Accounts payable is a credit account. This means that it is increased with a credit entry and decreased with a debit entry. Since accounts payable is a liability, it should have a credit balance. The credit balance indicates the amount that a company owes to its vendors. What is accounts p...
A GST number is required to fileGST returns, which are periodic statements of a registered person’s transactions and tax liability. Filing GST returns is mandatory for every GST-registered person, even if there is no business activity or tax liability in a given period. 2. Claiming Input Tax...
GSTR-3is a return filed by taxpayer’s monthly containing the summarized details of all sales & purchases along with the amount of GST liability. It is a detailed summary of all sales (GSTR-1) & purchases (GSTR-2).GSTR-3is an auto generated document which pulls information from GSTR-...
What is GST return? GST return is a document that will contain all the details of your sales, purchases, tax collected on sales (output tax), and tax paid on purchases (input tax). Once you file GST returns, you will need to pay the resulting tax liability (money that you owe the ...
Goods and Services Tax (GST) in India, explained with benefits and components to get a better understanding and why it matters to you and your business.
returns. They can also be defined as the income taxes payable in future periods. In a payroll tax holiday, businesses can put off paying their payroll taxes until a later date. The tax holiday presents a financial benefit to the company today, but it will cause a future liability for the...
Is a loan an asset? No, a loan is not considered an asset. Instead, it is a liability, representing an obligation for the borrower to repay. Assets, on the other hand, are resources that hold intrinsic value for an individual or entity. What is a company asset? A company asset refers...
aThe Supplier liable for all GST payable on the above supplies. 供应商对所有GST负责付得起在上述供应。[translate] aI'd like to have some salmon if it is on 如果它打开,我希望有有些三文鱼[translate] a帮助别人本身就是一件很快乐的事 Helps others itself is a very joyful matter[translate]...
Ask a question Search AnswersLearn more about this topic: Income Tax Liability | Definition, Calculation & Deductions from Chapter 3 / Lesson 5 38K Learn what income tax liability is. Find out what taxable and adjusted gross income are, discover how to calculate tax liability, and ...
Levy of late fee for GST Tax returns filing in India I pay Service Tax on my services. But I am not sure how do I pay the new GST? Notice to GST return filing defaulters When to file Annual Return of GST online? Procedures to claim reduction in output tax liability of GST in India...