As of September 2024, theGST rate on 24 carat gold in India is 3%. This rate applies to the value of the gold itself, excluding making charges, which are subject to an additional 5% GST, and any other additional costs. The introduction of the 3% GST rate on gold simplified the taxatio...
GSTR-4 Due Date:Extended to 30th June from FY 2024-25 onwards. TCS Rate Reduction:Lowered to 0.5% (0.25% CGST/SGST). Mandatory Filings: GSTR-7:Mandatory filing even with no TDS, no late fee for nil filing. GSTR-9/9A Exemption:Exempt for taxpayers with turnover up to Rs.2 crore ...
Read also: GST Impact on Mobile Phone Manufacturers in India As per GST rules, the tax rate on mobile phones is the same across the nation. There are possibilities of a drop in the prices of mobile phones as the GST rates are now reduced. GST rates for mobile phones is 18% and the ...
All goods other than in frozen state and put up in unit containers is exempted to pay GST. GST concession on Meat of bovine animals, fresh and chilled. No GST payable on Meat of swine, fresh or chilled. GST on Meat of sheep or goats, fresh or chilled is nil rate. No GST payable o...
October 14, 2024Arpit KulshresthaGST India, Latest & Trending GST News 3 Minutes Read The Central Board of Indirect Taxes and Customs ( CBIC ), vide circular no. 234/28/2024-GST on 11th October 2024, has explained that an 18% Goods and Services Tax ( GST ) applies to affiliation ...
Goods and Services Tax (GST) is a comprehensive indirect tax system in India that was introduced in July 2017, replacing multiple taxes such as VAT, Excise Duty, and Service Tax. GST is levied on the supply of goods and services, and the tax rate varies based on the type of goods and...
1. What is HSN Code in GST? The HSN Code (Harmonized System of Nomenclature) in GST is an 8-digit code that classifies goods. It helps identify products for applying the correct GST rate and simplifies international trade. 2. How to add the HSN code in the GST portal? To add an ...
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Step 3: From the drop-down menu list, select the GST rate. Step 4: To view the outcome, click Calculate. The outcome will reflect the entire GST amount as well as the Pre-GST/Post-GST amount as specified in your initial request. ...
Zero-rated supplies - Whenever you make exports, supplies to a SEZ unit or deemed exports, the GST associated with the items or services involved becomes 0 even though the same would attract a GST rate greater than 0% when sold within India. Such supplies are deemed as zero rated supplies...