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...
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...
2025 Budget Preparations Underway for GST Tax Rate Revisions November 15, 2024bysuman India’s 2025 Budget preparations are in full swing. There is a significant focus on GST tax rate revisions to streamline the taxation framework. Important Dates for the 55th GST Council Meeting Finance Minister ...
Now, the hoteliers having GST registration simply charge their customers with applicable GST rate on the services. Besides, they have now got rid of multiple tax returns and need to fulfil GST return filing every month. 3. How does GST apply to hotel rent? Earlier, there used to be a ...
In Saskatchewan, PST is 6% of the taxable goods and services consumed or used here. Businesses operating in Saskatchewan must obtain a PST number to collect, remit, and report PST on taxable goods or services sales. If your business sells to a province with a PST rate, you have to collect...
Where you choose to indicate the tax payable or the tax rate on invoices, receipts, or written contracts, you have to indicate: the total dollar amount of the tax payable; or the 5% GST rate or the 13% HST rate that applies to the supply. This means that if HST applies to the suppl...
A business registered under GST purchases raw materials worth ₹10,000. The GST rate on raw materials is 18%. The company also purchases office supplies worth ₹20,000, subject to a GST rate of 18%. 1. ITC Calculation Raw Materials ITC: ₹10,000 * 18% = ₹1,800 ...
A third rate of stamp duty on the acquisition of residential property will be introduced: 6% of the value of any residential property over €1.5m. The existing rate of 1% on the first €1m will continue, with the 2% rate of stamp duty applying to the value of residential property acquired...
1. It has been decided in respect of the service of transport of goods by a vessel that GST rate of 5% will be available with ITC in respect of input services and GST paid on ships, vessels including bulk carriers and tankers. 2. It has been decided that accommodation in hotels, inns...
GOODS AND SERVICES TAX GST GUIDE FOR INPUT TAX CREDIT GST GUIDE FOR INPUT TAX CREDIT (250413) TABLE OF CONTENTS INTRODUCTION 1 GENERAL OPERATIONS OF GOODS AND SERVICES TAX (GST) 1 GENERAL OVERVIEW 1 Input Tax 1 Flat Rate Addition 3 ENTITLEMENT TO CLAIM INPUT TAX 3 ALLOWABLE INPUT TAX 4 Su...