The Services Accounting Codes (SAC) system is used to classify services in India for taxation purposes.
These codes cover the wide range of services that a Chartered Accountants Office provides to its clients. It is important for businesses to correctly classify the services they offer using SAC codes, as incorrect classification can result in incorrect taxation and penalties.
This article is penned down to enlighten the implications in respect of capital goods that are lost, stolen, destroyed, or disposed of by way of gift and sale of capital goods under the Goods and Services Tax Act, 2017.
Everyone from large corporates to small businesses to the common man waits with bated breath to see the changes that the budget 2021 brings with it. It’s the first budget post the pandemic. The Indian economy had taken a hit but is now on the road to recovery.
