Integrated GST (IGST)is crucial for inter-state transactions. It is collected by the central government and applies not only to sales across state lines but also to imports and exports of goods and services. The IGST rate is equivalent to the total GST rate applicable to the product or servi...
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? The GST can be beneficial as it simplifies taxation, reduc...
The automobile industry is expected to enjoy a boost as prices of used cars drop significantly due to the GST rate reduction and removal of cess. Rate reduced on diamond and precious stones The GST Council also reduced the tax rate on rough diamonds and precious stones, from 3 to 0.25 perce...
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...
Some taxpayers deliberately classify their products to attractthe lowest tax rate of 5 % against classifying products thatattract higher rates under GST. The DGGSTI regularly compares the market prices of the goods and services offered and the actual price mentioned in the invoices. Fake and Bogus...
The high GST rate is seen as a deterrent to insurance penetration, which conflicts with the goal of “Insurance for All by 2047”. Recommendations for Rationalisation: The Standing Committee on Finance recommended rationalising the GST rate on insurance products to make them more affordable. Sug...
If the ship to address is, Karnataka and the shipping location is Tamilnadu, and then system checks for matching line in the GST configuration set-up and triggers the tax rate accordingly. • Place of Supply can also be defined for each GST Group. Place of Supply is critical in ...
However, it's important to note that if the currency of your card (e.g., GBP) is different from the local currency (e.g., AUD), it may be automatically converted. Your card provider typically chooses the conversion rate with a hidden markup. ...
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) ...
In case the goods or service attracts GST cess, cess must be calculated on the basis of the taxable value of the supply and as provided in the GST cess rate schedule. In case GST cess is applicable on goods imported into India, then cess must be levied and collected along with the IGST...