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Inverted Duty Structure under GST

Introduction The GST Act does not define anything like Inverted duty structure. The term ‘Inverted Tax Structure’ refers to a situation where the rate of tax on inputs purchased (i.e. GST Rate paid on inputs received) is more than the rate of tax (i.e. GST …

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Budget 2020

Income Tax Income tax rates for Individual are reduced to 10% for income between Rs 5 – 7.5 lakhs (down from 20%)15% for income between Rs 7.5 – 10 lakhs (down from 20%)20% for income between Rs 10 – 12.5 lakhs (down …

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GST on Cab and Taxi Services

Introduction As per the GST Act, Cab services are taxable services. When services are provided via cab aggregators like Ola or uber then also GST is chargeable. However, metered taxi and auto rickshaws are exempt from GST including Ola Auto. In this …

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38th GST Council Meeting

38th GST Council meeting is held on 18th December 2019 in New Delhi. Many rumours were in market regarding GST rate increase for some items, GST rate of 5% increase to 6%, merger of 5% and 12% into one slab of 10% …

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