GST Rates

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

‘Insurance’, as defined by the Cambridge English Dictionary, is “An agreement in which you pay a company money and then pay your costs if you have an accident, injury, etc”. The insurance sector is widespread in India with 65 companies, 24 in life insurance, and 31 in non-life insurance, and nearly 25 lakh agents working for them.

The Goods and Services Tax (GST), introduced in 2017, has revolutionized India’s taxation system and eliminated the cascading effect of the innumerable taxes that were in place before its introduction. Now, this tax is levied across the country and covers all goods and services, including health insurance. GST on health insurance is charged at the rate of

As an essential household appliance, refrigerators play a crucial role in keeping our food fresh and preventing spoilage. In India, the Goods and Services Tax (GST) is applied to the sale of refrigerators, and the applicable rate is determined by the Harmonized System of Nomenclature (HSN) code. GST on refrigerators remains at 18%, which was revised

GST on property in India refers to the Goods and Services Tax (GST) applied to real estate transactions, which was introduced by the Indian government in 2017 to harmonise global taxation frameworks. Before GST on flat purchase, multiple taxes like value-added tax (VAT), service tax, and central excise were levied on property purchases, making the

The motive of any developing economy’s government is to expand its export base. The rationale for the same is to maintain the balance of payments, create job opportunities and boost economic growth. By providing certain benefits and reliefs on exports, the government promotes the trade. The exporters can avail these benefits and reliefs and thus

GST on electronics and electrical items in India has reshaped the market, with varying rates from 0% to 28%, depending on the product category. Consumer electronics like mobile phones and TVs are taxed differently from industrial electrical items like transformers and motors. Understanding the relevant HSN codes for these goods is essential for both businesses and consumers to