A sales tax is a consumption tax charged at the point of purchase for certain goods and services. The tax is usually set as a percentage by the government charging the tax. There is usually a list of exemptions. The tax can be included in the price or added at the point of sale. Ideally, […]
Type Of Taxes In India
Consumption tax is a tax on spending on goods and services. The tax base of such a tax is the money spent on consumption. Consumption taxes are usually indirect, such as a sales tax or a value added tax. However, a consumption tax can also be structured as a form of direct, personal taxation, such as an expenditure tax. Consumption tax is applicable on the […]
Entertainment tax is a tax on entertainment. In India, entertainment tax is levied on every financial transaction that is related to entertainment such as movie tickets, major commercial shows and big private festivals. As per the Indian Constitution, entertainment is included in List 2. This revenue is reserved primarily for the state governments. Following are […]
Gift Tax in India Gift tax is history, or rather, was history. Financial act 1998 had deleted gift tax act w.e.f.1.10.98. Consequently, all gifts made on or after 1.10.98 are free from gift tax. Neither the donor nor the donee would have to pay any tax. Financial act 2004 has revived it partially, but it […]