during this pandemic, we can see that government made too many tax rate changes on medical equipment, vaccines, medicines like in former situation tax was being levied but during second wave, government reduces the tax rate or vanished tax rate..
my question is...how we should deal with these situations in the sense of accounting and gst treatments???
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Tax rate changes in one month
Replies (6)
Managing things in an unprecedented situation like the pandemic is very challenging for anyone. Keeping track of these changes is surely a nightmare but we accountants are at least in a much better situation than doctors and other healthcare workers.
CBIC portal can help you provide a summary of various notifications/circulars issued during the period. See if this would be useful to you.
Yeah 100% agree with you ma'am that we are in a far better situation than doctors and health workers....
CBIC can help us by providing various...but my question is that should we apply different rates of different times?? or can use single current rate for the whole year??
CBIC can help us by providing various...but my question is that should we apply different rates of different times?? or can use single current rate for the whole year??
Rates as prevailing at the time of transactions to be considered. Single rate in respect of all transactions would be inappropriate from accounting perspective.
Okay ma'am...thank you so much...I think this type of situation is very interesting for learning purpose in accounting as well as gst....
Yes, you are right. Great opportunity to learn.
Yes ma'am....
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