The Goods and Services Tax (GST) is a value added tax that will replace all indirect taxes levied on goods and services by the Government, both Central and States, once it is implemented. GST or Goods and Services Tax is considered as major Tax reform policy in India which will be implemented from January 2016 if passed in next Parliament session.
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Sales tax is a tax imposed by the government at the point of sale on retail goods and services. It is collected by the retailer and passed on to the state. It is based on a percentage of the selling prices of the goods and services and set by the state.
Goods and Services Tax (Compensation to States) Act, 2017 was enacted to levy Compensation cess for providing compensation to the States for the loss of revenue arising on account of implementation of the goods and services tax with effect from the date from which the provisions of the Central Goods and Services Tax (CGST).
Yiwu Small-Scale Taxpayer is a person or organization (such as a company) in Yiwu subject to a tax on income. Taxpayers have an Identification Number, a reference number issued by a government to its citizens.
Accounting to "Provisional Regulations on Value Added Tax Rules for the Implementation" requirement, small-scale taxpayer identification criteria are:(1) engaged in the production of goods or providing taxable services to taxpayers, as well as engaged in the production of goods or providing taxable services-based, and part-Camp wholesale or retail goods, taxpayers with annual taxable sales of 100 yuan ; (2) engaged in te wholesale or retail goods, taxpayer with annual taxable sales of 180 yuan; (3) years should be tax sales of more than a standard small-scale taxpayers, individuals, non-entrepreneurial units, non-taxable frequent acts of business, as if small-scale taxpayers pay taxes.
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The government sets the financial framework in the country by deciding how it will spend and earn money. This affects everything - from economic growth to prices of goods and services in the country to your tax payments..
Read more here- http://www.pinnaclefinancial.in/blog/how-union-budget-impect-you/
The International Monetary Fund (IMF) has stated that the goods and services tax (GST) collections in India have been below potential. The organization said that multiple rates along with exemptions and implementation challenges have affected the GST collections in India.
As a small business owner, ordering raw materials and tracking inventory may not be your favorite thing to do, but these tasks play an essential role in how a company operates. Purchase orders (POs) are crucial for a well-managed purchasing process, because they can help your business streamline the process of acquiring goods and services, take control of spending and develop a proactive spend culture that improves the bottom line. A structured PO system also allows you to keep tabs on pending and future purchases before any additional capital is spent or committed.
A good CFO is the fulcrum of every company, regardless of size. Their shoulders bear much of the responsibility for the viability of the business. Not only can a CFO make or break your brand, but they also have the power to resuscitate a dying company and bring it back on course. It is not an exaggeration to describe the CFO as the next most-powerful leader of a company, right after its owner or CEO.