The government is working to simplify the Goods and Services Tax (GST) following the revision of income tax slabs in the Union Budget 2025-26. Among the proposed changes is the elimination of the 12% GST slab. Currently, the average GST rate has decreased from 15.8% to 11.3%, with no ...
The Inland Revenue Authority of Singapore (IRAS) has provided a checklist to ensure a smooth transition to the new rate. Local GST registered businesses can also apply for input taxes incurred if they meet certain conditions. Singapore will raised its Goods and Services Tax (GST) rate from 8%...
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...
(3) To exempt legal services provided to Government, Local Authority, Governmental Authority and Government Entity. (4) To reduce GST rate on construction of metro and monorail projects (construction, erection, commissioning or installation of original works) from 18% to 12%. ...
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 central and state government representatives, decides on the tax rate and any changes to the GST law. GST News Updates month-wise 2024-25...
Say hello to the New Year – 2025 is here! The new year brings in new enthusiasm and cheer. January in India marks the beginning of a new fiscal quarter, a time when businesses gear up for year-end tax planning and compliance. The month is also crucial for businesses focusing on closing...
The Indian online gaming industry is at a critical juncture, with Dream11 co-founder and CEO raising concerns over the government's retrospective GST demands exceeding ₹1.1 lakh crore. Posted in GST | 714 Views GST Council Mulls Tax Rate Cuts, Considers Eliminating 12% Slab to Boost Cons...
Goods and Services Tax (GST) in India Goods and Services Tax is the tax levied by the Indian Government on the procurement of goods or services in the country. The tax was introduced in the year 2017. The tax has replaced all the other indirect taxes, like Value Added Tax (VAT), and...
So proper implementation and guidance are necessary to fill the forms which are not provided by the government The benefits of reduction in prices of goods and services are not reached to consumers and the big marketer has taken advantage of it Most of the merchants and small businessmen are ...
The goods and services tax (GST) is a value-added tax (VAT) levied on most goods and services sold fordomestic consumption. The GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services. Critics point out, however, that the GST may...