Answer Posted / lalit singh
Excise tax refers to the tax that is levied upon production
of an item and the manufacturer has to pay it when the
finished good goes out of the factory. Thus it is also
called as production tax or manufacture tax.Excise is
different from customs as excise duty is levied on goods
produced inside the country whereas custom duty is charged
on good produced outside the country.
Sales tax is a tax that is levied upon the end consumer of
a product. Normally it is included in the MRP of the
product so the consumer knows that he is paying the tax
when he purchases an item from the market. In some cases,
shopkeepers add it in the last of the invoice to keep it
separate. This amount that a shopkeeper collects from the
consumers is deposited by him to the government. This is a
direct tax that is difficult to evade as a shopkeeper
cannot hide his sales.
| Is This Answer Correct ? | 0 Yes | 0 No |
Post New Answer View All Answers
Under the provisions of the BST Act, no registered dealer is allowed to collect any amount by way of tax in excess of the amount of tax payable by him. Excess tax collected is to be forfeited to Government. However i want to know whether tax payable amount is the amount before the set off claimed or the tax payable amount after availing the set off.
i want know central excise duty codes with cess?
Sir My, Que. We recived hotel housing & bording charges so i have dedu. tds when section
what is the full rate of cst/vat of building material ?
I have transfered the goods in F-Form (i.e. from one state to another) but now the problem is when I have sold the material in the Local market say for 100+tax=100tax, some of the material got defective say 50+tax=50tax. We will have to issue F-form of how much ??? 100 or 50. Kindly send me the same to my mail address - u15326@rediffmail.com
How to reconcilation of modvat
Q.No.1) I paid Salary to our staff after deduction TDS. what is the journal entry pass at that time of payment of salary only, and then at the time of payment of tds. and the last date for payment of TDS Q.No.2) Suppose I paid Salary In advance due to that officer is take business tour at the end of the month in after deducting TDS. Now What is the journal entry Salary Advance & Payment of TDS. and when i will pay TDS for This Situation. Kindly Help me
we have received TDS Certificate (Form No 16A) from one company, we have checked online credited but they not credited to us (online credit)..how can i refund that amount. pls send us letter format
how to creat e-vat return in tally
i have recently joined a bank as probationary officer.i ant to know hich of the two options bellow will be benefitial:- 1.receiving HRA or 2.receiving lease rent from the bank.
please tell me friends what are the formats of excise return and vat return?
what is the difference b/w deferred tax exp and defeered tax liab? should Deffered Tax expense be deducted b4 computing Net profit?
What is the commitment to the bankers against L/C ? They need any colletral Security or any deposit ? What is terms & conditions of L/c?
explain the special provisions for computing profit and gains of retail business
WHAT IS TDS?SHOULD WE FILE TDS TO PURCHASE A THING .SHOULD WE PAY BOTH TDS &TCS FOR THE SAME THING
