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2) 40% of Salary (50% of salary in case of Metro Cities) 3) Excess of rent paid over 10% of Salary Salary for the purpose of HRA (Basic + DA) 3. Balance (1-2)
Securities transaction tax (STT) Rates In the case of the capital market segment, the tax is 0.1 per cent.
Excel File
Sales tax
In pursuance to agreement reached between Central Government and Empowered Committee of States for implementation of Vat, it has been agreed to phase out Central Sales Tax in stages. CST has been reduced from 4% to 2% w.e.f. 1-6-2008. It is proposed reduce CST by 1% every year and to make it Nil by 1-4-2010.
Sales tax
So far, sale to Government was treated at par with sale to registered dealers. CST rate applicable for sale to Government was 4% if Government issued D form.
Sales to Registered dealer Sales to Unregistered dealer
Declared Goods
4%
Undeclared Goods
10%
Now, Distinction between declared goods and goods other than declared goods has been abolished .
Excise tax
Excise is a tax levied on goods manufactured or produced in India. Central Excise duties are the single largest source of Revenue for the Central Government of India. EXCISABLE GOODS
The goods should be MOVABLE. (no duty on immovable goods). The goods should be MARKETABLE (capable of being bought and sold). The goods should arise out of MANUFACTURING process. The goods should be MENTIONED in the Central Excise Tariff Act. (if one of the criteria mentioned above is absent, the item cannot be described as goods to attract Excise levy, even if there is entry in the tariff).
Excise tax
Excisable Goods are of two kinds:
Unmanufactured Goods (Coffee, Tobacco). Manufactured Goods. Rates of duty are of three kinds:
Excise tax
Most of the products attract excise duties at the rate of 16%. Some products also attract special excise duty/and an additional duty of excise at the rate of 8% above the 16% excise duty. 2% education cess is also applicable on the aggregate of the duties of excise. Excise duty is levied on ad valorem basis or based on the maximum retail price in some cases.