the total cost becomes ₹105. Upon adding ₹50 in value to the product, he sells it for ₹155. The GST on ₹155 is ₹7.75, but he can claim an input tax credit of ₹5 for the GST paid on raw materials. Therefore, the net GST liability of the manufacturer is ₹2.75...
services, facilitating accurate GST rate determination and tax revenue collection. Proper classification ensures compliance, transparency, and accountability. Additionally, HSN codes play a vital role in international trade, supporting India’s integration into the global market and harmonizing customs ...
Start-ups and enterprises not registered for GST should assess sales figures regularly, as once your revenue breaches the annual turnover threshold, you will only have 21 days to register your business to avoid penalties and interest. The GST registration threshold for businesses is $75,000, as...
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...
A stock transfer has the same tax rate applicability at the time of shipment and receipt, including partial receipt. This means that tax was calculated on the new HSN code percentage instead of on the transfer order before the change in the HSN code percentage, which caused revenue loss to...
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Now that taxes can be filed, students in Canada might be wondering what that means for them. Canada Revenue Agency recently revealed tax tips for students, including tax credits, deductions, free tax clinics and more.
Revenue was collected in one accounting period but recognized in a different. Unpaid debt is reported as revenue before it is written off as uncollectible. When the unpaid receivable is recognized, it becomes a deferred tax asset. Let’s look at an example of deferred tax assets calculation: ...
Invoices are a doorway to driving business revenue; an invoice number is a unique way to track them. Invoices detail the payment information about the product or services delivered. An invoice is a record a seller provides to a customer to request payment. It has the price of the goods or...
Your life is organized like an orbit. I know. 了解了这点,就知道为何四年于相隔千里的我们,似乎只是弹指一挥间而已。 我其实了解小女儿的心理,是希望多一点surprise多一点romantic多一点傻里吧唧的指天划地的。可惜我这方面的才能似乎多用在0,1组成的无机世界里了,于是只能委屈她了。大多数的时间,她就一...