Composite and mixed supply rules determine tax liability: principal supply governs composite, highest-rate supply governs mixed. Tax liability on composite and mixed supplies is determined by classification rules: a composite supply of two or more supplies, one being the principal ... Summary
Composite and mixed supply rules determine tax liability: principal supply governs composite, highest-rate supply governs mixed.
Tax liability on composite and mixed supplies is determined by classification rules: a composite supply of two or more supplies, one being the principal supply, is treated as a supply of that principal supply; a mixed supply of two or more supplies is treated as the supply which attracts the highest rate of tax, thereby determining the applicable levy and collection.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.