TAX STRUCTURE IN INDIA Introduction: India has a well-developed tax structure with clearly demarcated authority between Central and State Governments and local bodies. Central Government levies taxes on income (except tax on agricultural income‚ which the State Governments can levy)‚ customs duties‚ central excise and service tax. The Tax Structure in India is quite strong and follows the financial year. The taxation under the tax structure in India is applicable for any kind of income pertaining
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goods. * The standard and concessional rate of GST on goods for the first three years from the date of implementation of GST would be Services are however likely to be taxed @16% (8+8) under the GST regime. DIFFERENCE BETWEEN GST AND THE CURRENT INDIRECT TAX REGIME? * With the introduction of GST‚ the taxable event would shift to supply of goods and services. Thus‚ even branch transfers would be subject to GST. * Under GST‚ the cascading effect‚ that is‚ tax on tax‚ would be removed. The
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Indirect Tax CA Pranjal Joshi Lecture Plan for Indirect Taxation |Lecture No. |Particulars | |01 |Scheme of Taxation in India‚ Constitutional provisions‚ Direct vs. Indirect Tax‚ Excise Duty – Journey so far | |02 |Fundamentals of excise duty‚ Goods‚ marketability test‚ Excisable‚ Manufacture | |03
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Government of India “Democracy is the art and science of mobilizing the entire physical‚ economic and spiritual resources of various sections of the people in the service of the common good of all.” Mahatma Gandhi BUDGET 2009-10 July 6‚ 2009 1 http://indiabudget.nic.in Key Features of Budget 2009-2010 CHALLENGES ! ! ! to lead economy to high GDP growth rate of 9 per cent per annum at the earliest to deepen and broaden the agenda for inclusive development to improve delivery mechanisms
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Direct Taxes and Indirect Taxes. Direct Taxes are levied directly on income‚ capital value‚ wealth‚ corporate assets. Consequently‚ following are the types of Direct taxes. Income tax‚ Capital Value tax‚ Wealth tax‚ and Corporate Assets tax are Direct taxes. These taxes are directly applied on the capital gain‚ profit‚ earnings and salaries of people. Income tax is a kind of progressive tax whereas corporate tax is a kind of proportional tax or applied on flat rate. Indirect taxes are charged
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Science Mr. Shahid Ahmed‚ Implementation of VAT: Pakistan ’s Experience Pakistan Economic Survey 2011-2012‚ Highlights FBR (March 2012)‚ FBR Quarterly Review Muhammad Aamir (2011)‚ Determinants of Tax Revenue: A Comparative Study of Direct taxes and Indirect taxes of Pakistan and India 8|Page Exhibits Exhibit 1: Tax-GDP ratio Exhibit 2: Gini coefficient 9|Page Exhibit 3: Tax Revenue vs. Non-Tax Revenue Exhibit 4: 10 | P a g e Exhibit 5: 11 | P a g e
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some intrinsic to the organization‚ some market specific and others fiscal in nature. The fiscal costs have thus remained a key determinant of supply chain designs in India with manufacturing bases and distribution networks designed to garner fiscal benefits. Availability of tax exemptions/deferrals and the differential tax considerations across various geographical locations have played vital role in structuring of supply chains‚ procurement patterns and distribution networks. The excise tax holidays
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2005‚ most of the State Governments in India have replaced sales tax with VAT. Taxes Levied by Central Government Direct Taxes • Tax on Corporate Income • Capital Gains Tax • Personal Income Tax • Tax Incentives • Double Taxation Avoidance Treaty Indirect Taxes • Excise Duty • Customs Duty • Service Tax • Securities Transaction Tax Taxes Levied by State Governments and Local Bodies • Sales Tax/VAT • Other Taxes Direct Taxes Taxes on Corporate Income Companies residents in India are taxed on their
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1. Compose a summary of the case. Include how the fraud was perpetrated‚ the characteristics of the perpetrator(s) who committed the fraud‚ the role the auditor(s) had in the case‚ and the direct and indirect effects the incident had on the organization’s stakeholders (customers‚ vendors‚ employees‚ executive committee‚ and board of directors). Comerica is being sued by Experi- Metal’s for a $560‚000 phishing attack to their bank account. Experi- Metal‚ a custom auto- parts maker‚ was hit by phishing
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Undertake a cost-benefit analysis for your chosen solution to her problem D1 I shall start with the stake holders‚ Emily needs to take everyone that is capable to carry on in the company and calculate their earnings compared to the total costs of last year’s profits. The stakeholders also need to identify whether or not all staff will be needed also they will need to make sure there will be enough floor space. A cost benefit analysis finds‚ quantifies‚ and adds all the positive factors. These
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