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...
The GST council has lowered the tax rates on vehicles purchased and leased to a record 65 percent of the applicable GST rates even including compensation cess. Overall the calculation has shown that the rates of GST will now be reduced from 43 percent to
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 ...
GST on Live sheep and goats is nil rate. No GST payable on sale of Live poultry, that is to say, fowls of the species Gallus domesticus, ducks, geese, turkeys and guinea fowls. Other live animals such as Mammals, Birds, Insects] falls under GST exemption list Concessional rate of GST ...
Chapter 87 : Vehicles other than railway or tramway rollingstocks,and parts and accessories thereofView Full Chapter Chapter 88 : Aircraft;spacecraft and parts thereofView Full Chapter Chapter 89 : Ships, boats and floating structuresView Full Chapter ...
Recently, on June 28 and June 29, 2022, the GST Council held the much talked about 47th GST council meeting and have made several big changes in terms of compensation cess, rate changes, and also decisions pertaining to ease the compliance for taxpayers. In June, taxpayers faced several issu...
Items on which ITC is not allowed ITC is not available for vehicles with a seating capacity of 13 or fewer (including the driver), vessels, and aircraft unless used for specific purposes like transporting goods or training. It cannot be occursed on food and beverages unless the business opera...
Streamlined Taxation:The HSN code helps identify the specific product category, which directly determines the applicable GST rate. This simplifies tax calculation and administration for businesses.. International Trade:The HSN code acts as a universal product identifier, ensuring consistent classification acr...
Can we get an Input Tax Credit for capital expenditures like Solar panels, vehicles, etc.? Input Tax Credit (ITC) on capital goods is generally available if they are used in the course of business. However, the input tax credit is not available on cars unless you are in the business of...
HSN classification is widely used for taxation purposes by helping to identify the rate of tax applicable to a specific product in a country that is under review. It can also be used in calculations that involve claiming benefits. Yet that’s not all – it also applies to import and exports...