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...
However, the export of goods is a zero-rated supply and, therefore, GST is applied at the rate of 0% on the sale of goods to the distributor in Japan. EXAMPLE 2 Happy Sdn Bhd does not produce specialised chairs. Therefore, where it receives orders for such c...
Singapore GST is a tax charged on the supply of goods and services made in Singapore and on the importation of goods into Singapore. The current rate forGST is 8%, and will increase to9% from January 2024. What Goods and Services Are Subject to GST?
text (GST/HST clause) stating why a reduced GST/HST or zero GST/HST rate has been calculated. You can define different GST/HST clauses to be included on business documents per the type of document, such as invoice or credit memo. You do this on theGST/HST Clauses by Document Type...
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 ...
of GST and introduction of the Sales and Services Tax regime New Zealand • Interim report of the Tax Working Group • Zero-rating of services provided in relation to land • GST on assets sold for non-profit bodies Singapore • Amendments to the GST Act South Korea • 2018 tax ...
What is a tax sale? What are federal taxes used for? What is a tax treaty? What is after-tax cost? What is a tax write-off? What is the capital gains tax rate? What is federal tax? What is a value added tax? What is incidence of taxation?
You may refer to our article on the ruling here. Conclusion Therefore, taking into consideration the structure of the co-lending arrangement it can be concluded that the differential or higher interest rate retained by the OC shall not be treated as consideration for performing the agreed-upon ...
ADMINISTRATION OF THE GST.Management of theGST Rate31. After the introduction of the GST,a proposalto vary the 10per centrate ofthe GST will require: (i) the unanimous support ofthe Stateand Territory Governments; (ii) the endorsement by theCommonwealth Governmentofthe day; and (iii) the pa...
13.Can I get tax-rate-wise break-up on GSTR-1 and other GST return forms? You can view the tax-rate-wise break-up in the Summary view ofGSTR-1andGSTR-3B. 14.How do I find out GST Liability and GST Input Credit? ●To know your GST liability and ITC, log in to theGST porta...