When inventory's starting and ending position is used to determine your taxable profit by calculating the cost of goods sold (COGS), unsold inventory is an asset on your balance sheet. In this instance, unsold inventory affects taxes by reducing your gross earnings to lower your taxable income....
For example, in many countries, companies are liable to register for, and pay, indirect taxes such as Value-Added Tax (VAT) or Goods & Services Tax (GST) on gross sales. This could also result in backtaxes, interest and penalties for the company. ...
1. Which all Educational services are treated as supply in GST? Yes, Educational services are considered as a taxable supply as per the CGST Act 2017. As per section 7(1)(a) of CGST Act 2017, Supply is something that satisfies the following conditions: It must be for a consideration It...
In this regard, there are some noteworthy changes have been made by the GST authority in relation to the application of GST on works contract. In order to understand this concept, it is important to know the concept of works contract under GST. 1. What is meant by works contract under GS...