Ofgem’s Post

Energy bills are made up of a number of costs     They include:  ⚡ Wholesale costs  🔌 Network costs  🌳 Social and environmental obligations  🏭 Supplier costs and margin   💷 Taxes, like VAT     The percentage is broken down below or tap the link for more https://ow.ly/j4JQ50QaCmk    #EnergyAware 

New tax regulation on flat products from Turkiye: Here are the details! According to the announcement published in the Official Gazette, a new tax of 20% has been introduced for galvanized strips with a width below 500 mm and painted sheets with a width not exceeding 500 mm. Additionally, the tax applied to stainless cold-rolled sheets has been increased from 8% to 12%. The tax rate of 6% for silicon steel sheet imports remains unchanged. The impact on local producers and the potential changes in market dynamics due to this adjustment are being closely observed. https://lnkd.in/dEz4hAvz #tax #taxregulation #turkiye #flatsteel #steel #crc

According to a clarification provided by NBR on 31 March 2024, all income tax exemption certificates previously issued under section 123(2) of ITA 2023 or under section 53BB(2) of ITO 1984 will become ineffective from 4 March 2024. Taxpayers are required to collect new tax exemption certificates u/s 123(2). Please note that section 123 pertains to export proceeds, stipulating that banks will apply a 1% tax deduction at source at the time of crediting proceeds if there is no exemption certificate. However, for leather and leather goods, a reduced TDS rate of 0.5% applies, in accordance with SRO No. 50-Law/Income Tax-27/2024, dated 13 March 2024.

?What is Value Added Tax (VAT) VAT is an indirect tax imposed on most goods and services at each stage of the supply chain. It is prevalent globally, with over 150 countries adopting it, including EU members, Canada, and New Zealand. Unlike sales tax, VAT is charged throughout the supply chain, ensuring a more comprehensive and advanced approach to taxation.

GST #snsinstitutions #snsdesignthinkers #designthinking Goods and services are divided into five different tax slabs for collection of tax: 0%, 5%, 12%, 18% and 28%. However, petroleum products, alcoholic drinks, and electricity are not taxed under GST and instead are taxed separately by the individual state governments, as per the previous tax system.[1] There is a special rate of 0.25% on rough precious and semi-precious stones and 3% on gold.[2] In addition a cess of 22% or other rates on top of 28% GST applies on several items like aerated drinks, luxury cars and tobacco products.[3] Pre-GST, the statutory tax rate for most goods was about 26.5%; post-GST, most goods are expected to be in the 18% tax range.

You remember? — One Nation, One Tax! But, did you know despite having a uniform GST for most items, petrol still attracts VAT and Excise? If you buy petrol worth ₹100; almost ₹50 goes to these taxes alone! 😲 Why This Matters? Suppose a common man mostly spends ₹1,000 on petrol weekly, ₹52,000 annually and which makes ₹25,000 taxes annually. Imagine if petrol was under GST, the maximum tax could be 28%, potentially reducing the price significantly! 🗓️ Reminder for Tax Payers: Don’t forget, the last date to file your income tax is July 31. To assist, we have has launched an ITR Filing Masterclass. You can register for this live class through the link: https://lnkd.in/gmiztD_Y 👉 Let's make our voices heard for a more rational tax system! Like, comment, and repost this post to raise awareness. And don’t miss out on our masterclass for expert tax filing tips! #TaxAwareness #GST #PetrolPrice #IncomeTax #FinancialLiteracy

According to deduction of tax at source (Withholding) 2024 Supply of goods, rendering of services or any eligible transaction involving non-passive income , the amount to be deducted at source shall be twice the rate specified in the schedule where the recipient has no Tax Identification Number (TIN) Small companies with turnover of 25M and below are not allowed to deduct Tax at source provided that the supplier has a valid Tax Identification Number (TIN) and the value of the transaction is 2M or less Taiwo Oluwatobi Micheal (T.O.M)

*GST NOTIFICATION: Amendment to GST Rate Notification for Imitation Zari Thread and Polyester/Plastic Film* 📢 Implementation of recommendations made by the GST Council during its 52nd Meeting: ➡️ The Central Government, under the Central Goods and Services Tax Act, 2017, has made an amendments to Notification No 05/2017- Central Tax (Rate). This amendment introduces a new entry (S. No. 6AA) related to imitation zari thread or yarn made from metallized polyester or plastic film, specifying that it applies only for the refund of input tax credit on polyester or plastic film. These changes take effect on October 20, 2023. ✔️ [Notification No. 20/2023- Central Tax (Rate) dated October 19, 2023]

𝐕𝐀𝐓 𝐅𝐀𝐐𝐬 Explore the differences between these consumption taxes in our newest carousel. Discover the subtle yet significant variations and gain insight into why VAT is often favored over sales tax by many nations. To know more, feel free to reach out to us via 𝐢𝐧𝐟𝐨@𝐚𝐛𝐚𝐜𝐮𝐬.𝐚𝐞 #Regulations #UAETax #FinancialServices #TaxConsulting #FinancialExpertise #TaxGuidance #FinancialTips #AbacusTA

You remember? — One Nation, One Tax! But, did you know despite having a uniform GST for most items, petrol still attracts VAT and Excise? If you buy petrol worth ₹100; almost ₹50 goes to these taxes alone! 😲 Why This Matters? Suppose a common man mostly spends ₹1,000 on petrol weekly, ₹52,000 annually and which makes ₹25,000 taxes annually. Imagine if petrol was under GST, the maximum tax could be 28%, potentially reducing the price significantly! 🗓️ Reminder for Tax Payers: Don’t forget, the last date to file your income tax is July 31. To assist, we have has launched an ITR Filing Masterclass. You can register for this live class through the link: https://lnkd.in/gFt2JYRN 👉 Let's make our voices heard for a more rational tax system! Like, comment, and repost this post to raise awareness. And don’t miss out on our masterclass for expert tax filing tips! #TaxAwareness #GST #PetrolPrice #IncomeTax #FinancialLiteracy