HSN Code Description Rate (%) CESS (%) Effective Date Rate Revision 8501 ELECTRIC MOTORS AND GENERATORS (EXCLUDING GENERATING SETS) 18% 01/07/2017 850110 MOTORS OF AN OUTPUT NOT EXCEEDING 37.5 W 18% 01/07/2017 85011011 ELECTRIC MOTORS AND GENERATORS (EXCLUDING GENERATING SETS) MOTORS OF AN OUTPUT NOT EXCEEDING 37.5 W: – DC MOTOR: […]
Implementation of GST has seen as a great tax reform that will unify the entire nation, as far as taxation is concerned. This has been beneficial for various sectors, at the same time, implementation of GST will have social consequences on charities and the non-profit organizations. What are the criteria for a charitable trust to
Pre-Supply Discount: If the discount is provided before or at the time of supply and is mentioned in the invoice, it is subtracted from the taxable value of the supply. For example, if a seller offers a 20% discount on goods worth ₹1000, the taxable value will be Rs 800 (Rs 1000 – Rs 200).
GST Rates on Gold: 3% GST applies to physical and digital gold purchases, including 24 Carat and 22-carat gold.GST on Jewelry Making Charges: GST on gold ornaments is 3% of the total value, including gold and making charges.GST Rate on Gold Purchase: The GST on gold in India is 3% (1.5% CGST + 1.5% SGST) of its value.
Petrol and diesel are not covered under the GST (Goods and Services Tax) regime. These fuels continue to be taxed through traditional methods such as VAT (Value Added Tax), central excise duty, and central sales tax.In India, GST is levied on motor vehicles, irrespective of the type of fuel used. In that regard, GST applies to all
The 47th GST Council meeting has clarified that doctors’ services provided in the form of Assisted Reproductive Technology (ART) or In vitro fertilisation (IVF) will be exempt from GST, as they fall under the definition of healthcare services. Additionally, the council meeting reduced the GST rates applicable to ostomy and orthopaedic appliances, including artificial implants,
GST on Joint Development Agreement (JDA) is charged at 18% on the value of the contract. A JDA is a contract between a real estate developer and the landowner to build projects on the latter’s land. As per the contract, the landowner provides the land, and the developer manages the construction side of the project.
HSN Code Description Rate (%) CESS (%) Effective Date Rate Revision 3306 Preparations For Oral Or Dental Hygiene, Including Denture Fixative Pastes And Powders; Yarn Used To Clean Between The Teeth (Dental Floss), In Individual Retail Packages 18 0 15/11/2017 18% has replaced 28% 330610 Dentifrices 18 0 15/11/2017 18% has replaced 28% 33061010 Preparations
Shipping charges are applicable when goods are shipped (transported or delivered) to a buyer or an end-user. The seller adds this charge to the bill (to be borne/paid by the buyer). If the product in question is taxable, then there will be a tax on the shipping charges, too, depending on the rate of tax.
GST and customs duty are two integral components of India’s tax system that impact businesses engaged in international trade. Understanding how these taxes interact and calculating them accurately is crucial for compliance and cost management. Customs Duty on Imports When goods are imported into India, they are subject to customs duty. This duty is levied by
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