Introduction to the Other Taxes
The Other taxes describe various types of direct and indirect taxes in the Taxation System of India. It mainly focuses on the numerous indirect taxes in the country such as
Service Tax: The service tax is charged on the provision of services. The taxability arises when the service provider provides any service in the taxable territory of the country. The current service tax rate is 15%.
Value Added Tax: The Value added tax is imposed on the incremental value of goods in the production cycle. It is charged at different rates by the various states as per the implied law.
Central Sales Tax: Central Sales Tax or CST is levied on the interstate transfer of goods. It is a tax imposed by the Central Government.
Excise Duty: The person is liable to pay excise duty on the value of goods manufactured. The main event is manufacture and as soon as manufacture happens, liability to pay excise duty arises.
Customs Duty: Customs duty is payable on the goods imported or exported outside India. When you import any goods in the country import duty is imposed whereas, when you export any good outside country export duty is imposed.
The other taxes involved are as under:
Corporate Taxation: It is the tax imposed on the income earned by both the types of companies, domestic and foreign.
Expat Tax: The tax imposed on the employees or workers’ working in their foreign offices, away from their origin country is known as expat tax.
Advance Tax: Advance tax is income tax paid in advance in instalments instead of a lump-sum payment at the end of the year.
Property Tax: The tax imposed on the estate properties’ including the land is known as property tax. It is charged at different rates in various states.