03-30-2005, 12:09 AM
AoA
You should be clear in the definition of 'goods' as well, which states that 'goods include movable property'. Moreover you should keep in mind the whole sentence in mind
'Subject to sales tax Act 1990, there shall be levied tax at rate of value of supply of TAXABLE GOODS by a REGISTERED PERSON in COURSE OR FURTHERENCE OF TAXABLE ACTIVITY at the time of supply'
Now I think that if u understand the aforesaid sentence you will never confuse in concepts of sales tax. For example if a company casually disposes of its assets then it needs not to levy sales tax on it, bcz it is not its taxable activity.
ICAP is the best, impeccably best.
You should be clear in the definition of 'goods' as well, which states that 'goods include movable property'. Moreover you should keep in mind the whole sentence in mind
'Subject to sales tax Act 1990, there shall be levied tax at rate of value of supply of TAXABLE GOODS by a REGISTERED PERSON in COURSE OR FURTHERENCE OF TAXABLE ACTIVITY at the time of supply'
Now I think that if u understand the aforesaid sentence you will never confuse in concepts of sales tax. For example if a company casually disposes of its assets then it needs not to levy sales tax on it, bcz it is not its taxable activity.
ICAP is the best, impeccably best.
