Looking at the scale of India, it is reasonable to expect 3-5 years for the system to stabilize
Any day you walk out of a restaurant, a scrutiny of the bill would reveal small entries below the food and beverage charges. These include Service Charges, Service Tax and VAT. This is about those small entries.
Taxes are categorized as direct and indirect. Direct tax is the income tax that a Person (literal & corporate) pays the government directly. In contrast, Indirect Taxes are collected from the citizens, in an indirect manner. For instance, a soap manufacturing company pays excise duty (manufacturing tax). It gets added to the cost of the soap. When the manufacturer sells to consumers, sales tax gets added. The consumer pays these taxes excise duty (goods), and sales tax (services)indirectly. The indirect taxes levied in India include Excise (manufacture), Service tax (services), Central Sales Tax (inter -state sales), VAT (intra-state) Customs duty (import), Countervailing Duty (CVD equivalent to Excise on imports), Special Additional Duty (SAD equivalent to sales tax on imports). In addition, the States in India have their additional points of taxation like State Excise Duty, Octroi etc.
Continue reading your story on the app
Continue reading your story in the magazine
In Search of Higher Returns Amid Falling Rates
As Bank Deposit Rates Fall, Even Conservative Investors Are Switching Assets. Where Can They Go?
National Savings Certificates Help as Interest Rates Fall
National Savings Certificates (NSCs) have been among the most popular tax-saving options for ages. In spite of the advent of market-linked investment products such as equity-linked savings schemes (ELSS), the certificates have retained their charm for certain sections of society. In this column, let us discuss the various facets of this special instrument of investment.
What Drives Us to Invest?
I had made the journey from economics to finance. As part of Keynesian economics, we were taught about the three motives to hold money: the transactions motive, the precautionary motive and the speculative motive; all through my teaching career that remained part of my Keynesian economics. But two decades, later when I immersed myself into the world of investment, I had to develop my own tools to understand the new discipline and make my investors understand the working of their own minds. One night as lay turning on my back, poring over the day’s happenings, suddenly I made a strong connection between what I had studied years back and the problem I was grappling with now: the motives.
Ask The Finapolis
Col. Sanjeev Govila (retd) of Hum Fauji Investments answers readers’ queries on investments, taxation and personal finance. Do you have a question you want answered? Email your question to feedback@thefinapolis.com
Input Tax Credit To Benefit End-customer
Looking at the scale of India, it is reasonable to expect 3-5 years for the system to stabilize
Will GST Really Spike Up Your Bills?
As goods and service providers can claim input tax credit, your net tax bill will reduce say experts
The Bull Run Is Here To Stay
Karvy Finapolis’ event —“Is this the mother of all bull runs?” — evoked a thunderous response from investing public recently in Hyderabad.
Adhil Shetty's Column
Time to close that FD; here are better options
The 17 Mistakes To Avoid While Investing In 2017
Keep these points in mind to rake in the moolah from the markets this year.
FM Needs To Find His Focus
The finance minister needs to reboot an economy stalled by demonetisation when he delivers the combined Union and Railway Budget.
A Reporter at Large: Second Nature
How rewilders in India are working to reverse environmental destruction.
PATHS HIDDEN IN PLAIN VIEW
If you've ever seen a makeshift dirt path connecting two sidewalks, that's a \"desire path,\" also known as a desire line or game trail.
After Affirmative Action
The Supreme Court is expected to rule racial preferences in college admissions are unconstitutional. How will that change american schools and society?
INCREDIBLE INDIA
FIRST TRIP TO INDIA NEW DELHI
The Holi Festival
The Holi Festival of Colors in India is a celebration of the victory of good over evil, the destruction of the demoness Holika.
The New Asian America
It wasn't always this way. We were not so often the headline. Our elders' safety was not a cause célèbre. We weren't even sure that we were a "we"-can so many people with so little in common say that? Still, there were a few shared things. Cooking ingredients, tropes we were sick of. And when the attacks first started in early 2020, we found we shared another: a terrible feeling of dread.
Gajan Festival India
This photo project is based on the theme "People & Culture" of India.
India Chops Away At Internet Freedom
Modi’s campaign against fake news and security threats is cutting off political opposition online
Lego Star Wars: The Skywalker Saga
A chip off the old block
A HIGHER CALIBER
With Over 20 Years as a USMC Sniper and Police Officer in Los Angeles, Victor Lopez is in His Element Educating Others to Be More Effective in Austere Environments