GST on Foreign Exchange Conversion Service in India

GST on Foreign Exchange Conversion

Foreign Exchange conversion services allow users to convert their currencies to other foreign or domestic currencies.

When exchanging (purchasing or selling) a foreign currency in India, the value of supply will be calculated by the service supplier. GST on Foreign Exchange Conversion will be determined based on the value of supply. There are the following two ways to determine the value of supply for a foreign exchange conversion: Read More


All You Need to Know About OIDAR Services under GST

OIDAR Services under GST

OIDAR services under GST regime? OIDAR stands for Online Information Database Access and Retrieval services. In other words, OIDAR refers to the services are provided through the means of the internet.

For a service to be qualified as OIDAR, it must fulfill the following two conditions:

  • Delivery is performed through the internet
  • It is an automated supply with minimal human intervention and information technology is essential to it

Some of the examples of OIDAR services include cloud services, internet advertising, online gaming, digital content (e-books, movies, music, data, etc.), and services involving the supply of data/information via the internet. Read More


GST on Reimbursement of Expenses in India – Explained with Example

GST on Reimbursement of Expenses

GST is the Goods and Services Tax which is charged on the supply of specific goods and/or services in India. There are 5 different tax slabs under GST – 0%, 5%, 12%, 18%, and 28%.

In this article, you will get to know the rate of GST on Reimbursement of Expenses.

What is the Reimbursement of Expenses?

When providing a service to a customer/client, if a company incurs any expenses on behalf of the customer, then such expenses are considered reimbursable. At the time of making the payment for services, the client is expected to also pay this amount to the service provider. Read More


GST Rate on Travel Agents & Tour Operator Services in India

GST on Travel Agents and Tour Operators

GST is an indirect tax which is levied on the supply of goods and services of different kinds. The services provided by a travel agent or travel agency are also under the GST ambit. Here, we talk about the applicability and rate of GST on travel agents and tour operator services.

A travel agent is a person or entity that offers services related to planning, scheduling (booking) and managing trips/tours to their customers. The services provided by a travel company may include booking air/rail accommodation, cab hire, accommodation, sightseeing, etc. Read More


GST Rates for Packers and Movers Services in India

GST Rate for Packers and Movers

Packers & movers are a specific kind of business where individuals with transporting needs are served. Moving from one place to another, either because of a job change or for some other reason, can be a hectic task. Besides the transporting expense, getting everything packed and loaded to the vehicle is another tiresome job. This is why Packers and Movers services are there. Read More


Tax Applicability on High Sea Sales under GST Regime

High Sea Sales Under GST

In this article, we will discuss how the GST tax regime affects high sea sales and what are the GST rates for such supplies.

What are High Sea Sales?

High sea sales are the supplies that are performed when the affected goods are still on the high seas and have not reached the port yet. These transactions generally take place even before the bill of entry is filed. The importer in such transactions sales the goods to a third-party even before the consignment goes for customs clearance. These are treated as inter-state supplies under the GST regime. Read More


GST Rate and Applicability on Medicines and Medical Supplies

GST Rate on Medicines

GST (Goods & Services Tax) regime was introduced in India in July 2017 to become the single indirect tax on the supply of goods and services. Under GST, various medical supplies and medicines are taxed according to the different rate segments, as illustrated below.

While the most crucial medical supplies such as human blood have been kept free of tax, premium medicinal products, including the ones containing nicotine polacrilex, attract 18% GST. A more detailed list is given below. Read More