GST is designed to simplify tax collection by applying tax at multiple stages, only on added value, and at the point of consumption. Below, we’ll walk through these features to show how GST works across the supply chain, ensuring a fair and efficient tax process. 1. Multi-Stage Taxation ...
GST registration is mandatory for businesses whose taxable profits exceed $1 million. For companies whose taxable profits don’t exceed this threshold, registration is not mandatory; you’ll have to consider whether registering is in the best interests of your business. What is GST Exemption?
However, just because you have met a nexus threshold in a state does not mean that you are required to collect sales tax. Not all goods and services are taxable – and if the items that you are selling are not taxable, then you are not required to collect sales tax on those items. ...
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GST stands for goods and services tax and whether you pay it or not will depend on the turnover threshold. Learn everything about GST in this guide.
Learn more about Concept of Reverse Charge mechanism in GST & this charge mainly more tax compliance and increased tax revenues. This article will explain about GST Reverse charge.
VAT is commonly found in Europe. 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...
Post GST era in India With the GST regime's bundling of taxes on products and services, there is no longer any uncertainty concerning the levy of distinct taxes on services and goods. Unlike the previous regime, the GST threshold limit has been raised from Rs 10 lakh to Rs 20 lakh. With...
A merchant of record is the ideal solution, allowing you to offload the complexity of sales, VAT, and GST tax collection and remittance and expand into new markets and regions quickly, all while avoiding the consequences of ignoringglobal tax lawsaltogether. ...
The generation-skipping transfer tax (GSTT) is an additional tax on a transfer of property that skips a generation, known as a generation-skipping transfer (GST) for short. The GSTT was implemented to prevent families from avoiding the estate tax for one or more generations by makinggiftsor ...