In the case of goods disposed of by way of free samples, the supplier cannot claim Input Tax Credit (ITC) because no consideration is received for these goods. ITC is generally available when there is a taxable supply for consideration. Since no consideration is involved in giving away free samples, the supplier is not eligible to claim ITC on the tax paid for those samples.
Which adjustment is made to nominal GDP to compute real GDP in Indian national accounting practices?
Up to what limit, FDI in insurance sector is allowed by the Government of India ?
Who is recognized as the father of modern taxonomy?
What is the uniform GST rate that has been fixed up for lottery prizes by the GST Council?
Deficit financing is a tool of which economic policy?
Normal goods, such as food and clothing, are characterized by a direct relationship between which of the following?
National Income was first estimated by
Identify the first credit rating agency established in India.
A short-term government security paper is called ______?
In which year were Economic Reforms launched in India?