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Goods and Services Tax (India) The Goods and Services Tax (GST) is a successor to VAT used in India on the supply of goods and service. Both VAT and GST have the same taxation slabs. It is a comprehensive, multistage, destination-based tax: comprehensive because it has subsumed almost all the indirect taxes except a few state taxes.
Website. www .icai .org. Institute of Chartered Accountants of India ( ICAI) is India's largest professional accounting body under the administrative control of Ministry of Corporate Affairs, Government of India. It was established on 1 July 1949 as a statutory body under the Chartered Accountants Act, 1949 enacted by the Parliament for ...
a body corporate, a corporation sole, a body politic, a partnership, any other unincorporated association or body of persons, a trust, or; a superannuation fund. For an entity to be entitled to an ABN, it must: carry on an enterprise in Australia, or; carry on an enterprise that makes supplies connected with Australia, or
A value-added tax ( VAT or goods and services tax ( GST ), general consumption tax (GCT) ), is a consumption tax that is levied on the value added at each stage of a product's production and distribution. VAT is similar to, and is often compared with, a sales tax. VAT is an indirect tax because the consumer who ultimately bears the burden of ...
A goods and services tax (GST) is a value added tax levied by the federal government at 10% on the supply of most goods and services by entities registered for the tax. The GST was introduced in Australia on 1 July 2000 by the then Howard Liberal government.
Statutory body. A statutory body or statutory authority is a body set up by law ( statute) that is authorised to implement certain legislation on behalf of the relevant country or state, sometimes by being empowered or delegated to set rules (for example regulations or statutory instruments) in their field. They are typically found in countries ...
Goods and services are divided into five different tax slabs for collection of tax - 0%, 5%, 12%, 18% and 28%. However, petroleum products, alcoholic drinks, and electricity are not taxed under GST and instead are taxed separately by the individual state governments, as per the previous tax system.
This means that any company that receives investment from a corporate body will become an associate of that body corporate. Definition of a subsidiary company : The subsidiary will be determined on the basis of total voting power and not on the basis of total share capital. The holding company must control the composition of the board of ...