Every supplier of goods and services must obtain registration in the State/UT, where their taxable supply of the aggregate turnover surpasses the threshold limit during a Financial Year. GST explanation related to the threshold limit for registration is distinct for different category of State/UT, ...
A GST number is also important to avoid penalties for non-compliance with the GST Act. If a person is liable to register under GST but fails to do so, he or she may face a penalty of 10% of the tax due or Rs. 10,000, whichever is higher. Similarly, if a person collects GST fr...
“Many people actually believed that GST had increased the living cost since it was implemented,” Woon Chee says. “Therefore, the main objective of this abolishment was to put more purchasing power in the hands of the Malaysian people – especially the lower- to middle-income earners – whic...
GST is calculated as 10 percent of the value of the supply. The value of a taxable supply is the consideration payable for the supply (before GST is added). For example, if the value of the supply is $100, the GST payable is 10 percent of $100, being $10. The price GST inclusive...
(Abolished as of July 1, 2017 with the introduction of GST). Financing and promoting Swatch Bharat Abhiyan or Clean India Mission0.5% of the value of service. (this excludes any service tax or any other applicable tax)Restaurant bill: Rs. 500. Therefore SBC payable = 500*0.5/100= Rs. ...
Discover what GST and BAS mean for your business. Get step-by-step guidance on registration, calculation, filing, and more in our comprehensive guide.
Indirect tax is the tax that is not levied directly on the consumer. Indirect tax is VAT, GST, Excise tax, and others. The amount of these taxes is mostly added to the cost of goods. Answer and Explanation:1 Excise tax is one of the types of taxes. Excise tax is paid on the produ...
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. ...
Revenue expenses are generallyfully deductiblefrom taxable income in the year they are incurred, while capital expenditures are not. When the Commissioner of Income Tax (Appeal) had heard the case initially, it had classified license fee as a revenue expense underSection 37of the Income Tax Act....
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