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...
Goods and services tax (GST):GST is a tax similar to VAT in that it is levied whenever value is added to the product throughout the supply chain. GST is commonly found in Canada and the Asia-Pacific region. Sales tax:Sales tax is another type of indirect tax levied on the sales of ...
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 down as follows: ...
Why separate Registration of GST in each state in India, for each business. Latest date to file GST registration in India Procedures to obtain GST registration for non-resident taxable person Is digital signature option available under registration of GST in India? Advantages of GST registration in...
Who is responsible for Form W-9? Information required on Form W-9 Penalties for an incomplete or non-compliant Form W-9 Backup withholding How to properly and securely complete Form W-9 What is Form W-9? When a business or individual hires a contractor or vendor for services, they are ...
1. What is the difference in the calculation of an amount plus GST and an amount that includes GST. 2. How do we calculate them in accounting? What are the differences in taxation of the four different types of organizations? What is the difference betw...
Are withdrawals from a living trust taxable? When do you have to pay your state taxes? What are the required lease disclosures for the lessor and lessee? What are the two types of income an investor can earn on a bond? How is each taxed? How much of the GST is applicable to e-comme...
Section 139(4A): This must be filed by people who have income from their property that is under a trust or other legal obligation for charitable for religious purposes. Section 139(4B): This must be filed by political parties whose income is more than the non-taxable income. ...
Singapore also has a 7% consumption or value added tax (VAT) on goods and services made in or imported into Singapore called the Goods and Services Tax (GST).Singapore non-resident income is subject to taxation at the greater of 15% or the “resident” rate. Consulting and Director fees ...
The GST exemption is not portable, the bypass trust can allocate the GST to a GST exempt bypass trust, preserving the GST exemption for lifetime children’s trusts. Protecting growth on the assets from further estate tax on the surviving spouse’s death: A $5 million property or stock portf...