Notwithstanding anything in articles and , Parliament may at any time increase any of the duties or taxes referred to in those articles by a surcharge for purposes of the Union and the whole proceeds of any such surcharge shall form part of the Consolidated Fund of India. Prior recommendation of President required to Bills affecting taxation in which States are interested.
Provided that there shall be paid out of the Consolidated Fund of India as grants-in-aid of the revenues of a State such capital and recurring sums as may be necessary to enable that State to meet the costs of such schemes of development as may be undertaken by the State with the approval of the Government of India for the purpose of promoting the welfare of the Scheduled Tribes in that State or raising the level of administration of the Scheduled Areas therein to that of the administration of the rest of the areas of that State:.
Provided further that there shall be paid out of the Consolidated Fund of India as grants-in-aid of the revenues of the State of Assam sums, capital and recurring, equivalent to-. Goods and services that are exempt from VAT include liquor, books, lottery tickets, diesel and petrol.
However, these items may be subject to other taxes such as excise and customs duties. State Government Taxes in India. India How To. Details of the taxes in India that are administered at state level… Entertainment Tax This is levied by the state government on various forms of entertainment.
For example, the luxury tax rates for hotels in Tamil Nadu are: Rs to Rs per day: 15 percent Rs to Rs1, per day: 20 percent Rs1, or more per day: 25 percent In Maharashtra, the rates are: Up to Rs per day: 0 percent Rs to Rs1, per day: 4 percent Rs1, or more per day: 10 percent The union territories of the Andaman and Nicobar Islands, Lakshadweep and Pondicherry do not levy a luxury tax.
For a full list: Click here Road Tax In India, road tax is a combination of several taxes imposed by the central and state governments on motor vehicles and road usage. The standard rate of VAT is Registered businesses file VAT returns monthly or quarterly, depending on the state.
For further information about VAT regulations and the required forms: Click here. Remember me. Some minor taxes are also levied by the local authorities such as the Municipality and the Local Governments. Over the last few years, the Central and many State Governments have undertaken various policy reforms and process simplification towards great predictability, fairness and automation. GST is a comprehensive indirect tax levied on manufacture, sale and consumption of goods as well as services at the national level.
It has replaced all indirect taxes levied on goods and services by the Central and State Governments. GST on these to be levied post notification about the effective date. Note: Given is an indicative list of items, for details Click Here. Tax incidence of an individual depends upon his residential status, which is defined on the basis of his physical presence in India as per the Income Tax Act. Tax incidence of a company depends on the residential status of the company,i.
Incentive: To incentivise investment in certain sectors, any capital expenditure incurred for specified businesses is allowed as a deduction in the year in which it is incurred. Applicability: Caters to customers outside the jurisdiction of the domestic economy. Such centres deal with flows of finance, financial products and services across borders. Note: In certain cases, the return of income filed by a taxpayer is subject to verification or audit by tax authorities. Popular: fdi policy , taxation in india , major investors.
0コメント