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Value-added Taxation In India
VAT was introduced very beginning in year on year value added tax (VAT) into the Indian taxation system from 1 April 2005. The existing general rules and citations very usefulsales tax laws were replaced with the Value Added Tax Act (2005) and associated VAT rules. A few states (Gujarat, Tamil Nadu, Rajasthan, Madhya Pradesh, Chhattisgarh, Jharkhand, Uttarakhand and Uttar Pradesh) opted to stay out of VAT taxation system during the initial introduction of VAT but adopted it later. As of 2 June 2014, VAT has been implemented in all the states and union territories of India except Pondicherry, Andaman and Nicobar Islands and Lakshadweep Island. History The OECD (2008, 112–13) cites Chanchal Kumar Sharma (2005) to answer why it has proved so difficult to implement a federal VAT in India. The book claims that although the implementation of a broad-based federal VAT was considered as the most desirable consumption tax for India since the early 1990s, such a reform would involve ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Value Added Tax
A value-added tax (VAT), known in some countries as a goods and services tax (GST), is a type of tax that is assessed incrementally. It is levied on the price of a product or service at each stage of production, distribution, or sale to the end consumer. If the ultimate consumer is a business that collects and pays to the government VAT on its products or services, it can reclaim the tax paid. It is similar to, and is often compared with, a sales tax. VAT is an indirect tax because the person who ultimately bears the burden of the tax is not necessarily the same person as the one who pays the tax to the tax authorities. Not all localities require VAT to be charged, and exports are often exempt. VAT is usually implemented as a destination-based tax, where the tax rate is based on the location of the consumer and applied to the sales price. The terms VAT, GST, and the more general consumption tax are sometimes used interchangeably. VAT raises about a fifth of total tax revenues bo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pondicherry
Pondicherry (), now known as Puducherry ( French: Pondichéry ʊdʊˈtʃɛɹi(listen), on-dicherry, is the capital and the most populous city of the Union Territory of Puducherry in India. The city is in the Puducherry district on the southeast coast of India and is surrounded by Bay of Bengal to the east and the state of Tamil Nadu, with which it shares most of its culture, heritage, and language. History Puducherry, formerly known as Pondicherry, gained its significance as “The French Riviera of the East” after the advent of the French colonialization in India. Puducherry is the Tamil interpretation of “new town” and mainly derived from “Poduke”, the name of the marketplace as the “Port town” for Roman trading in 1st century as mentioned in ‘The Periplus of the Erythraean Sea’. The settlement was once an abode of many learned scholars as evidently versed in the Vedas, hence also known as Vedapuri. The history of Puducherry can broadly be classified ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Taxation In India
Taxes in India are levied by the Central Government and the State Governments by virtue of powers conferred to them from the Constitution of India. Some minor taxes are also levied by the local authorities such as the Municipality. The authority to levy a tax is derived from the Constitution of India which allocates the power to levy various taxes between the Union Government and the State Governments. An important restriction on this power is Article 265 of the Constitution which states that "No tax shall be levied or collected except by the authority of law". Therefore, each tax levied or collected has to be backed by an accompanying law, passed either by the Parliament or the State Legislature. Nonetheless, tax evasion is a massive problem in India, ultimately catalyzing various negative effects on the country. In 2019–20, the Direct tax collections reported by CBDT were approximately INR 12.33 trillion. History India has abolished multiple taxes with passage of time and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
One Hundred And First Amendment Of The Constitution Of India
Officially known as The Constitution (One Hundred and First Amendment) Act, 2016, this amendment introduced a national Goods and Services Tax (GST) in India from 1 July 2017. It was introduced as the One Hundred and Twenty Second Amendment Bill of the Constitution of India, The Goods and Services Tax (GST) is a Value added Tax (VAT) proposed to be a comprehensive indirect tax levy on manufacture, sale and consumption of goods as well as services at the national level. It replaces all indirect taxes levied on goods and services by the Indian Central and state governments. It is aimed at being comprehensive for most goods and services. Background An empowered union committee was set up by the Vajpayee administration to streamline the GST model to be adopted and to develop the required back-end infrastructure that would be needed for its implementation. In his budget speech on 28 February 2006, P. Chidambaram, the Finance Minister, announced the target date for implementatio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Assam General Sales Tax
VAT was introduced very beginning in year on year value added tax (VAT) into the Indian taxation system from 1 April 2005. The existing general rules and citations very usefulsales tax laws were replaced with the Value Added Tax Act (2005) and associated VAT rules. A few states (Gujarat, Tamil Nadu, Rajasthan, Madhya Pradesh, Chhattisgarh, Jharkhand, Uttarakhand and Uttar Pradesh) opted to stay out of VAT taxation system during the initial introduction of VAT but adopted it later. As of 2 June 2014, VAT has been implemented in all the states and union territories of India except Pondicherry, Andaman and Nicobar Islands and Lakshadweep Island. History The OECD (2008, 112–13) cites Chanchal Kumar Sharma (2005) to answer why it has proved so difficult to implement a federal VAT in India. The book claims that although the implementation of a broad-based federal VAT was considered as the most desirable consumption tax for India since the early 1990s, such a reform would involve ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jammu And Kashmir (union Territory)
