Who has
the power to levy and collect sales tax ? Principles related to
sales tax, interstate trade and commerce are also there. Also
tells what is a sales tax ID number.
Click for
Value
Added Tax (VAT) |
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| A
milestone achieved only in four years on April 1, 2005.
Launching VAT in India, the country joined the school of 123
countries worldwide which started in UK in 1973 to bring out
uniqueness and uniformity in tax system. |
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| Gives
information on who is liable to pay excise duty ? and what types
of Excise duties are levied in India. Where and when they are
applied. |
Introduces
to Customs duty prevailing in India. Tells about the restriction
on imports and exports, what is legal and what is not ?
Information on the baggage rules, import and export by post and
tariff valuation of exported items. |
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| What
is capital gains tax ? Defines long term and short term capital
gains. Lists the rates and concessions offered. Also a category
relating to NRI capital gains. |
The
rebates, allowances, incentives applicable while paying tax.
Includes different sections for individual and corporate tax. |
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| Taxation
of Non-Residents, taxable NRI income. What does total income of
Non-resident includes. Exemptions and concessions for NRI's. |
India
has tax treaties with over 40 countries with whom it has
significant economic relationships. This section includes Rates
for Dividends, Interest, Royalties and Technical Fees |
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