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INPUT TAX CREDIT UNDER GST Input tax credit under GST means at the time of paying tax on output, the tax already paid on inputs can be reduced and only the balance amount a person is liable to pay. When you buy a product/service from a registered dealer you pay taxes on the purchase. On selling,…
HOW TO CLAIM TDS IN GST Tax Deducted at Source (TDS) is one of the ways to collect tax based on certain percentages on the amount payable by the receiver on goods/services. The collected tax is a revenue for the government. EXAMPLE: Selling price of 10 Typewriters @ Rs. 10,000/- per typewriter (Taxable Value) Rs….
HOW TO CLAIM TCS IN GST Tax Collected at Source (TCS) under GST means the tax collected by an e-commerce operator from the consideration received by it on behalf of the supplier of goods, or services who makes supplies through operator’s online platform. TCS will be charged as a percentage on the net taxable supplies….
ONLINE PAYMENT OF GST Online payment of GST is one of the major requisites for a business to stay compliant. As per the guidelines of GST Act, every registered regular taxpayer has to furnish the GST returns on a monthly basis, and pay the requisite tax by the GST payment due date – 20th of…
DIFFERENCE BETWEEN PERFECT COMPETITION AND MONOPOLY PERFECT COMPETITION A Perfect Competition market is that type of market in which the number of buyers and sellers is very large, all are engaged in buying and selling a homogeneous product without any artificial restrictions and possessing perfect knowledge of the market at a time. ACCORDING TO MRS….
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PRICE DISCRIMINATION UNDER MONOPOLY Price discrimination refers to the charging of different prices by the monopolist for the same product. The difference in the product may be on the basis of brand, wrapper etc. This policy of the monopolist is called price discrimination. ACCORDING TO KOUTSOYIANNIS “Price discrimination exists when the same product is sold…
MONOPOLY MEANING In this post you will get notes on Monopoly Meaning, Features of Monopoly and price determination under monopoly. The word Monopoly Meaning is the derivation from the combination of two words i.e., ‘Mono’ and ‘Poly’. Mono refers to a single and poly to control. In this way, monopoly refers to a market situation…
PERFECT COMPETITION A Perfect Competition market is that type of market in which the number of buyers and sellers is very large, all are engaged in buying and selling a homogeneous product without any artificial restrictions and possessing perfect knowledge of the market at a time. ACCORDING TO MRS. JOAN ROBINSON “Perfect Competition prevails when…
In this post, you will study Theory of Revenue. Understand the topic and make notes properly. THEORY OF REVENUE Revenue is the amount that a firm receives from the sale of the output. ACCORDING TO PROF. DOOLEY “The Revenue of a firm is its sales receipts or income.” There are three concepts of revenue which…
DIFFERENCE BETWEEN COMPOSITE AND MIXED SUPPLY COMPOSITE SUPPLY Composite supply means a supply is comprising two or more goods/services, which are naturally bundled and supplied in with each other in the ordinary course of business, one of which is a principal supply. It means that the items are generally sold as a combination. The items cannot…