GST on Sale of Second-hand Goods
If you are planning to sell your old household goods, used car or furniture, you might be wondering whether you need to pay GST on such transactions.
The determination of the applicable GST rate relies on multiple factors, including the characteristics of the goods, the transaction’s value, the status of the seller and buyer, and whether the seller has availed input tax credit (ITC) for the purchase of said goods.
50th GST Council Meeting: Changes in Tax Rates
The GST Council held its 50th meeting on July 11, 2023, in New Delhi. Finance ministers of all states and union territories attended the meeting, which was presided over by the minister of finance for the federal government, Nirmala Sitharaman. The GST Council Chairperson released a short video film titled ‘GST Council- 50 steps towards a journey’ to mark the milestone of 50th meeting.
GSTR3B Issue: No Method of Correction
GSTR3B Issue: No Method of Correction Saloni May 3, 2023 GST Under the GST system in India, individuals or entities who are registered as taxpayers are required to file a monthly return referred to as GSTR-3B. The purpose of this return is to provide a comprehensive summary of all the goods and services that were […]
GST on Online Gaming & Casinos in India: An Updated Rundown
GST on Online Gaming & Casinos in India: An Updated Rundown admin April 20, 2023 GST In recent years, the casino and online gaming industry has been growing rapidly in the country. According to an Outlook India report, India has over 530 million smartphone users and the mobile gaming market is projected to reach over $1.1 […]
GST on Rent: A Comprehensive Guide for Residential Tenants
GST on Rent: A Comprehensive Guide for Residential Tenants admin April 20, 2023 GST The subject of GST on rent has led to a lot of uncertainty for both tenants and landlords. The introduction of Goods and Services Tax (GST) in India in 2017 has become a critical component of the country’s taxation system. However, […]
GST on Restaurant Food & Services
GST on Restaurant Food & Services admin April 14, 2023 GST Takeaways and Quick Service Restaurants (QSR) are one of the fastest-growing industries in India. These establishments offer convenient and affordable options to consumers who are constantly on the move or do not have the necessary time, interest, or help to cook. They have become […]