Advocate Shruti Goyal

Before the implementation of GST, restaurant bills included multiple components: VAT: Applied to the food portion of the bill. Service Tax: Tax on the services provided by the restaurant. Service Charge: Additional charge by the restaurant, not a tax. Under the VAT system, different items on the menu were taxed at different rates, complicating the billing process. GST […]

GST Slab FMCG Items 0% (Nil Rate) Basic food items such as milk, rice, wheat, and fresh vegetables. 5% Packaged food items like paneer and frozen vegetables. 12% Butter, cheese, ghee, and dry fruits (expected to become costlier). 18% Processed foods, soaps, detergents, and shampoos. 28% Luxury goods such as cosmetics and aerated drinks. It

SAC Code Description of Services Rate (%) CESS (%) Effective Date Rate Revision 9971 Financial And Related Services 12/18 Nil Provided that Director (Sports), Ministry of Youth Affairs and Sports certifies that the services are directly or indirectly related to any of the events under FIFA U-17 Women’s World Cup 2020. Provided that credit of

GST, or Goods and Services Tax, is an indirect tax levied on the supply of goods and services aiming to simplify taxation and create a unified market. It operates under a dual model, involving Central GST (CGST) and State GST (SGST), and allows businesses to claim Input Tax Credit (ITC). GST applicability for Securities Traders

Travel expense is an unavoidable element of conducting business in today’s globalized world. Employees frequently travel to different places to attend meetings, conferences, training sessions, or fulfill various professional duties. These costs typically include transportation, lodging, meals, and other incidental expenses. Employers usually establish reimbursement policies to offset and compensate for these costs and allow

Event management encompasses a wide range of services, including planning, organising, promoting, and conducting various events such as conferences, exhibitions, weddings, concerts, and sports events. Under the GST regime, these services are classified under the Service Accounting Code (SAC) 9983, which covers “Other Professional, Technical and Business Services Understanding Event Management Under GST According to

India has pledged to work for sustainability and become a net zero country by 2070. Electric Vehicles are the key to reducing carbon emissions and fostering a cleaner environment. So, it is crucial to understand the GST on electric vehicles and their impact on customers.  GST Rate on Electric Vehicles The GST rates on EV

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).