It is an indirect tax levied by the central government on intrastate supplies of goods and services, as outlined in the CGST Act of 2017. Under the GST framework, CGST applies to transactions within a single state. It ensures that the central government receives its share of tax revenue for...
the total cost becomes ₹105. Upon adding ₹50 in value to the product, he sells it for ₹155. The GST on ₹155 is ₹7.75, but he can claim an input tax credit of ₹5 for the GST paid on raw materials. Therefore, the net GST liability of the manufacturer is ₹2.75...
A supply under GST has three attributes that are used to calculate the tax owed for that transaction: place, value, and time. Place of Supply - This component determines whether a transaction is an intra-state supply, an inter-state supply, or an external trade, which determines the type ...
GST is a value-added tax levied on supply. GST offers an extensive and continuous chain of tax set-offs. The supplier at each stage can use the input tax credit of GST paid on the purchase of goods and services. The business can set off this Input Tax Credit (ITC) against the GST ...
GST: GST stands for Goods and Services Tax, which is a multistage, destination-based tax, introduced in India recently to subsume many indirect taxes levied in the country. It is imposed on value addition made at each stage, on the supply of goods and services. ...
Curious about Goods and Services Tax (GST)? Discover why it is considered an indirect sales tax and what are the main differences with VAT.
Then there’seconomic nexus. As the name suggests, economic nexus is a sales tax nexus that is created when an economic activity occurs. Economic nexus refers to the type of nexus that is established based on a business’s economic activity within a state, rather than its physical presence....
The Canada Revenue Agency is the federal agency responsible for administering tax laws and regulations in Canada. Its primary mandate includes the collection and management of tax revenues, the administration of tax programs, and the delivery of social and economic benefit programs to Canadian residents...
It is official: the two-month GST/HST break on certain “holiday essentials,” effective from December 14, 2024, to February 15, 2025, received Royal Assent on December 12, 2024. During the eligible period, the tax rate for cert...
In addition to import duty, South Korea imposes a standardValue Added Tax (VAT)of 10% on all imports. This is a consumption tax levied at each stage of production. This is the equivalent of what is called theGoods and Services Tax (GST) in Singapore. In addition to the VAT, certain ...