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complete information about these taxes-income tax,ser vice
tax,sales tax,vat,excise with complete detail-mening,all
form ,date of filling,procedure,heads,rates for 2008-09 year?
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Answer Posted / ravindra
INCOME TAX - IS the tax which is paid directly to the
centralgovt by the assesse on the income earned
SERVICE TAX - IS the tax which is paid for rendering of
services in this case the seller of the service collects
the service tax towhomhe is rendering the service &
indirectly pays to the centralgovt
sales tax - is the tax which is leivied at the point of
sale this tax will be leivied on sales
RATE - 12.36%, 12% IS SERVICETAX, .36% IS E.D CESS
vat - value added tax ,vat is a formof salestax which is
collected in different stages of transactions like buying
selling & distribution of goods & services the input tax
is rebated against the out put tax is called as vat
FORMULAE - OUTPUT - INPUT
RATES - 1%,4%,12.5%
EXCISE - Excise duty willbe paid when the goods are
removing out side the gate they need to pay the duty known
as excise duty it could be also called as cenvat
FORMULAE - SAME AS VAT
RATE - 14%
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