GST is payable if you make a taxable supply. A taxable supply is a supply you have paid for or receive consideration for in the course of running your business. The supply is connected with Australia, and is not GST-free or input taxed. Note: Some purchases and income received from overs...
How does HSN Work? Under the GST regime, the Harmonized System of Nomenclature (HSN) code serves as a unique identifier for over 5,000 commodity groups, efficiently categorizing goods in a systematic manner. For example, the HSN code for cast iron pipes is7303.0010. This code can be broken...
How Does the Value-Added Tax System Work? A value-added tax is a tax added to every part of the supply chain during the production of goods and services. This means that one link in the chain collects the tax from the next until the final sale is made to the consumer. Each link in...
The CRA shared that when studying abroad, you may be considered a factual resident for income tax purposes if you keep significant residential ties in Canada. As afactual resident, your income is taxed as if you never left Canada and you need to file a tax return. You may be considered a...
Taxable allowances refer to any allowances that are taxed in the same way as an employee’s regular salary. As a general rule of thumb, most employee allowances are taxable. This means tax needs to be withheld when paying the employee. The rules differ from country to country, but some...
What is the Excise Tax in the Patient Protection and Affordable Care Act and how does it impact employers?Tax:Tax is a mandatory amount levied on certain individuals and businesses by the respective nation's government. This tax is the way of generating revenue f...
We have always seen this word VAT mentioned in our bills when we purchase a consumer durable or service. So what does this exactly mean? VAT simply means Value Added Tax. This article explains Direct and Indirect Tax, What is VAT, VAT implementation in India. ...
According to the general definition, efficiency is the ratio of outcomes to inputs, for example renewable energy targets realized for public economic resources spent. One approach for efficiency assessment can be found in Sgroi et al. [8], where the profitability of an investment in RES-E is ...