Duty v/s tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 November 2013
What is the difference between Duty and Tax?
27 November 2013
Taxes are recovered by the government on the earnings of an individual as per the Income Tax Act.
Taxes are levied by government through Local Government Authorities such as Municipalities - towards Property as property tax, Cess, Municipal taxes, land revenues and many others.
Taxes such as Sales Tax now termed VAT, Service Tax are payable by all purchasers on the value of goods/services.
Duties represents a levy on goods manufactured such as excise duty,
on import of goods termed as Custom Duty, Octroi for movement of goods from one state to another for purpose of a sale.
Central Excise and Customs are the authority for Duties where as Income tax Authorities are for tax on earned incomes, and Local Govt. Agencies for Property tax, land revenues etc as clarified above.
Taxes are levied by government through Local Government Authorities such as Municipalities - towards Property as property tax, Cess, Municipal taxes, land revenues and many others.
Taxes such as Sales Tax now termed VAT, Service Tax are payable by all purchasers on the value of goods/services.
Duties represents a levy on goods manufactured such as excise duty,
on import of goods termed as Custom Duty, Octroi for movement of goods from one state to another for purpose of a sale.
Central Excise and Customs are the authority for Duties where as Income tax Authorities are for tax on earned incomes, and Local Govt. Agencies for Property tax, land revenues etc as clarified above.
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 November 2013
Why is the word "Export Duty" coined? Why not Export Tax?
As you replied "Taxes such as Sales Tax now termed VAT, Service Tax are payable on the value of goods/services" Export Duty is also on Sale of Goods/Services
Though Export duty is exempt as we can export goods but not taxes, why is it called Duty but not tax
Can you explain this with regard to VAT and Export Duty?
As both are on sale of goods only
As you replied "Taxes such as Sales Tax now termed VAT, Service Tax are payable on the value of goods/services" Export Duty is also on Sale of Goods/Services
Though Export duty is exempt as we can export goods but not taxes, why is it called Duty but not tax
Can you explain this with regard to VAT and Export Duty?
As both are on sale of goods only
14 August 2023
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