Explore intricacies of closing stock valuation, including AS-2 standards, matching principle and tax considerations. Understand nuances of cost, net realizable value and impact on financial statements.
Ultimate consumer buying supplies from an un-registered supplier / supplier registered as composite supplier. (1) A is travelling on a highway between Agra and Jaipur. Halfway he stops at a Dhabha or a shop owned by B and buys water bottle, biscuits and some other similar products. B is not a registered supplier. Both of […]
Recently I happened to read in the newspapers that land, real estate and natural gas could soon come within the purview of GST. This made me to think, real estate apart, whether we can treat land as goods and levy tax on land under Good And Services Tax Act. LAND AND ITS CHARACTERISTICS First and […]
Reverse charge means the liability to pay tax by a person receiving goods or services or both. In the normal circumstances the seller ( supplier ) would be paying sales tax to the Government on the goods sold or services supplied.
Goods And Services Act 2017 With effect from 1st July 2017 Goods And Services Act has been implemented. It is not one / single act but are five acts as under : Integrated Good And Services Tax Act 2017. Central Goods And Services Tax Act 2017. State Goods And Services Tax Ac 2017. Union Territory […]
