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India currently recognizes four types of Goods service tax returns. These are: CGST (Central Goods and Services Tax): When buying or selling things within one state, CGST is collected as an indirect tax by the central government in order to raise money for activities like infrastructure development and public services.
Since 1998, most people haven't had to worry about owing taxes when they sell their home, even if they clear a hefty profit when they do so. There's no longer any need to buy another house to roll ...
The gain realized on the sale of a principal residence is not taxable. A gain realized on the sale of other real estate held at least 30 years, however, is not taxable, although this will become subject to 15.5% social security taxes as of 2012. (There is a sliding scale for non-principal residence property owned for between 22 and 30 years.)
In the event that the purchase price exceeds the sale price, a capital loss occurs. Capital gains are often subject to taxation , of which rates and exemptions may differ between countries. The history of capital gain originates at the birth of the modern economic system [ citation needed ] and its evolution has been described as complex and ...
A gross receipts tax or gross excise tax is a tax on the total gross revenues of a company, regardless of their source. A gross receipts tax is often compared to a sales tax ; the difference is that a gross receipts tax is levied upon the seller of goods or services, while a sales tax is nominally levied upon the buyer (although both are ...
The median sale price of an existing home in the U.S. hit an all-time-high of $426,900 in June 2024, and November’s median of $406,100 was not much lower, according to the National Association ...
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 .
If, however, that person buys a rock for $20 and then sells the same rock for $25, then there is a capital gain on the rock of $5, which is thus taxable. The purchase price of $20 is analogous to cost of sales. Typically, capital gains tax is due only when an asset is sold. However, the rules for this are very complicated.