GST Training Institute Ahmedabad

Do you like to eat in restaurants on every other day? Does GST affect your outside eating habits? Here is a good news for you! The GST rates have slashed up to 5% for food products on both AC and non-AC restaurants. So, all foodies out here have to pay marginally lesser tax over the food served in the restaurants from Wednesday, 15 November 2017. Prior to this declaration, GST rates for all restaurants were 18% for AC restaurants and 12% for non-AC restaurants. And, the restaurant menus were not having the price including GST, thus, even eating at the affordable places turned to be expensive. The declaration of reduced GST rates is like a cold breeze in hot summers. So, eating outside will not be that costly affair now. Still, it’s tough to interpret that to what extent GST rates will affect your hotel and restaurant bills. Since the government has withdrawn input tax credit for the restaurants where only 5% GST is applicable. Input tax Credit accounts for 3-4% of the pro...

GST (Goods and Services Tax) is one of the hottest and most debatable topics these days that interests every resident Indians and NRIs alike. Since its announcement on July 1, 2017, the GST has become a cause of concern for everyone as it is related to the purchase of each and every commodity along with many services.  Let’s go through the information about GST first before knowing more about its impact on NRIs.  What is GST? Simply put, a type of tax that has replaced twenty different types of taxes, including central excise tax, services tax, and octroi, etc. levied by different departments on several good and services, are replaced by unified Goods and Service Tax aka GST. This revised update and the biggest tax reform to date has reduced all taxes up to 18% only. It has enforced the system of “one country, one law”. An interesting fact: Earlier, the taxes were calculated excluding the discounts, if any. But, GST is calculated including any discount, ...