EXAMPLE 5 Happy Sdn Bhd sold some furniture to its distributor and the goods were delivered on 18 January 2016. The tax invoice for the transaction was issued on 2 February 2016 and the company received payment on 30 March 2016. Based on this scenario, the basic...
From 6%, the tax rate on edible oil and sugar has decreased to 5% after GST and also Namkeens and sweets were charged 12% but now it is charged 5%. And the tax rates on tiles and washing powders after GST has been decreased to 18% from 28%. And if we see the tax on furniture,...
GST is designed to simplify tax collection by applying tax at multiple stages, only on added value, and at the point of consumption. Below, we’ll walk through these features to show how GST works across the supply chain, ensuring a fair and efficient tax process. 1. Multi-Stage Taxation ...
Section 2(11) of the Income Tax Act, 1961 (IT Act) defines block of assets to mean “”block of assets” means a group of assets falling within a class of assets comprising— (a) tangible assets, being buildings, machinery, plant or furniture; (b) intangible assets, being know-ho...
GST Rate on Furniture Manufacturers Running a business in India comes along with paying taxes to the IndianGovernment. This goes unsaid and if you are a business owner or a manufacturer,you cannot run away from this information. GST[https://www.deskera.com/blog/gst-india-goods-services-tax/...
Find the latest GST rates for over 20,000 goods and services at IndiaFilings: Get accurate GST tax rates, HSN codes, and SAC codes for easy and precise calculations.
No GST tax on sale of Condoms and contraceptives No GST payable on Firewood or fuel wood Exempted GST on Wood charcoal (including shell or nut charcoal), whether or not agglomerated No GST payable on sale of Judicial, Nonjudicial stamp papers, Court fee stamps when sold by the Government Tr...
Issuing Credit Notes for Cancelled Sales or Returned Goods:Issuing credit notes for cancelled sales or returned goods will help avoid paying GST on transactions that did not occur. This reduces your tax liability and ensures accurate reporting. ...
Also, under the old excise and VAT regime, the tax from 28% has been reduced to 18% on household goods including wristwatches, sanitary plastic ware, doors, and windows, furniture, and mattresses. Previously essential electronics like mobile phones, TVs up to 32 inches, refrigerators, washing...
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...