This means that at each step where value is added, GST is charged. Input tax credits: Businesses can claim credits for the GST paid on their inputs, which ensures that the ultimate burden of the tax falls on the end customer. This feature distinguishes GST from a cumulative tax system ...
This means that at each step where value is added, GST is charged. Input tax credits: Businesses can claim credits for the GST paid on their inputs, which ensures that the ultimate burden of the tax falls on the end customer. This feature distinguishes GST from a cumulative tax system ...
For example, if 5% GST is being charged on a product the SGST (2.5%) and CGST (2.5%) will be equal. There is another type of tax Integrated Goods and Services Tax (IGST) that is charged on goods and services supplied inter-state. The tax was introduced to remove the cascading of ...
While under the GST, an air-conditioned restaurant will be charged at 18% GST, making it up to minimal cost reduction in the restaurant Bill. Prices of Petrol Increasing Prices of Petrol are significantly increasing in the country even after the steady decline in crude oil prices. The price ...
This extra exchange fee is charged when the denominated currency of the card (e.g., GBP) is different from the local currency (e.g., SGD), and your card provider will convert your currency. Usually, your card provider also chooses the conversion rate, typically with a hidden costly markup...
You may be charged penal charges for late or irregular payment behavior. What is MSME loan interest rate? Business loan Interest rates start at as low as 1% per month. However, it may depend on various factors like your loan amount, tenure, eligibility, etc. What are the requirements ...
providing other services that involve admission charges, facilities hosting fees, fees for musicians, DJs, entertainers, and chef services where the food is prepared and served by a chef, but the ingredients to make the meal are not provided by them then tax will be applied to these extra ...
However, if a dealer or a gold company buys and sells used gold jewelry, GST is charged on the value of the gold. It works as computed under rule 32(5) of the CGST Rules if the prerequisites are met. Repairs to jewelry will be considered making charges, and GST will be applied sepa...
The owner of the goods can also put up a bond and protection equal to the amount that needs to be paid. 4. Interest On Tax Liability: A penalty may be added to the missing tax amount, and interest at the rate of 18% per year may be charged from the due date until the payment da...
12%: Under this tax slab, 12% tax is charged on the goods or services used. 18%: Under this tax slab, 18% tax is charged on the goods or services used. 28%: Under this tax slab, 28% tax is charged on the goods or services used. ...