A GST number is also necessary to claim the input tax credit, which is the amount of GST paid on the goods or services purchased for business purposes. Input tax credit claim is likely for a GST-registered person only if the supplier has uploaded the invoice details in the GST portal and...
Taxpayers must fill out the Refund Pre-Application Form in order to provide particular details about their business, such as Aadhaar number, income tax information, export data, expenses, and investments. The original GST refund invoice must be filed before this form is submitted. Before filing fo...
"A broad-based consumption tax, such as a value added tax or GST, is generally considered to be a regressive tax. "This conclusion, however, has not taken into account the fact that in developing countries, the commodities on which poor households spend most of their income, is not taxed...
Businesses doing this only owe GST on a sale once the customer has paid it. Accrual basis accounting: the business records income when the transaction takes place. The business owes GST on a sale as soon as it raises the invoice or when it gets paid, whichever comes first. Simpler ...
What taxes are considered payroll taxes? What is included in the federal income tax? Explain/Define brown tax. What are the four major categories of taxes? Be specific for each. What two taxes are involved in the 'double taxation' of corporate income?
What is GST s effect on FD interest rates? What are some types of payments that you might receive that would not be included in gross income? What are the benefits of using debt financing? A firm can't use interest tax shields unless it has (taxable) income to shield. What does thi...
GST Returns should be filed within the timeframe mentioned to avoid any late fees. A rate of 18% per annum is charged as a late fee. The taxpayer must calculate it based on the amount of tax that still needs to be paid. The time period considered will be from the next day of filing...
So, unlike the service tax regime, where only taxable services were considered when determining whether you had crossed the primary threshold, under the GST, the value of all services and goods supplied in India, as well as exported, will be considered for the Rs 20-lakh limit, whether taxab...
may be imposed by a state, county, or municipality. It is usually not deductible from federal or state income taxes, although it may be added to the cost basis when profit on the sale of securities and investment property is calculated. Transfer tax is considered an excise tax in some ...
As an example of a taxable termination, consider a transferor who establishes an income-producing trust for his son. Upon the son's death, the remaining property would be passed on to the transferor's grandchild, at which time those assets would be subject to the GST tax. A taxable distrib...