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...
Under GST, all goods and services transacted in India are classified under the HSN code system or SAC Code system. Goods are classified under HSN Code and services are classified under SAC Code. Based on the HSN or SAC code, GST rates have been fixed in five slabs, namely NIL, 5%, 12...
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?
Goods and Service Tax (GST) rate tariff in India is designed in 6 categories of goods and services. Four main GST rate slabs framed with Essential goods and services, Standard goods and services and luxury goods and services with 5%, 12%, 18% and 28% respectively. Commonly used Goods and...
These shocking demands are being issued even when the charges are recovered at actuals based on metered reading, alleging it to be service supplied to tenant. It is good to recall at this juncture that electrical energy has been identified as goods in Customs Tariff Heading 2716 0000 in the...
As per section 2(47) of CGST Act 2017, an exempt supply means any goods or services or both: which attract nil rate of tax or that may be wholly exempt from tax under section 11 or may be wholly exempt from tax under section 6 of IGST act or ...
Items for which the GST rate has been cut from 28 per cent to 18 per cent include chocolates, chewing gums, detergents, shampoos, hair creams, henna powder/paste, deodorants, fans, pumps, lamps, sanitaryware, marble, granite, glass, wires, cables, electrical boards/panels, furniture, fire...
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. ...
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However, as the VAT paid on the exported goods may not be fully refunded under the current export VAT refund mechanism, if the respective export VAT refund rate is lower than the applicable VAT rates, the non-refundable VAT will be borne by the exporters. In order to refine the prevailing...