CA inter • 1y
Hey there, everyone! Today, we're diving into some key aspects of Gst to lay the groundwork for our discussion on illegal businesses. This knowledge will be crucial for what's coming up next. Today we will be learning about input and output Gst, Input Gst is the one which businesses pay while purchasing raw materials/ intermediary goods and output Gst is one which the business charges from customers upon sale and the difference between these two is paid to the government. Sounds messy right? Let's take an example A owns a shirt business and he purchases raw materials from B This year he purchased raw materials worth 100 and paid 10 as Gst. Later he manufactured shirts and sold them for 120 and collected 18₹ as tac, He would pay 8₹ to govt in the form of Gst and later on income tax on his profit i.e. ₹20. Byee!
The business should ... • 10m
Attention GST taxpayers: November 30, 2024 is last day to claim pending input tax credit by filing GSTR 3B November 30, 2024, is the last date to claim any pending input tax credit (ITC) or amend any errors or omissions in compliance with the Goods
See MoreLooking up to start ... • 1y
My name is Durga prasad and I'm from andhrapradesh. I'm currently working as an analyst in a start up company. I have a start up idea regarding local tiffin centres. In every local tiffin centre we see the workers waking up early in the morning to p
See MoreChartered Accountant... • 15d
🏠 GST & Real Estate Update Realtors are waiting for govt clarity on how GST input tax credit benefits should be passed on to homebuyers. This decision will directly impact whether home prices go up or come down under the new GST regime. What do you
See MoreChartered Accountant • 1y
GST Thread 2 What GST brings along with it - 1. Value added tax and no cascading of taxes - GST is only on the value added by the manufacturer and being a value added tax at each stage it avoids double taxation Example - If I purchase plastic fr
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