Claim GST Input Credit When it comes to claiming GST input credit for a mobile phone purchased in the name of your shop but used for personal purposes, there are certain factors to consider. As an individual with a shop that has a GST number and pays GST monthly. You may wonder if you… Read More »
Input Tax Credit Input Tax Credit, When it comes to Goods and Services Tax (GST) under Reverse Charge Mechanism (RCM), the input tax credit (ITC) can be claim in a similar manner as you claim ITC on GST paid for regular purchases. However, it’s important to understand that not all goods and services are subject… Read More »
What is an income tax refund? What is an income tax refund? The refund amount is calculated by subtracting the actual tax liability from the total taxes paid. If the total taxes paid exceed the actual tax liability. The excess amount refund to the taxpayer as a reimbursement. If any individual or business entity has… Read More »
