
Covers standard goods and processed food items, balancing affordability with quality. 18% The most common rate, applied to a wide range of goods and services including electronics, commercial vehicles, and financial services. 28% Reserved for luxury items, entertainment, and gambling services, reflect...
The GST rate structure for goods have been notified. For convenience, goods have been organised rate-wise in schedules I to VI as sited below: 5 per cent. in respect of goods specified in Schedule I, 12 per cent.in respect of goods specified in Schedule II, ...
The amount of GST is the value multiplied by the tax rate. The value of a supply is equal to the consideration less the tax chargeable. The consideration for a supply depends on what has been given in exchange for the supply. The consideration may be in the fo...
In GST, the food items are under zero to 5 percent tax rate which will not directly impact the food prices. Cosmetic services like salon and beauty services are known to become expensive with an increased 3% GST rate upon them along with no benefit on input tax credit on such services. ...
During the eligible period, the tax rate for certain products and menu items will be 0%, meaning no GST/HST should be charged. Retailers, manufacturers, wholesalers, importers, and restaurants will have to assess the impact of these ...