The furniture is produced in the company’s factory in Penang, Malaysia. The products are sold to its distributors located in Kuala Lumpur as well as Japan. The products are delivered from its Penang factory by truck to Kuala Lumpur and exported by ship to Japan....
Wholesaler: The manufacturer sells the finished furniture to a wholesaler at ₹2,000 plus 18% GST (₹360). Since the manufacturer already paid ₹180 in GST on inputs, they can claim it as Input Tax Credit (ITC). They remit only ₹180 (₹360 – ₹180) to the government. Re...
All goods other than in frozen state and put up in unit containers is exempted to pay GST. GST concession on Meat of bovine animals, fresh and chilled. No GST payable on Meat of swine, fresh or chilled. GST on Meat of sheep or goats, fresh or chilled is nil rate. No GST payable o...
ITC on Miscellaneous Business Expenses: Some overlooked expenses, though minor, can still be claimed under ITC. Here’s a list of such potential claims: ITC on insurance for company vehicles Purchase of office furniture or electronics like air conditioners and televisions ...
You can claim the input tax credits for the GST/HST you paid or owe on purchases and expenses you use, consume, or supply in your commercial activities using the GST/HST return form. What is Input Tax Credit?Photo by Karolina Grabowska from Pexels Input Tax Credit is the credit that ...
Also, under the old excise and VAT regime, the tax from 28% has been reduced to 18% on household goods including wristwatches, sanitary plastic ware, doors, and windows, furniture, and mattresses. Previously essential electronics like mobile phones, TVs up to 32 inches, refrigerators, washing...
furniture and appliances used to furnish places such as offices, lobbies, and hotel rooms; and free-standing refrigerators, ovens, and other large appliances (built-in appliances are fixtures that are usually considered to be part of the real property). ...
(a) tangible assets, being buildings, machinery, plant or furniture; (b) intangible assets, being know-how, patents, copyrights, trade-marks, licences, franchises or any other business or commercial rights of similar nature, in respect of which the same percentage of depreciation is prescribed...
Furniture and appliances Improvements to capital property GST/HST paid on any of these items may be eligible for input tax credits. A full list is available on theCRA's website. You can only claim Input Tax Credits for goods and services related to your business. According to the CRA, the...
Hello Sir I am Registered under GST as a Transporter from August 2017 My Turnover is less most of the service attract reverse charge i e samne vali party pay karti hai gst so I opted for quarterly option for filing GSTR 1 from beginning to now I have fil