GST is levied on the supply of goods and services, and the tax rate varies based on the type of goods and services being supplied. GST is a destination-based tax, meaning the tax revenue goes to the state where the goods or services are consumed. The GST council, consisting of the ...
The four-tier rate structure GST proposed a four-tier rate structure. The Government has fixed the tax-slab at 5%, 12%, 18% and 28% besides the 0% tax on essentials.Essential components such as foods are exempted from taxes under the GST. Other common items are taxed at a rate of 5...
Interest on Late Payment of GST Late payment of GST attracts interest charges as per the provisions of the GST law. Here’s a detailed look at how it works: 1. Interest Rate for Late Payment 18% Per Annum: This interest rate is applicable if there is a delay in paying the GST liabi...
GST Council has fixed the GST rate for goods and services but time to time the council members reduce the GST slab rate as per the demand of people and businesses. All the goods and services are taxed under seven slabs – 0%, 0.25%, 3%, 5%, 12%, 18% and 28% on the basis on ...
The composition scheme for GST registration is designed for small businesses or taxpayers with a turnover of less than Rs. 1.5 crore. This scheme simplifies compliance with minimal paperwork and fewer GST returns to file. Additionally, it allows businesses to pay GST at a fixed rate on their ...
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There are also separate tax rates on cut diamonds, precious metals, jewelry, and some select automobiles, varying at a rate of 1.5% and 3%. This brings the total to six slabs. Several motives drove the enactment of GST in India. The top 10 advantages of GST which serve as the main rea...
The application must callnvds_msgapi_do_work()at least once a second, and preferably more often. The frequency of calls tonvds_msgapi_do_work()determines the rate at which messages waiting to be sent are processed. It is safe for multiple application threads to share connection handles. ...
For those taxpayers whose annual turnover is less than 1.5 crore, the GST framework provides an option for a composition scheme. This scheme allows them to undergo simplified GST procedures and pay taxes at a predetermined rate according to their turnover. ...