Question
Which country was the first to implement Goods and
Services Tax (GST)?Solution
The tax came into effect from 1 July 2017 through the implementation of theĀ One Hundred and First Amendment of the Constitution of IndiaĀ by theĀ Indian government. The GST replaced existing multiple taxes levied by theĀ centralĀ andĀ stateĀ governments . Goods and services are divided into five different tax slabs for collection of tax: 0%, 5%, 12%, 18% and 28%.
If an entity revalues its land upward and this is the first time revaluation is being done, how is the increase treated under Ind AS 16?
Entity issues convertible debentures that are dilutive. Net profit = ā¹100 crore; weighted average equity shares = 10 crore. If converted, debentures w...
Which method of depreciation results in higher depreciation in earlier years?
Financial statements of a company should be prepared as per ________ and they should give true and fair view.
A business availed ITC of ā¹2 lakh on inputs used partly for personal purposes. What should it do?
Which of the following bank-financed facilities is NOT classified as NPA even when other credit facilities of the same borrower are classified as NPA?
Which of the following assessee is not liable to pay advance tax u/s 207?
Under section 208, obligation to pay advance tax arises in every case where the advance tax payable is ______.
What does IBNR stand for in insurance?
A agrees to sell his horse to B if it wins the race tomorrow. The horse dies during the race. What is the nature of the contract?
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