Jammu and Kashmir is a region administered by India as a union territory and consists of the southern portion of the larger Kashmir region, which has been the subject of a dispute between India and Pakistan since 1947, and between India and China since 1962.(a) (subscription required) Quote: "Kashmir, region of the northwestern Indian subcontinent ... has been the subject of dispute between India and Pakistan since the partition of the Indian subcontinent in 1947. The northern and western portions are administered by Pakistan and comprise three areas: Azad Kashmir, Gilgit, and Baltistan, the last two being part of a territory called the Northern Areas. Administered by India are the southern and southeastern portions, which constitute the state of Jammu and Kashmir but are slated to be split into two union territories. China became active in the eastern area of Kashmir in the 1950s and has controlled the northeastern part of Ladakh (the easternmost portion of the region) sinc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Octroi
Octroi (; fro, octroyer, to grant, authorize; Lat. ''auctor'') is a local tax collected on various articles brought into a district for consumption. Antiquity The word itself is of French origin. Octroi taxes have a respectable antiquity, being known in Roman times as ''vectigalia''. These were either the ''portorium'', a tax on the entry from or departure to the provinces (those cities which were allowed to levy the ''portorium'' shared the profits with the public treasury); the or , a duty levied at the entrance to towns; or the ''edulia'', sales imposts levied in markets. ''Vectigalia'' were levied on wine and certain articles of food, but it was seldom that the cities were allowed to use the whole of the profits of the taxes. Anglican Bishop Charles Ellicott suggested that the role of Matthew the tax collector in the gospels () was "to collect the ''octroi'' levied on the fish, fruit, and other produce that made up the exports and imports of Capernaum" on the Sea of Galilee ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lakshadweep
Lakshadweep (), also known as Laccadives (), is a union territory of India. It is an archipelago of 36 islands in the Arabian sea, located off the Malabar Coast. The name ''Lakshadweep'' means "one lakh islands" in Sanskrit, though the Laccadive Islands are just one part of the archipelago of no more than a hundred islands. Malayalam is the primary as well as the widely spoken native language in the territory. The islands form the smallest union territory of India and their total surface area is just . The lagoon area covers about , the territorial waters area and the exclusive economic zone area . The region forms a single Indian district with 10 subdivisions. Kavaratti serves as the capital of the Union Territory and the region comes under the jurisdiction of Kerala High Court. The islands are the northernmost of the Lakshadweep–Maldives–Chagos group of islands, which are the tops of a vast undersea mountain range, the Chagos-Laccadive Ridge, Chagos-Lakshadweep Ridge ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Andaman And Nicobar Islands
The Andaman and Nicobar Islands is a union territory of India consisting of 572 islands, of which 37 are inhabited, at the junction of the Bay of Bengal and the Andaman Sea. The territory is about north of Aceh in Indonesia and separated from Thailand and Myanmar by the Andaman Sea. It comprises two island groups, the Andaman Islands (partly) and the Nicobar Islands, separated by the 150 km (100 mile) wide Ten Degree Channel (on the 10°N parallel), with the Andaman islands to the north of this latitude, and the Nicobar islands to the south (or by 179 km; 111 miles). The Andaman Sea lies to the east and the Bay of Bengal to the west. The island chains are thought to be a submerged extension of the Arakan Mountains. The territory's capital is the city of Port Blair. The total land area of the islands is approximately . The territory is divided into three districts: the Nicobar District with Car Nicobar as its capital, the South Andaman district with Port Blai ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Uttar Pradesh
Uttar Pradesh (; , 'Northern Province') is a state in northern India. With over 200 million inhabitants, it is the most populated state in India as well as the most populous country subdivision in the world. It was established in 1950 after India had become a republic. It was a successor to the United Provinces (UP) during the period of the Dominion of India (1947–1950), which in turn was a successor to the United Provinces (UP) established in 1935, and eventually of the United Provinces of Agra and Oudh established in 1902 during the British Raj. The state is divided into 18 divisions and 75 districts, with the state capital being Lucknow, and Prayagraj serving as the judicial capital. On 9 November 2000, a new state, Uttaranchal (now Uttarakhand), was created from Uttar Pradesh's western Himalayan hill region. The two major rivers of the state, the Ganges and its tributary Yamuna, meet at the Triveni Sangam in Prayagraj, a Hindu pilgrimage site. Ot ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sales Tax
A sales tax is a tax paid to a governing body for the sales of certain goods and services. Usually laws allow the seller to collect funds for the tax from the consumer at the point of purchase. When a tax on goods or services is paid to a governing body directly by a consumer, it is usually called a use tax. Often laws provide for the exemption of certain goods or services from sales and use tax, such as food, education, and medicines. A value-added tax (VAT) collected on goods and services is related to a sales tax. See Comparison with sales tax for key differences. Types Conventional or retail sales tax is levied on the sale of a good to its final end-user and is charged every time that item is sold retail. Sales to businesses that later resell the goods are not charged the tax. A purchaser who is not an end-user is usually issued a "resale certificate" by the taxing authority and required to provide the certificate (or its ID number) to a seller at the point of purchase, al ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Uttarakhand
Uttarakhand ( , or ; , ), also known as Uttaranchal ( ; the official name until 2007), is a state in the northern part of India. It is often referred to as the "Devbhumi" (literally 'Land of the Gods') due to its religious significance and numerous Hindu temples and pilgrimage centres found throughout the state. Uttarakhand is known for the natural environment of the Himalayas, the Bhabar and the Terai regions. It borders the Tibet Autonomous Region of China to the north; the Sudurpashchim Province of Nepal to the east; the Indian states of Uttar Pradesh to the south and Himachal Pradesh to the west and north-west. The state is divided into two divisions, Garhwal and Kumaon, with a total of 13 districts. The winter capital of Uttarakhand is Dehradun, the largest city of the state, which is a rail head. Bhararisain, a town in Chamoli district, is the summer capital of Uttarakhand. The High Court of the state is located in Nainital. Archaeological evidence supports the e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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