The article discusses how goods and services tax (GST) works in India. India is a federal polity and so its GST has had to be driven by means of a joint initiative between the center and the states. The federal and state GST will be comprised of the goods tax and the services tax. ...
the product cost becomes ₹210. After adding ₹100 in value, he charges ₹310 for the service. The GST liability of ₹310 is ₹15.5, and with an input tax credit of ₹10 (the GST paid on the product), the net GST liability is ₹5.5 (₹15.5 – ₹10). ...
Goods and Services Tax (GST) is also known as indirect tax or consumption tax in India on the supply of goods and services. It is a comprehensive, multistage, and also known as destination-based tax. GST is a good and simple tax regime that will eliminate the compounding effects of multi...
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How much tax do you really pay? (cover story)The article focuses on the hidden indirect taxes workers are required to pay in India. An indirect tax is the tax levied on service providers and manufacturers of goods which they pass on to consumers. Aside from sales tax, indirect taxes also...
Another risk is that when states or central banks issue currency, it can increase the service payments on government debt. Research suggests that managing this risk requires careful coordination of fiscal policy (how much governments tax and spend) and monetary policy (how price stability is maintai...
To start your online PAN Card application, head to the Tax Information Network site. 3. Get an Importer-Exporter Code (IEC) Number For exports and imports from India, the IEC code (10-digit code) must be secured in accordance with the Foreign Trade Policy. For service or technology ...
Hi Adam, did you pay tax when you sell US stocks? May I know how much is their tax? Thank you. Reply Adam Wongsays: May 17, 2019 at 5:15 pm Hi Caroline, I don’t pay any capital gains tax, but there’s a 30% withholding tax on dividends. For this reason, it makes more se...
When it comes to managing your finances, understanding the impact of taxes is crucial. Whether you have a savings account or are considering opening one, it’s important to grasp the concept of taxation on savings account interest. By having a clear understanding of how much tax you’ll need...
Do not leave any loopholes and document clearly the benefits each company member is entitled to. Who is responsible for which area of the business and how much work they commit to putting in. Make sure you put this on paper when you incorporate the company. You never know how successful ...