On Wednesday 31 August 2016 11:51 PM, vaibhav kurhe wrote:
Our discussion started with :-
Terms such as Bill, Invoice, Delivery Chalan
What is Bill (Invoice)?
What is Delivery chalan?
and the relations between them.
Then the discussion on:-
Recent Taxation changes being carried out by the Govt.
What is VAT:Value Added Tax ?
What is Sales Tax?
What is Service Tax?
What is GST?
Why VAT is named as “Value Added”?
Cascading effect of sales tax and services tax also.
How services tax can also have cascading effect?-> example of transport service.
How taxes on sales applied on goods are handled by the Central Govt. and different State Govt.s?
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Now in GST, we can combine goods and services tax.
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Earlier Taxes like VAT were taken based on Source i.e., paid to
the source State Govt.
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In GST, it was decided to be based on Destination.
Some random points as we recall:-
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FIFO, LIFO, LILO, Simple Average, Weighted average, etc.
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What is Purchase Order (PO)?
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Movement of goods from Godown to another place (either in other
godown or in the owner’s shop) in the factory itself is not
considered for Invoice but, will reflect in the Delivery challan.
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Difference between Cost and Value ?
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Different scenarios:- One invoice and multiple Delivery challans.
& for One Delivery challan and multiple Invoices.
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Which price should I decide as a selling price (considering me in
role of a seller)?
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It should be the minimum of the cost price and the current
market price. But why?
We have added points about today's (31st August) discussion that we recalled.
Please add some more points that you recall if they are missing here.
If you find any mistake, please point it out.
Regards,
Bhavesh, Vaibhav & Prasad
