SHOP TAX
SM HandyMan Services Kolkata
Have you ever wondered why India is always leading ahead of other countries in terms of growth? However, we do not see any progress on ground zero. Currently India’s GDP (gross domestic product) growth rate to 7.2 per cent in 2018-19 from 6.7 per cent in the previous fiscal.
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1. Direct Tax
Taxes which are paid directly by individuals and organisations to the government of India come under Direct Tax. Taxes which are paid under Direct Tax include, Personal Income Tax, Capital Gains Tax, Securities Transaction Tax, Perquisite Tax, Corporate Income Tax, Marginal Tax, Rate Tax on Agricultural.
2. Indirect Tax
Service Tax which is incurred indirectly by the government of India are provided by firms and servicing companies in lieu of monetary benefit. The Central Government via the Finance Act, 1994 governs the taxability of services provided by an individual or a company under Section 66B. Service tax is charged at the rate of 15% currently. The taxability arises once the value of services exceeds Rs. 10 lakhs during the financial year.
3. Goods and Services Tax
Goods and Services Tax (GST) is an indirect tax (or consumption tax) levied in India on the supply of goods and services. It is levied at every step in the production process.
The tax is divided into five slabs — 0 per cent, 5 per cent, 12 per cent, 18 per cent, and 28 per cent.
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