Tag: Indian Taxation
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The Ultimate GST Handbook: Navigating Goods and Services Tax in India
Taxable Event under GST โ In Detail What is a Taxable Event? A taxable event is the occurrence or action that gives rise to the liability to pay tax. In any tax law, identifying the taxable event is crucial because it determines when and how tax is to be levied. Under the previous indirect tax…
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GST (Goods and Services Tax) in India
โ What is GST in India? GST (Goods and Services Tax) is a comprehensive indirect tax levied on the supply of goods and services. It replaces multiple taxes previously levied by the central and state governments, such as VAT, service tax, excise, etc. ๐ Implemented On: 1st July 2017๐งพ GST is a destination-based tax โ…
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Applying VAT on Fixed Assets in Tally.ERP 9 – Step-by-Step Tutorial with Examples
In Tally.ERP 9, applying VAT (Value Added Tax) on fixed assets involves a few steps. Here’s a comprehensive guide on how to apply VAT on fixed assets in Tally.ERP 9: Step 1: Creating Fixed Assets Ledger: Step 2: Enabling VAT in Tally.ERP 9: Step 3: Creating VAT Ledger: Step 4: Recording Purchase of Fixed Asset…