Consideration can be defined as a barter of goods or services, or payment made for a supply in money, or in kind. A prepayment or deposit toward a supply is also as accepted as a consideration by the government. According to CGST Act, the following activities that will be treated as su...
GST is levied on the supply of goods and services, and the tax rate varies based on the type of goods and services being supplied. GST is a destination-based tax, meaning the tax revenue goes to the state where the goods or services are consumed. The GST council, consisting of the ...
GST works in a very simple process as it is an indirect tax of a nation, that combines several indirect taxes including VAT tax, services tax, central Excise tax, customs tax etc. It means that by removing other indirect taxes the government is collecting a single tax on the supply of go...
On January 1 2024 the Singaporean Government increased Goods and Services Tax (GST) from 8% to 9%. Learn how it affects you.
Registration of any business entity under the GST Law implies obtaining a unique number from the concerned tax authorities for the purpose of collecting tax on behalf of the government and to avail Input tax credit for the taxes on his inward supplies. The registration under gst is compulsory wh...
Goods and Services Tax is the tax levied by the Indian Government on the procurement of goods or services in the country. The tax was introduced in the year 2017. The tax has replaced all the other indirect taxes, like Value Added Tax (VAT), and compressed them into a single tax. GST...
The government has set up a common portal www.gst.gov.in in this regard. Read this simple brief about GST below. What is GST? Before we continue with more of the Indian GST, let us understand the basic idea of GST in simple language. GST is a value-added tax levied on supply. GST...
The full form of GST isGoods and Services Tax. It is an indirect tax levied on the supply of goods and services across India. This comprehensive tax system is designed as a multi-stage, destination-oriented tax applied at each point of value addition in the supply chain. By replacing multi...
RCM Time of Supply Rule Changes Effective from November 1 Now, let us look at GST due dates for December 2024. Here is a comprehensive image of our December GST Due Dates Calendar or GST Compliance Calendar. It has all the GST Due dates for December 2024 so that you never miss the Dece...
Back to Advanced Taxation (ATX) How to approach Advanced Taxation This is part two of a two-part article on the concept of supply for GST purposes and is relevant for candidates preparing for P6 (MYS), Advanced Taxation. The article is based on prevailing laws...