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The Central Board of Indirect Taxes and Customs (CBIC), formerly the Central Board of Excise and Customs, is a statutory body under the Department of Revenue, Government of India. It oversees the administration of indirect taxes , including customs duties, excise duties, and the Goods and Services Tax (GST).
The Goods and Services Tax (GST) is a Value added Tax (VAT) proposed to be a comprehensive indirect tax levy on manufacture, sale and consumption of goods as well as services at the national level. It replaces all indirect taxes levied on goods and services by the Indian Central and state governments.
Pre-GST, the statutory tax rate for most goods was about 26.5%; post-GST, most goods are expected to be in the 18% tax range. The tax came into effect from 1 July 2017 through the implementation of the One Hundred and First Amendment to the Constitution of India by the Government of India. 1 July is celebrated as GST Day. [4]
Hints and the solution for today's Wordle on Sunday, December 15.
India has abolished multiple taxes with passage of time and imposed new ones. A few of these taxes include inheritance tax, [5] interest tax, gift tax, wealth tax, etc. Wealth Tax Act, 1957 was repealed in the year 2015. [6] Direct Taxes in India were governed by two major legislations, Income Tax Act, 1961 and Wealth Tax Act, 1957.
The end of the year means preparing for the one ahead and the National Association of Realtors is already predicting the hottest housing markets for 2025.. The NAR released The Top 10 Housing Hot ...
Section 2 of the Act amended Clause (2) of article 276 of the Constitution to increase the ceiling of tax on professions, trades, callings and employments from ₹ 250 (equivalent to ₹ 2,900 or US$33 in 2023) per person per annum to ₹ 2500 per person per annum. The 60th Amendment also omitted the proviso to clause (2) of article 276.
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