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Indirect Tax
- 21st August 2017
- Posted by: web@taxes
- Category: Citizen Service
No CommentsIn case of indirect tax, the burden of tax can be shifted by the tax payer to someone else. Indirect tax is levied on goods and services rather than on income or profits. All the indirect taxes, both central and state, are now subsumed under GST. The following taxes are replaced by GST: Taxes currently
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Direct Tax
- 21st August 2017
- Posted by: web@taxes
- Category: Citizen Service
Direct tax is levied directly on personal or corporate income. In direct tax, the incidence and impact of taxation fall on the same entity. In this case, the burden of tax cannot be transferred by the tax payer to someone else. The taxpayer has to pay the tax directly to the government.
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Glossary of terms
- 18th August 2017
- Posted by: web@taxes
- Category: Citizen Service
GST GST is Goods and Services Tax levied on the supply of Goods and Services. GST will subsume various indirect taxes levied by the state and central governments. It is expected to bring together India under a single market. The implementation of GST is expected to lower the cost of goods and services in India.
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FAQ- Composition Scheme
- 18th August 2017
- Posted by: web@taxes
- Category: Citizen Service
Can the customer who buys from a taxable person who is under the composition scheme claim composition tax as input tax credit? Ans. No, customer who buys goods from taxable person who is under composition scheme is not eligible for composition input tax credit because a composition scheme supplier cannot issue a tax invoice Can
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The Movement of Goods
- 10th August 2017
- Posted by: web@taxes
- Category: Citizen Service
Movement of goods may include the sending of goods from one place to another either within India or abroad. Domestic transportation is the transportation of goods from a place in India to another place in India. In this case, both the point of origin and the point of destination should be located within India. In
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Compounded Dealer
- 10th August 2017
- Posted by: web@taxes
- Category: Citizen Service
A taxable person registered under the composition scheme is a compound dealer. A registered dealer of goods, whose aggregate turnover in a financial year does not exceed Rs.75 lakhs, is eligible to opt for composition scheme under GST.
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