Hello all,
I need a small help. It would be so nice of you if you can share some knowledge.
Little background: I need to know about various taxes those are involved per transaction. In other words, those taxes that come in to picture while selling/purchasing anything. Yet in other words, those taxes that are journalists per invoice. You know what i mean?
As per my current knowledge, those are
A. VAT
B. Sales tax /CST (I think both are same)
C. Service tax
D. Excise duty
E. custom duty
[PL let me know if this is incorrect or incomplete]
Now the real question.
I want to know various factors that play role while determining amount of tax applicable (percentage of tax, or flat tax, or slabs etc). For example, for vat, as per my knowledge it is based on Type Of Good, and State where it is traded. Whereas service tax is based on type of service, there is a threshold (no-tax limit), depends on where service receiver is located, etc.
What are bases on which these taxes are dependent on? I want to know those complexities.
Please do let me know if anything is unclear. Thanks in advance.
Regards,
Piyush
Interesting Question on Taxes
Piyush Sheth (SSE) (39 Points)
27 May 2011