Search results
Results from the WOW.Com Content Network
The existing general sales tax laws were replaced with the Value Added Tax Act (2005) and associated VAT rules. A few states (Gujarat, Tamil Nadu, Rajasthan, Madhya Pradesh, Chhattisgarh, Jharkhand, Uttarakhand and Uttar Pradesh) opted to stay out of VAT taxation system during the initial introduction of VAT but adopted it later.
An indirect tax (such as a sales tax, per unit tax, value-added tax (VAT), excise tax, consumption tax, or tariff) is a tax that is levied upon goods and services before they reach the customer who ultimately pays the indirect tax as a part of market price of the good or service purchased. Alternatively, if the entity who pays taxes to the tax ...
A value-added tax (VAT), or goods and services tax (GST), is a tax on exchanges. It is levied on the added value that results from each exchange. It differs from a sales tax because a sales tax is levied on the total value of the exchange. For this reason, a VAT is neutral with respect to the number of passages that there are between the ...
A value-added tax (VAT or goods and services tax (GST), general consumption tax (GCT)) is a consumption tax that is levied on the value added at each stage of a product's production and distribution. VAT is similar to, and is often compared with, a sales tax .
Much of Tamil grammar is extensively described in the oldest available grammar book for Tamil, the Tolkāppiyam (dated between 300 BCE and 300 CE). Modern Tamil writing is largely based on the 13th century grammar Naṉṉūl , which restated and clarified the rules of the Tolkāppiyam with some modifications.
The reform of India's indirect tax regime was started in 1986 by V. P. Singh, Finance Minister in Rajiv Gandhi’s government, with the introduction of the Modified Value Added Tax (MODVAT). Subsequently, Prime Minister P. V. Narasimha Rao and his Finance Minister Manmohan Singh , initiated early discussions on a Value Added Tax (VAT) at the ...
A tariff is called an optimal tariff if it is set to maximise the welfare of the country imposing the tariff. [74] It is a tariff derived by the intersection between the trade indifference curve of that country and the offer curve of another country.
Profession tax is the tax levied and collected by the state governments in India. It is a direct tax. A person earning an income from salary or anyone practicing a profession such as chartered accountant, company secretary, cost accountant, Software Engineer, lawyer, doctor etc. are required to pay this professional tax.