GST Cess GST cess is a compensation cess imposed under section 8 of Goods and Services Tax (Compensation to State) Act, 2017. It would be imposed for a period of 5 years from GST implementation. Both intrastate and interstate supplies of goods or services would attract GST cess over and above the applicable CGST, SGST, and IGST rates. Why is [...]
Transport Sector Taxation on transport sector at a national level will result in more efficient cross-state transportation less paperwork for road transporters bringing down logistics costs Presently, all 29 states collect taxes at different rates on goods that move across their borders. As a result, tax on freight is collected multiple times. Also, there are long [...]
Introduction Total contribution by travel and tourism sector to India's GDP is expected to increase from US$ 136.3 billion in 2015 to US$ 275.2 billion in 2025. The growth rate of the tourism sector of Indian economy was recorded as 17.3% in the previous year. The foreign exchange earned by tourism sector is worth 21,828 crore rupees. According [...]
It's only less than a month left until Goods and Service Tax (GST) sees the light of the day. India's biggest tax overhaul crossed its final hurdle last week when GST Council agreed tax rate for gold and silver jewellery at 3%. Here is a summary of the GST tax rate and their impact on Indian Consumers. List of [...]
Introduction The insurance industry of India consists of 53 insurance companies of which 24 are in life insurance business and 29 are non-life insurers serving both life insurance and general insurance products to the customers countrywide. Among the life insurers, Life Insurance Corporation (LIC) is the sole public sector company. LIC is the only public sector [...]
GST Tax Rates GST has been identified as one of the most important tax reforms post-independence. It is a tax trigger which will lead to business transformation for the industry. Tax Rates for most of the items under the goods & services tax has been finalized in the GST Council meeting. While the tax rates on daily [...]
Gold Rates The GST Council has fixed Gold rates under GST at 3%. The tax rate is lower than the lowest slab of 5% and is closer to the current tax of about 2%. The government has definitely kept in mind the demand of the gold industry. “There was extensive debate on Gold rates under GST [...]
Fixation of new rates under GST The Goods and Services Tax (GST) Council has fixed the new rates under GST for the rollout of the new indirect tax regime from July 1, 2017. The council has also decided to increase the deemed credit for transition stocks in case of items that attract GST rate of 18% or 28%. Accordingly, they [...]
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