Posted on

GST Tariff Rates on Toys and Sports Goods in India

GST Rates on Toys and Sports Goods

GST regime was rolled out in the year 2017 with the approach of “ One Nation One Tax “.GST rates are fixed on the basis of Harmonised System Nomenclature or HSN, which was invented by the World Customs Organization (WCO) with the objective of classifying goods in a structured fashion at an international font.

In India the GST rate for all products are fixed and classified under five tax rate slabs – 0%, 5%, 12%, 18% and 28%. The toys and sporting goods fall under the category of 12% or 18% or 28% GST rate. Let’s have a deeper dive in the GST rates on toys and sports goods. Read More

caportal
Posted on

Impact of the GST Rate on Tobacco Products in India

GST Rate on Tobacco Products

The goods and services tax (GST) system was implemented as a one-in-all indirect tax system in India in July 2017 to subsume all the existing indirect taxes and charge a single consumption-based tax on a range of supplies of products/services. The tax rate under GST is divided in five slabs – 0%, 5%, 12%, 18%, and 28% – with a different rate for different product/service. Read More

caportal
Posted on

GST Rate on Used Vehicles – Impact of GST on Old Cars Sale in India

GST on Used Vehicles/Cars Sale

The Goods and Services Tax (GST), which was launched in India in July 2017, is an indirect tax applicable to the supply of all the taxable goods and services. The sale of used and old vehicles in India is also considered a taxable supply under GST. Read this article to know the impact of GST rate on used vehicles/cars.

In addition to GST, a CESS tax is also applied to the sale of both old and new vehicles. The rate of cess may vary from 1% to 20% depending on the type of vehicle and sales conditions. However, in its 25th meeting, the GST council had ordered to remove cess from the supply of used vehicles. More on that later. Read More

caportal
Posted on

Applicability of GST Rate on Labour Charges in India

GST Rate on Labour Charges

The service sector is the largest and most important sectors in India as it contributes to more than 57 percent of India’s GDP & 54.40% of total India’s GVA of 169.61 lakh crore Indian rupees. Gross Value Added (GVA) at current prices for the Services sector is estimated at 92.26 lakh crore INR in 2018-19.

All the services are hooked with GST or the goods and services tax until unless they are exempted either by law or by notifications. Prior to the GST regime, services have a different meaning, but the introduction of GST in the country led Government to give an appropriate and specific definition for the word ‘service’ in order to impose a tax on them. Read More

caportal
Posted on

Impact of GST Rate on Lottery Ticket Sales in India

GST Rate on Lottery Sales

Lotteries are common in every country. In India, there are both state-run and private lotteries. The GST on lottery sales depends on the type of lottery, i.e., the organisation running the sale. The GST Council had made some important decisions regarding the applicability of GST on lottery tickets in the 31st GST Council Meeting. Based on that, here’s a detailed analysis of GST impacts on the sales and price of lottery tickets in India. Read More

caportal
Posted on

A Detailed Guide to New GST Returns: Normal, Sahaj and Sugam Forms

Normal, Sahaj and Sugam Forms

It is CBIC which has released the proposed format for the new GST Returns, named Normal, Sahaj and Sugam. The new simplified GST Forms would be mandatory from 1st July 2019 onwards.

As per this format, taxpayers having a yearly turnover of up to Rs. 5 Crores and those who have opted for quarterly returns are free to choose any of the quarterly returns i.e. Sahaj, Sugam or Normal Quarterly Return to file them up. Read More

caportal