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What is the Goods and service tax?
It is GST
What is the difference between service tax and sales tax?
Service Tax is levied by service organisation like hotels whereas sales tax is added to the cost of goods and collected when goods are sold. Both are collected by the Govt.
What kind of tax is goods and service tax?
it is a tax based on value added...that is the same as VAT but the addition is that it converges service tax with VAT.
Is Goods and Service Tax is better for Indian economy?
no
Who is liable to pay Service Tax to the government?
In all cases except two, the provider of Service is responsible for paying the Service Tax to the Government. Only in respect of the Goods Transport Agency Service & Service received from abroad, the responsibility to pay the tax is on service receiver.
If you know service tax category is under packing moving service?
Yes, there is service tax category that is under the packing moving service. The packing moving service refers to the loading, unloading, and unpacking of certain goods.
What is the difference between goods ans service contract?
A contract for goods is about purchasing tangible items, such as apples. A contract for a services is about contracting for a service to be completed, such as tax preparation.
Goods and service tax is direct or indirect?
Goods and Services Tax (GST) is an indirect tax. It is levied on the supply of goods and services rather than on the income or profits of individuals or businesses. This means that the tax is collected by the seller from the buyer and is then remitted to the government. Therefore, the burden of the tax ultimately falls on the consumer rather than the producer.
What is service tax in detale service tax?
Service tax is a form of indirect tax levied by the government on the provision of certain services. It is typically charged as a percentage of the service fee, and businesses providing taxable services are responsible for collecting and remitting the tax to the government. In many countries, service tax has been replaced or integrated into Goods and Services Tax (GST) systems to streamline taxation processes. The specific services taxed and the rates can vary by jurisdiction and are subject to regulatory changes.
Can you take Cenvat Credit of Service Tax paid on Outward Freight?
Yes, we can take Cenvat Credit of Service Tax paid on Outward Freight satisfying following 3 conditions. (i) the ownership of goods and the property in the goods remained with the seller of the goods till the delivery of the goods in acceptable condition to the purchaser at his door step; (ii) the seller bore the risk of loss of or damage to the goods during transit to the destination; (iii) the freight charges were an integral part of the price of goods.
What is duty (as in tax)?
Tax is a broad term & duty is a part of tax.......Tax levied on person, product, services & assets for example-INCOME TAX levied on person,VAT levied on sale of products,SERVICE TAX levied on providing taxable services, WEALTH TAX levied on assets..........Genrally DUTY levieble on goods for example-EXICE DUTY levieble on manufaturing of goods, CUSTOM DUTY levieble on import & exports of goods...........................Sachin gupta from jhalawar (RAJASTHAN)
Did China produce goods?
Yes, China did produce goods.
