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What is tax rate against Form C under Central Sales Tax Act at present?
Wiki User
∙ 15y ago
Definition: An Act to formulate principles for determining when a sale or purchase of goods takes place in the course of inter-State trade or commerce or outside a State or in the course of import into or export from India, to provide for the levy, collection and distribution of taxes on sales of goods in the course of inter-Stale trade or commerce and to declare certain goods to be of special importance of inter-State trade or commerce and specify the restrictions and conditions to which State laws imposing taxes on the sale or purchase of such goods of special importance shall be subject. Sales Tax is one of the most important Indirect Tax for purpose of taxation by State Governments. Revenue from CST goes to State from which movement of goods commences. Total CST revenue in 98-99 was Rs 8,538 Crores. Revenue of some major States was - Maharashtra - Rs 1,442 Crores. Tamilnadu - Rs 934 Crores. West Bengal - Rs 799 Crores. Gujarat - Rs 787 Crores, Haryana - Rs 739 Crores. [ET, Bom 21.7.2000]. CST is proving to be a hindrance in introducing VAT. CST has been reduced to 3% (from 4%) w.e.f. 1-4-2007. It is announced that it will be reduced by 1% every year and made Nil by 1-4-2010. 4%
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∙ 15y ago
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What is Bond sale under Central sales tax act?
When goods are sold directly from Bond House to buyer by Bond House Authority is called Bond Sales. This sale is exempted of sales taxes..... Manish Verma
What is layaway sales?
Retail sales promotion scheme under which a customer deposits a fraction of the cost of the merchandise he or she wants but cannot buy at present. The store holds the merchandise until a certain date on or before which the customer completes the payment and takes the delivery.
Who is responsible for Sales Tax Under High sea sales?
No One. it is exempted. chill
How do you show sales discount in financial statements?
Sales discount is shown under income statement as a deduction from sales because it reduces the actual sales figure.
What is deemed sales?
Deemed sales are those which are not really "sales" but have been deemed as sales. For instance, leasing and hire purchase transaction, works contract, transfer of right to use goods are instances of deemed sales that are taxed under the Sales Tax Act.
What is the rate of tax against Form C under Central Sales Tax?
18%
What is Bond sale under Central sales tax act?
When goods are sold directly from Bond House to buyer by Bond House Authority is called Bond Sales. This sale is exempted of sales taxes..... Manish Verma
What is the present cst tax rate in tamilnadu without c from?
Interstate sales against C Forms were liable for taxation at the rate of 3% with effect from 1.4.2007 and at the rate of 2% with effect from 1.6.2008.The interstate sales without C Forms were liable for taxation at the rates under Tamil Nadu Value Added Tax Act 2006 with effect from 1.4.2007.ABHIVIRTHI Tax and Industrial Consultancy, Madurai
What is the function of commission merchants?
These are agents who receive goods on consignment and negotiate sales in large central markets. Their specialty is securing the best price possible under market conditions.
What is layaway sales?
Retail sales promotion scheme under which a customer deposits a fraction of the cost of the merchandise he or she wants but cannot buy at present. The store holds the merchandise until a certain date on or before which the customer completes the payment and takes the delivery.
What did Hamilton imply were the weaknesses of the present system of government under the Articles of Confederation?
Hamilton implied that the weakness of the government under the Confederation was because the central government didn't have enough power. He believed too much power was given to the states and that the central government should be able to pass laws.
Who is responsible for Sales Tax Under High sea sales?
No One. it is exempted. chill
How calculate expense-to-sales ratio?
sales to expense ratio should be under 10% of your net sales, on a monthly basis
What is the accounting entry for sales return under warranty?
The accounting entry for sales return under warranty is the accrued warranty liability. This entry is written under warranty expense.
How do you show sales discount in financial statements?
Sales discount is shown under income statement as a deduction from sales because it reduces the actual sales figure.
What is the sales tax on vehicles in Texas?
under 1000 pounds sales tax on vehicle is 3%.
Bunts OBC or not?
No under central list but yes under state list its under 3b category so applicable only to state jobs not central
