India cuts GST on range of goodsCategory:

India

India cuts GST on range of goods

July 25th, 2018

On 27 July 2018, the Indian Modi government will re-categorise from 28% to 18% the Goods & Services Tax (GST) rates applicable to a range of over 80 goods. The government faces nationwide parliamentary elections next year, and is seeking to assuage a range of consumers and businesses which lost out in the July 2017 …


India

India GST returns simplifications 2019

July 15th, 2018

India is planning to introduce a single Goods and Services Tax return at the start of 2019. This will bring to close the difficult, but momentous introductory phase of the new GST tax, which replaced in July 2017 a plethora of complex and double taxing indirect levies, including VAT, CENVAT, Service Tax and over twenty other charges. …


Singapore

Singapore digital GST changes

July 11th, 2018

Singapore is to consider a range of changes to its Goods and Services Tax regime. These include a consultation on the following: Imposition of GST on B2B imported services from 2020, with the customer recording the transaction via the reverse charge. For unregistered businesses, this could trigger the obligation to GST register if the level …


Australia

Australia marketplaces split on e-commerce GST

July 10th, 2018

From 1 July 2018, Australia withdrew the AU$1,000 GST-free import threshold on goods imported by consumers.  This effectively ended the tax subsidy foreign online merchants had when selling to Australian consumers compared to domestic sellers obliged to levy the 10% consumption tax. Non-resident sellers are now liable to GST register, and charge tax on any B2C sales …


Singapore

Singapore GST on foreign e-services Jan 2020

June 13th, 2018

Singapore has updated its plans to levy its 7% Goods & Services Tax on B2B digital services provided by non-residents to consumers from 1 January 2020. This includes providers such as Airbnb, Amazon Prime, Netflix, Apple Music and other streaming media, gaming and app providers The city-state has confirmed that B2B transactions from foreign companies will …


India

India GST rate rationalisation

June 11th, 2018

India is on track to cut the number of Goods & Services Tax (GST) rates from four to three – excluding zero-rated supplies. The current rates are: 28%; 18%; 12% and 5%. The Finance Minister, Shiv Pratap Shukla, said on 8 June that details will be published in the forthcoming weeks. India GST complexity The Indian …


Aruba

Aruba raises Sales Tax July 2018

June 2nd, 2018

Aruba’s parliament has passed a rise in sales tax. The existing 1.5% business turnover tax will rise to 3%. The country’s health tax will rise from 2% to 3%, taking the total turnover tax burden 6%. There will be a new crisis levy of 2.5%. The new rates will apply from 1 July 2018, and …


India

India to levy 18% GST on bitcoin Jul 2018

May 23rd, 2018

India’s Central Board of Indirect Taxes and Customs is considering a proposal to make digital currency trading subject to Goods and Services Tax at 18%. The new liability may fall due from 1 July 2018. In this case, India would be classifying cryptocurrencies, such as bitcoin, as a physical asset rather than as a currency for …


Malaysia

Malaysia scraps GST June 2018

May 16th, 2018

The new Prime Minister of Malaysia has committed to withdrawing the 6% Goods and Services Tax, setting it at zero from 1 June 2018. It will be replaced by a more limited Sales and Services Levy – a sales tax. PM Mahathir Mohamad has promised to withdraw the consumption tax, which was only introduced in April …