Disposal of business assets On a transfer or disposal of goods which form part of business assets by or under the direction of the person carrying on the business, whether or not for a consideration, the time of supply is at the time when the goods are transferre...
+ GST and food + housing + financial transactions + activity statements + compensation Current key issues + audit activity + GST and sale of business assets + other mentioned earlier – partnerships, property etc. Record keeping + requirements are as follows: + must specify and explain all trans...
Account for profit on sale of fixed asset Transfer the profit to income ledger to reflect the actual value of fixed assets in Balance sheet. Example: After charging depreciation on fixed assets, if the net value of the fixed assets is 4,000 and the sale value is 5,000, record a Journal...
The case involved the imposition of luxury car tax and GST and the characterisation of the taxpayer’s “purpose” in displaying a number of luxury motor vehicles in a “car museum” in circumstances where each of the vehicles was available for sale and was, in fact, sold. Were the vehicle...
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Taxable turnover is computed by adding the value of taxable supplies (excluding GST) arising from: Excluding: (e) Exempt supply; (f) Out-of-scope supply; and (g) Sale of capital assets. What is standard-rated supply? For example, sale of goods in a supermarket. ...
Respected to all I have purchased house which was used for business purpose so that how to make entry in tally and also gst is applicable on that or not - GST
Applicable On supply side: GST is applicable on 'supply' of goods or services as against the old concept on the manufacture of goods or on sale of goods or on provision of services. Destination based Taxation: GST is based on the principle of destination-based consumption taxation as against...
1.How to record expenses incurred in the furtherance of business like rent, telephone expenses, stationery and so on, and claim them under GST? Expenses incurred for the furtherance of business, such as rent (commercial), telephone bill, stationery and so on, can be claimed under GST by rec...
Your business must be registered to collect GST if your annual turnover exceeds or is likely to exceed S$1 million from the sale of taxable goods and services. This requirement may be waived if most of your goods or services are exported or supplied internationally (“zero-rated supplies”)...