Vishal Varun (Student) (648 Points)
08 January 2015My Friend have a shop of furniture Can you Please tell me what kind of taxes applied on them
1. Is there any production or manufacturing tax ? How much amount is Exempt ?
2. Is VAT applicable on that ? Limit for that exemption ?
3. how these taxes Influence the Income Tax ?
if there is any other kind of taxes Please mention here .
Thanx in Advance
@*CS Siddharth Bumb. *
(B.Com, CA Final, CS )
(5270 Points)
Replied 09 January 2015
hello,
1. if it is only shop i.e. only trading activity then no excise is leviable
2. you are liable for VAT (basic exemption depends on diff State Govt) (in maharashtra, basic exemption is Rs 1000000)
3. professional tax is required (if you are in maharashtra)
Regards,
Siddharth Bumb
CAclubindia
