Professional Documents
Culture Documents
INDIRECT TAXES
Sales tax Vat Excise duty Custom duty etc.
IN ACCORDANCE WITH THE CONSTITUTION OF INDIAN GOVERNMENT THE MAIN TAXES/DUTIES THAT THE UNION GOVERNMENT IS EMPOWERED TO LEVY
VAT
Central Excise and Sales Tax (CST) Service Tax (tax levied on service provided )
User charges
NEW SERVICES THAT HAVE BEEN BROUGHT UNDER THIS TAX NET IN BUDGET 2006-07 2006
Include services provided by share transfer agents and registrar to issues recovery agents, maintenance and management of Automatic Teller Machines sale of advertising space or time (except for print media) sponsorship of events by companies (except for sports) public relations management services, ship management services, international air travel (excluding economy class)
CONTINUED..
rail container handling services (excluding haulage charges), cruise ship travel, Internet telephony services business support services, auctioneers service (excluding auction of property under directions or orders of a court of law or auction by the government) and credit card, debit card and other payment card-related services.
Exemption from payment excise duty on manufacture of computer has been withdrawn &with effect from March 1,2006,excise duty on of 12% has been impose on manufacture of computers. Excise duty impose on package software, also know as canned software is about 8% Excise duty on storage device i.e. DVD driver .USB flash memory has been reduce from 16% to Nil Excise duty on MP3 Player & MPEG4 player reduced from 16% to 8%
Custom Duty Is A Tax Which A State Collects On Goods Imported Or Exported Out Of The Boundaries Of The Country
In India, Custom Duties Are Levied On The Goods And At The Rates Specified In The Schedules To The Custom Tariff Act, 1975
IMPORT OF GOODS
EXPORT OF GOODS
RULES
Custom Valuation Rules,1988 For Valuation Of Imported Goods That Calculates The Custom Duty Payable Custom And Central Excise Duties Drawback Rule,1971 For Calculating Rates Of Duties As Drawbacks On Exports
REGULATIONS
The Central Board Of Excise And Customs Has Been Empowered To Make Regulations To Carry Out The Provisions Of The Act In Order To Maintain The Rules Of The Act Several Regulations Like Customs House Agnents Licensing Regulations, 1984 Have Been Framed.
NOTIFICATIONS
The Central Government May Also Issue Notifications In The Official Gazette For The Purpose Of The Act. The Notification Is Not Considered To Be Valid If It Is Not Approved Within A Span Time Of Fifteen Days.
Basic duty Addition duty Anti-dumping duty Export duty Protective duty
Instant Online Custom Duty Is An Product For Online Payment Of Taxes And Expenses Developed Jointly By Bank Of China And The Custom.
Online Payment Of Taxes And Expenses Is A Supplementary Service Of China Electronic Port. The Enterprises Can Apply To Go Through Relevant Import And Export Procedures With Government Agencies The first bank that cooperate with the custom on development of products for online payment of taxes and expenses in china, bank of china has rich experience in development, operation and service maintenance of the products.
Anti-dumping Tax And Other Special Custom Duties Import Value-added Tax Import Consumption Tax
Sales tax is a tax on the supply of goods and certain services ,it is charged at the time of sale and then deposited in the Government treasury.
Sales Tax Revenue To States Tax Collected In The Sated Where Movement Of Goods Commences Tax On Inter State Sale Of Goods State Sales Tax Law Applicable In Many Aspects CST Act Defines Some Concepts Declared Goods
INTRODUCTION OF VAT
WHAT IS VAT?
Vat Means Value Added Tax Vat Paid By Dealers On Their Purchases Is Usually Available For Set-off Against The Vat Collected On Sales.
Is A Modern And Progressive Tax System Now Used In Over 130 Other Countries.
Change And Collect Vat On Their Sales Of Taxable Goods Issue Proper Tax Invoices Keep Proper Records And Books Of Account Calculate The Vat To Government Based On Vat File Vat Returns On A Regular Basis Declaring Their Vat Liability
Manufacturer
Consumer Wholesaler
Retailer
Sales Price Rs. 2,000 Total Vat Rs.200 Vat Payable 200200-180=20
An income tax is tax levied on financial income of person co-operation or coother legal entity.
HISTORY
PRINCIPLES
Personal Earnings Capital Gains Business Income Rates For Different Types Of Income May Vary And Some May Not Be Taxed At All. Capital Gains May Be Taxed When Realized Business Income May Only Be Taxed If It Is Significant Personal Earnings May Be Strictly Defined Tax Rates May Be Progressive, Regressive,or Flat A Progressive Tax Taxes Differentially Based On How Much Has Been Earned Personal Income Tax Is Often Collected On A Pay-as-youearn Basis
Section 4 Of The Act States ThatIncome Tax Shall Be Charged At The Rates Laid Down By The Finance Act For That Assessment Year In Accordance With Subject To The Provisions Of This Act In Respect Of The Total Income Of The Previous Year Of Every Person
INCOME TAX
INCOME
When Computed? Assessment Year How Computed? Assessment
TAX
What Is Income
At What Rate? (Rate Laid Down In Annual Finance Act I.E Budget
Income How Computed? Income Computed According To Provisions Of Income Tax Act
Taxable Income Slab (Rs.) Up To 1,10,000 Up To 1,45,000 (For Women) Up To 1,95,000 (For Resident Individual Of 65 Years Or Above) 1,10,000 1,50,000 1,50,001 2,50,000 2,50,001 1,000,000 1,000,001 Upwards
20% For Agreements Entered Into: yAfter 31.05.97 But Before 01.06.05 - @ 20% yAfter 01.06.05 - @ 10% 10%
Interest On FCCB
Telephone Bills
20%
6.8%
Employee Stock Options (Difference Between Market Value And Purchase Price On Vesting Date)
100%
33.99%
Country Australia Canada Estonia Denmark Hong Kong India Israel Malaysia Mexico Russia Singapore Uk Us
Personal Income Tax Rate 0% - 48.5% 16% - 29% 24% - 24% 44% - 63% 0% - 33% 0% - 33% 10% - 49% 0% - 29% 3% - 32% 13% - 13% 0% - 22% 0% - 40% 10% -35%