How do you calculate central sales tax?
5, 00,000. Sales tax was not included separately in the sales invoice. Compute tax liability under the CST Act, assuming the rate of tax @ 2% ….
| Net Sales Rs. | Sales Tax Rate | Sales tax Payable |
|---|---|---|
| 89,80,000 | 3% | 2,69,400 |
| 1,20,000 | 12.5% | 15,000 |
| 58,65,000 | 2% | 1,17,300 |
| Total Sales Tax | 4,01,700 |
What is central sale tax?
Central Sales tax refers to the tax levied on sales generated during inter-state trade and commerce in a country. In essence it is the tax one has to pay on the sale of goods which are sold through inter-state trade.
Is GST applicable in Himachal Pradesh?
Aggregate turnover: A service provider, who provides services more than Rs. 20 lakh in a year is required to get GST registration in Himachal Pradesh. Whereas an entity that is engaged in the supply of goods is required to crosses Rs. 40 lakh is required to get the GST registration in Himachal Pradesh mandatorily.
What is additional goods tax in Himachal Pradesh?
Section 3-B of the HPPGT Act, stipulates that Additional Goods tax (AGT) is to be levied, charged and paid to the State Government on the transport of goods specified in column (2) of the Schedule-II of HPPGT Act at the rates prescribed for each item.
Is central sales tax replaced by GST?
The Goods and Services Tax (GST), which has replaced the Central and State indirect taxes such as VAT, excise duty and service tax, was implemented from 1st July 2017. In this article, you can understand the differences between VAT and GST and their implications.
What is 20 lakh limit in GST?
20 lakhs (or Rs. 40 lakh for a supplier of goods) has to mandatorily register under Goods and Services Tax. This limit is set at Rs. 10 lakhs for North Eastern and hilly states flagged as special category states.
Is GST required below 20 lakhs?
13 Answers. GST is not applicable for those assessees whose turnover is less than 20 Lakhs. Go ahead and surrender your GST registration.
What is AGT in Himachal Pradesh?
Additional Goods Tax
The Himachal Pradesh Steel Industry Association has urged the state government to abolish Additional Goods Tax (AGT), a state-level levy imposed despite the introduction of the Goods and Service Tax (GST) in July 2017. The industries are charged AGT at the rate of Rs 37.50 per metric tonne on both iron and steel.
Why there is no tax on newspaper?
The Parliament was empowered till 1956 to levy tax on sale or purchase of newspapers. However, no such tax was ever levied and Parliament enacted taxes on Newspapers (Sale and Advertisements) Repeal Act, 1951, whereby taxes levied earlier on sale and advertisements published therein was repealed.
What is sale price under CST Act?
In an inter-state sale to government against form D the rate of CST is 4% or local sales tax rate whichever is lower. Rate of CST in case of inter-state sale of declared goods without form C or D is twice the rate of tax applicable to the local sale or purchase of such goods in that state.
What is VAT and CST tax?
VAT and CST registration apply to all companies providing goods and/or services in India. The Value Added Tax (VAT) applies to goods or services provided within the state. Any goods or services provided between the state is Central Sales Tax (CST).
How much is road tax in Himachal Pradesh after 15 years?
After 15 years – Rs.550 per seat per annum subject to a maximum of Rs.35,000 p.a. For first 15 years from the date of registration – Rs.500 per seat per annum subject to a maximum of Rs.25,000 p.a. After 15 years – Rs.550 per seat per annum subject to a maximum or Rs.25,000 p.a. How to pay Road Tax in Himachal Pradesh?
What is on-road price of a car in Himachal Pradesh?
On-road price in Himachal Pradesh (Capital City: Shimla) is nothing but the manufacturer price plus the cost of registration and taxes due to the central and state government and the cost of vehicle insurance. The taxes charged on the vehicles in Himachal Pradesh is based on the provisions of Section 39 of the Motor Vehicle Act, 1988.
How to pay token tax in Himachal Pradesh?
You will be required to provide the registration documents of the vehicle along with other supporting document. You can also pay the token tax online at the official website of Department of Transport Himachal Pradesh.
When will the VAT rates change in Himachal Pradesh 2021?
:: Notification regarding changes in VAT rates on Petrol and Diesel which shall come into force on midnight 4th November 2021. :: Notification Regarding fixation of fare rates of stage carriage bus services in Himachal Pradesh Notification regarding “Himachal Pradesh Swarn Jayanti (Legacy Cases Resolution)Scheme, 2021”.