WebIf you received your GST credit as a lump sum, your next GST credit payment will be January 5, 2024, and will factor in the additional one-time payment. Please check your … WebJan 31, 2024 · The direct tax is clear about taxing the interest income except when it is earned on a few incentive options like Provident Funds, PPF specified Govt. schemes etc. But there are doubts relating to its taxability under Two year infant law i.e. Goods and Service Tax (GST). We see, banks do not ask any GST on interest on loans granted by it.
Credit Notes, Debit Notes, Discounts & Incentives for GST
WebOct 21, 2024 · 5 Dated: 21-10-2024. By:- KASTURI SETHI. GST can be levied only on a consideration received for a taxable supply of goods or services or both. Since your … WebJan 21, 2024 · “There have been rulings in the past, where recipient of incentives have been held to be liable to GST on the amounts received by them, treating the same as … inka mama lunch specials
Discounts/Incentives-GST Implications - TaxGuru
WebOct 21, 2024 · GST can be levied only on a consideration received for a taxable supply of goods or services or both. Since your retail sale of petrol & diesel is out of the scope GST net, incentives received by you are against Non-GST supply. Hence such incentives are also not taxable under GST. Example ; Agriculture produce is exempt supply. Webc) As per Section 2(24)(xviii) of the Act, income of the Assessee shall include assistance in the form of a 'subsidy or grant or cash incentive or duty drawback or waiver or concession or reimbursement (by whatever name called)'received from specified authorities, unless the assistance falls in any of the exceptions given in the said section. WebMar 27, 2024 · For example, when GST is payable under reverse charge, the amount charged by supplier of goods or services cannot be taken as inclusive of GST. Illustration – If value inclusive of IGST is Rs. 1180 and IGST rate is 18%, integrated tax amount (IGST) = (1,180 × 18)/ (100+18) = 21,240/118 = 180. Value = 1,000. mobile laundry service daytona