GST Versus VAT Even though these two taxes seem alike, they are different. While VAT is a consumption tax that is levied on products based on the level of value-added at each stage of the products’ supply chain - from production to the point of sale - goods and services taxes are levi...
GST bill of supply: for a non taxable supply It is laid in the GST Act that any tax invoice or any other similar document issued in respect of any non-taxable supply shall be treated as a bill of supply for the purposes of the Act. ...
The current GST rate is 10 percent and is charged on the supply ofmostgoods and services. There are two methods of accounting for GST: on a cash basis or a non-cash (accrual) basis. The method you use affects when you must account for GST and when you are able to claim GST credits...
Evidently, this means positive news for Singapore businesses looking to ship to China. However, as with any global venture, understanding the duty and taxes involved is key to a smooth customs experience. Below, we outline what you need to know about China’s import fees before you ship your...
Gary Sinise, actor/humanitarian, founder of the Gary Sinise Foundation and a GE partner in theGSTWprogram, said, 'Simply put, veteran hiring is a matter of supply and demand. With support from its partners and growing member base, theGSTWprogram will help 15,000 veterans translate military ex...
It’s called “value-added tax” because it’s charged whenever value is added to the product throughout the supply chain, from production to the point of sale. VAT is commonly found in Europe. Goods and services tax (GST): GST is a tax similar to VAT in that it is levied whenever...
E-invoicing under GST streamlines B2B transactions for GST-registered businesses. Learn more about e-invoicing and e-invoice applicability.
The Overseas Vendor Registration (OVR) regime was implemented on 1 January 2020 tolevel the playing field pertaining to Goods and Service Tax (GST) when items are procured overseas or locally. Initially, the regime applied to digital services, where the supply is automated, which means the flow...
products are shipped to ensure that a particular sale qualifies as an “eligible supply,” and will need to when manage checkout systems resume charging GST/HST again (which may be before the end of the eligibility period, being Feb...
Being in a province that collects HST simplifies your accounting costs. In other provinces, tax has to be collected on both the GST and PST. This makes it more labor intensive, and time consuming. Costs can be lowered for consumers, as one unified tax is being collected rather than two. ...