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Place of Supply

The location that determines whether a supply is intra-state or inter-state under GST, and therefore which tax (CGST/SGST or IGST) applies.

Related terms

  • Petty Cash

    A small cash fund held for minor day-to-day expenses, reconciled and replenished periodically — a disproportionately common source of control weakness given the small amounts involved.

  • Physical Verification

    Directly inspecting an asset (inventory, fixed assets, cash) rather than relying solely on the book record, to confirm it exists and is in the condition and location the records claim.

  • Professional Judgment

    The application of relevant training, knowledge and experience to make informed decisions about the courses of action appropriate given the circumstances of the engagement.

  • Professional Skepticism

    An attitude that includes a questioning mind and a critical assessment of audit evidence, rather than assuming management is either honest or dishonest.

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231 terms in total, or go deeper with working procedures and worked examples in the resource library.

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