GST on assets sold for non-profit bodies In a bill currently before Parliament, changes are proposed to the GST treatment of assets sold by non-profit bodies ("NPB"). It is proposed that with effect from 15 May 2018, where a GST credit has been claimed at the time an asset is ...
without GST) and was subsequently mutlilated or melted down by an entity in the supply chain so that it was in taxable form when sold to the refiner and on a plus-GST basis; and
The Bill was passed in the Lok Sabha on 8th August, 2022, and has been passed in the Rajya Sabha on 12th December, 2022. The President’s asset is all that is required to bring the carbon markets within the statutory framework of India. However, there is still a long way to go ...
If the fixed asset is sold to: ● Registered dealer, the details will appear under B2B Invoices. ● Unregistered dealer, the details will appear under B2C Invoices. View details in Balance Sheet Balance sheet appears as shown: Journal entries for adjusting profit or loss on sale of fixed ...
Depending on the value, the clothing GST ranges from 5% to 12%. Conclusion SWIL has been the most prominent solution provider in the retail and distribution industry.SWILhas specialized in software solutions for the healthcare and retail sectors, asset tracking, and effectively serving wholesalers ...
food and beverages sold by a restaurant, coffee shop, take-out outlet, pub, food truck, etc. (some mixed drinks remain subject to GST/HST). Canadian businesses and importers of eligible items are strongly encouraged to review the ne...
The other party assumes a short position and agrees to sell the asset on the same date for the same price. Other contract details like delivery date, price and quantity are negotiated bilaterally by the parties to the contract. The forward contracts are normally traded outside the exchanges. ...
Capital Gains refers to a profit that one make while selling an asset. Under Section 80C of the Income Tax Act, such profit can be considered as an “income”. Naturally, you’ll need to pay the applicable tax on the amount in the concerned financial year when the asset was sold. Now...
Field GST on Advance Payment GST Credit GST Place of Supply GST Group code GST Group Type HSN/SAC Code Description This Boolean is to be checked for an Advance payment This non-editable field displays and the credit flows from the product masters (Item, G/L card, Fixed Asset, Resource etc...
How do you determine if a crypto asset is digital currency for GST purposes? What should you do when you receive and use digital currency as payment for goods and services? How does GST apply to digital currency exchanges? What is the GST treatment when you buy or sell digital currency?