Get list of exempted list of goods and services under GST. Over 80 services have been notified as exempted services under GST taxes in India.
Under different taxation systems, a host of goods or services is exempt from tax owing to socio-economic reasons. For instance, under the service tax regime, clinical and education services were exempt from service tax. Similarly, the sale of life-saving drugs or books meant for reading in di...
GST Rate Slabs Check out the table given below to get a concise overview of the GST rate slabs and examples of goods and services under each category. GST Rate Description Slightly more processed or luxurious items Processed food items (e.g., fruit juices) Computers Ayurvedic medicines Sewi...
GST Exemption List 2023. Exempted supply of Goods means NIL rated goods or wholly exempted goods and it also includes non-taxable supply of goods.
11 “Except where it is an input service for the extended supply of works contract service and plant and machinery” Goods or services or both received by a taxable person for the construction of an immovable property 12 “Gifts to employees is exempted from GST up to a value of Rs 50,00...
The Finance Minister for the Government of India in his Budget Speech for 2011-12 proposed to initiate a public discussion on negative list for indirect taxation in the backdrop of the proposed 'Goods and Service Tax' (GST) framework. However the Central Board of Excise and Customs (CBEC),...
Subject: Here is a full list of items under revised GST rates In a move to shore up public spending and revive investor sentiment, the government cut down tax rates on 200 items, ranging from chocolates to wristwatches, in the biggest Goods and Services Tax (GST) revamp yet. The decision...
HSN codes help precisely identify products, enabling the application of the correct GST rates. This ensures accurate tax calculation and minimises the risk of errors. 4. Compliance Requirement Including HSN codes on invoices is a regulatory requirement under India’s Goods and Services Tax (GST) sy...
Further, CBIC has reported GST rates on the basis of HSN classification of goods. Hence, in order to determine the GST Rate of your product, again its required that the business must first identify the correct HSN Code. Earlier the provisions related to HSN Code under GST issued by the ...
Goods and Services Tax (GST) is an indirect tax on the provision of goods and services. It is a thorough, multistage, destination-based tax. It is thorough because it has replaced nearly all indirect taxes, with the exception of a few state taxes. Due to its multi-staged nature, the GS...