April 2025

Goods and Services Tax (GST) is a consumption tax charged on the footwear sale. The tax applies to each phase of the supply chain from manufacturing to retail. The major goal for applying the GST rate on footwear is to ease the process of tax, remove the cascading taxes, and build a clear and consistent tax regime […]

The Goods and Services Tax (GST) rate on rice, including basmati, non-basmati, and other varieties, is set at 5%. The HSN code for rice is 1006, which covers all forms, from paddy to wholly milled and broken rice. Before the GST regime, rice was subject to taxes like VAT and Octroi, which led to higher prices

Under GST, renting a property is considered a supply of service that is taxable, and both tenants and landlords have to fulfill their tax obligations. Rental income earned by the landlords attracts GST. The tax is calculated as a percentage of the rental income received. The tenants who pay the rent also have to pay

017 tax reforms, GST applies to under-construction properties awaiting a completion certificate or ready for occupancy. Just like buyers, GST benefits developers as well. Before GST, developers were bogged down by a series of taxes–VATs, central excise, entry tax, you name it. To make things worse, they couldn’t claim refunds for their development costs.  However,

Fundamentally, GST is paid by investors and home buyers while investing in under-construction properties. Before the implementation of GST, several taxes including VAT, stamp duty, service tax, registration charges, etc. had to be paid by home buyers.  With the introduction of GST on real estate, one has to pay taxes only on under-construction properties. Notably, one

The GST plays a significant role in determining travel costs for passengers in India. The GST slab for flight tickets is distributed across 5% and 12%, depending on the ticket type. GST applies to both domestic and international flight tickets, making it essential for travellers to understand these charges. As civil aviation emerges as a

GST on petrol has been a contentious issue since the implementation of the Goods and Services Tax (GST) law in India. Certain developments since 2021 have led industries across the country to believe that the GST Council may decide to charge GST on petrol and petroleum products. In the 53rd GST Council meeting press conference, the FM

LIC life insurance premiums attract a GST rate of 4.5%, with 18% GST applied to 25% of the premium in the first year. LIC Term Insurance and Health Plans are taxed at an 18% GST rate. Endowment Plans, Pension Plans, and Annuity Plans are subject to a 4.5% GST rate for the first year. GST Rate and SAC code on LIC Premium for

Labour contracts, whether pure services or composite works contracts, play a pivotal role in various industries such as construction and staffing. With GST on labour charges typically at 18%, understanding exemptions, HSN codes, and calculation methods can unlock opportunities for cost optimisation and ensure compliance with tax regulations. What is a Labour Contract? A labour