In particular, whether – as contended by the applicant – the sales were to be excluded from GST turnover pursuant to s 188-25 of the GST Act on the basis that the sales were the mere realisation of a capital asset, or alternatively that the sales were made solely as a consequence of...
This includes the value of all standard-rated (GST at 8%) and zero-rated (GST at 0%) supplies but it excludes exempt supplies, out-of-scope supplies and the sale of capital assets. For the purpose of determining your liability for GST registration, the value of exempt supplies that are...
(g) Sale of capital assets. What is standard-rated supply? For example, sale of goods in a supermarket. It is compulsory to register for GST when: • your taxable turnover for the past 4 quarters is more than S$1 million (i.e. retrospective basis) unless you are certain that your...
Educational institutions are liable to pay GST on RCM for these goods or services – Sponsorship revenues from non-corporate entities Security services from non-corporate entities Sale of capital assets Training, seminars & workshops, for people except for students, faculty, and staff. 8. When ...
The taxability under GST arises on the event of supply accordingly the sale of capital assets for a consideration would fall under the ambit of supply and accordingly GST shall be levied. The Lease The second part of transaction would lease back that is when the asset is leased back from bu...
5.How do I claim Input Tax Credit (ITC) for the purchase of capital goods? There is no separate process for claiming ITC for the purchase of capital goods. The tax paid on the purchase of capital goods is added to the e-credit ledger, which can be used for input credit at any time...
taxable in Singapore (excluding GST) in the course or furtherance of business is known as "Taxable Turnover." It includes the value of supplies to all standard-rated(GST 7%) & zero-rated(GST 0%), but it excludes the out-of-scope supplies and sale of capital assets and exempt supplies....
A Comprehensive Analysis of Tax Provisions for Political Parties and Electoral Trusts: From Income Tax Act, 1961 to Income Tax Bill, 2025 Capital assets or stock in trade: Analysis of Section 9B of Income-tax Act, 1961 and Clause 8 of Income Tax Bill, 2025 ...
Purchase of Capital Goods with GST in Tally.ERP9 Purchase of Capital Goods with GST in Purchase Voucher (F9) in Tally.ERP9 Purchase of capital goods are recorded as fixed assets and is taxable. Input tax credit can be availed. You can record taxable purchases of fixed assets (capital good...
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