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The GST (Compensation to States) Bill was passed in 2017 to ensure states are compensated for any revenue losses due to the introduction of GST. Key Points: 1. GST was implemented on July 1, 2017. 2. It subsumed indirect taxes like VAT, excise, and service tax. 3. Compensation is provided for five years from 2017. 4. Ensures smooth transition to a unified tax regime. 5. It is a landmark reform in indirect taxation in India. Bee Facts: • 2007 (a): Proposed during UPA government discussions. • 2014 (b): BJP began the legislative process for GST. • 2017 (c): GST Act enacted. • 2002 (d): Not related to GST reforms.
With respect to AS: 19 (Leases), which of the following statement is incorrect?
What is the journal entry for charging Depreciation under Cost Method?
What does section 6 of the Income Tax Act deal about?
A person employed to do any act for another or to represent another in dealings with third person is called:
In GST the transaction value for computation of value of supply can be rejected if-
Gross working capital refers to:
Calculate the Proprietary Ratio of the company?
In the proposed budget (2017-18), cash donation to a political party is maximum up to:
A type of market in which securities with less than one year maturity are traded, is classified as
Which of the below import duties would be imposed?
