Essay On Gst

Business taxes can have a huge impact on the profitability of businesses and the amount of business investment. Taxation is a very important factor in the financial investment decision-making process because a lower tax burden allows the company to lower prices or generate higher revenue, which can then be paid out in wages, salaries and/or dividends. Business taxes include, Federal Income Tax; a tax levied by a national government on annual income, Payroll Tax; a tax an employer withholds and/or pays on behalf of their employees based on the wage or salary of the employee, Unemployment Tax; a federal tax that is allocated to unemployment agencies to fund unemployment assistance for laid-off workers, and Sales Tax; a tax imposed by the government at the point of sale on retail goods and services. Sales tax is based on a percentage of the selling prices of the goods and services. Consumers pay sales taxes, but effectively, business pay them since the tax increases consumer’s costs and causes them to buy less.

Yes. Because GST is a tax of 10% which is applied to most Goods and Services. The 10% GST is included in the sale price you charge to customers.

When you hear the unemployment rate is only 4.9% it sounds really good to the ears. Then you find out that is 15,626,100 people without a job it doesn’t seem so nice. I am tired of hearing people saying the are going to create jobs and then the jobs never appear, and I’m sure you are to. When I hear someone say they are going to do something I expect it gets done, there are no if and's or buts about it. Yes over the past few years the unemployment rate has been dropping but it is still there and that simply isn’t acceptable.

Should the federal government proceed with broadening the base AND increasing the rate of the GST rate to 15%?

Being a Registered Dietitian, the first thing I say to all of my clients is to drop the pop. I’m not the only one who is urging Canadians to put down these sugary beverages. This year the Heart and Stroke Foundation is pushing the government to introduce an excise tax on sugar-sweetened beverages (SSBs) (1). This idea has been floating around for several years but gained traction this summer when the Finance Minister requested a pre-budget analysis for SSB taxation (1). The proposed policy would put the burden on manufacturers by adding a tax of 5 cent per 100 millilitres on SSBs such as pop, iced-tea and certain juices (1).

As we approach election day, both front runners; Donald Trump and Hillary Clinton have proposed their policies if they were to take office. Hillary Clinton is advocating to increase tax on the top one percent, while Donald Trump wishes to cut tax (especially for the wealthy and middle class). Trumps policy mirrors the trickle down system; where we cut tax on the rich, leaving them with more money in which we assume they will invest. Yet, we have seen this to be a failure since the rich do not invest their money, rather, they save it. Trump's proposal is more of a tax relief when compared to Secretary Clinton's plan, however, Trump's proposal could cause more problems to rise.

tax is emitted from the inventory balance and a GST receivable account is created when buying

REPUBLICANS AIM to unveil Wednesday a long-awaited tax plan, premised on the fanciful idea that slashing taxes by $1.5 trillion over 10 years will somehow leave the federal budget better off. And it is not just the GOP’s most blinkered ideologues who have bought into this wishful thinking.

➢ Tariffs–Tariff is a government tax that is use to protect the domestic companies by inflict on goods and services with the intention of being imported or exported from a country

Tax invoices are the document issued by the supplier for the notification of payment transaction. The tax invoices must be issued within 21 days when the services are performed or the good are delivered with no payment made. GEODIS can claim the input tax if the tax invoices receives within 21days. Imported services or second hand good are not allowed to issue the tax invoices. The tax invoices must have the information of full company name and addresses, registration company codes, GST registration, invoices number, the description of good and services, the description it must distinguish the type of supply for zero rate, standard rate or out of scope and the total amount. Therefore, the tax invoices without the company full name will be rejected and the vendors need to resend the complete invoices. There are four type of supply I need to identify when key in the tax invoices which is standard-rate supply, zero rates, out of scope and exempt supply. Standard-rate supplies are the good and services will be chargeable in 6% GST and paid to the government. The businesses can claim the input tax. Zero-rated supplies are the GST charged at 0% on the taxable supply and the GST paid on input is claimable. Exempt supply is no GST chargeable on the good and services with no claimable of input tax. Examples of exempt supply are land used for residential, private education services, public transport and healthcare services. Out-of-scope supply is no GST charged because is not within the boundary of GST and input tax is not claimable. (ROYAL MALAYSIAN CUSTOMS) The description in the invoices must clearly record the GST charges for examples the profit share, custom duty and tax payable on the value goods are not subject to GST, customs clearance/agency, license fee and pier/ gate pass will be chargeable in 6%

Understanding the purpose and framework of taxes, assist with the understanding of the Tariff and quotas. Tariff is a tax placed on import goods by the government. Nevertheless, when one thinks about additional dollars added to the retail price of a good or service, it may be discouraging. Especially, since there is an abundance of services and goods desired by consumers- with so many wants, our resources are scarce. Meanwhile, there is a constant debate concerning the effects of tariff that are placed on imports and exports. Economist and scholars believe high taxes on imports and exports can hurt the economy. Indeed, there are advantages and disadvantages concerning the Tariff .

Taxes are a necessary component for operating a government, however, they are also the source of great debate within our society. Especially when considering what types of taxes to use, and how much to tax the population without negatively impacting the economy. Income taxes are currently one of the biggest sources of income for the government, but are also one of the biggest concerns given the level of complication involved with the current tax system. Although many argue that the current progressive tax system contributes to our country’s economic growth, research indicates there may be benefits for simplifying the income tax system without stalling growth. One theory indicates implementing a flat tax system would not only provide consistency for businesses and consumers, it would positively impact economic growth. If given the appropriate considerations, including an equitable rate, a flat tax would increase consumer confidence and lead to an increase in consumption, and ultimately growing real gross domestic product (GDP).

First, receipients of goods already pay sales taxes on those goods, thus by raising income tax for the argument of goods received, the government would unfairly double tax consumers. Moreover, their product is merely one

1. Samantha Corporation owns a building with a fair market value of $70,000 and an adjusted basis of $40,000. It exchanges the building for land with a fair market value of $45,000. Also assume that Samantha has a $10,000 mortgage on the building. As part of the exchange, the owner of the land agrees to assume the mortgage and pay the corporation $15,000 in cash. What are Samantha’s realized gain, recognized gain, and basis in the land?

It may be surprising to know that those big men you see bossing you around and flashing cash at you, are actually being stolen from. And not just a little. For you, lovely taxpayer are very aware that you are paying your “fair share” of your “hard earned money” and aware of all the “free” programs “your” money funded. You the lower 50 percent by terms of population and wealth only account for three percent of the federal income tax annual revenue. You use the “free” programs such as food stamps, and social security, and the like, as though “you” “payed” for them. Not surprisingly, :”you” feel like “you” are taxed too much, what do you do ? You blame somebody else ! (of course you do) Guess who ? The funder of all the spectacular government programs you use and “earned”. You want to make all men equal, Guess what? There not so , TOO BAD!