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19% goes directly into the governments coffers.
I don't know what happens to the rest once Inland Revenue have collected it.
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∙ 13y ago
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What is the Goods and service tax?
It is GST
What is china goods and service tax?
the VAT tax is 17%
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.
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)
What kind of tax is a sales tax?
It is an indirect tax.It is a tax levied on the sale of goods and merchandise. In many countries tax on sale of goods and tax on services is integrated into one tax called GST or Goods and Services Tax
India's Merging Service Tax?
The service tax, a long-time corner stone of India's governmental revenue system, has been phasing out of implementation in the 21st century. The Finance Minister of India has said that it is a short-term goal of the Indian government to eventually merge the service tax into the country's general goods and service tax. The service tax aims to rake in government revenues by taxing all services provided within the country. It is India's Central Board of Excise and Customs that is in charge of administering the tax and overseeing it's implementation. If the surcharge is eventually merged fully with other goods and services taxes, the administering authority could change.
