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What is mean by tax and service tax - Tally Computers & Internet

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TAX:

A fee charged ("levied") by a government on a product, income, or activity. If tax is levied directly on personal or corporate income, then it is a direct tax. If tax is levied on the price of a good or service, then it is called an indirect tax. The purpose of taxation is to finance government expenditure. One of the most important uses of taxes is to finance public goods and services, such as street lighting and street cleaning. Since public goods and services do not allow a non-payer to be excluded, or allow exclusion by a consumer, there cannot be a market in the good or service, and so they need to be provided by the government or a quasi-government agency, which tend to finance themselves largely through taxes.

SERVICE TAX

Service Tax is a form of indirect tax imposed on specified services called "taxable services". Service tax cannot be levied on any service which is not included in the list of taxable services. Over the past few years, service tax been expanded to cover new services. The objective behind levying service tax is to reduce the degree of intensity of taxation on manufacturing and trade without forcing the government to compromise on the revenue needs. The intention of the government is to gradually increase the list of taxable services until most services fall within the scope of service tax. For the purpose of levying service tax, the value of any taxable service should be the gross amount charged by the service provider for the service rendered by him.

Posted on Aug 25, 2010

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What is the impact of GST on MSME sectors?


Like every other sector GST implications on MSMEs can be both positive and negative. Let us check both positive and negative implication of GST on the MSME sector:

  • Positive Impact:
  • Unified Taxation: Earlier SMEs had to face multiple taxation procedures, a complete time-consuming process. But with the GST implication, there is a uniform taxation making it easier pay tax. In order words, GST will help doing business with neutral tax.
  • Negative Impact:
  • Burden of Higher Tax Rate: Earlier, MSMEs had to pay service tax of 15% which is now increased to 18%. This is certainly an increase in the burden of higher tax payment. This burden will further fall on end consumer as the price of the product or service will increase.
  • Low Tax Limit: Earlier, MSME earning above Rs 1.50 crore was placed under tax bracket, but under GST, the limit has dropped to Rs 20 lakh which is a huge blow for the sector.

Sep 28, 2017 | The Computers & Internet

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HOW DO I CHANGE MY TAXES RATE?


Please clarify the question. If you mean tax withholding rate, change the number of exemptions on your W-2. That won't change your tax liability at the end of the year, but will change your take home pay. If you mean actual tax rate, then you need to change the amount or source of your income, or change your tax deductions. Regarding source, I mean earned income vs investment income.

Jan 22, 2015 | Office Equipment & Supplies

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What taxes, if any, are included within a pro forma?


A pro-forma would usually include all the taxes that are payable by the vendor on behalf of the buyer. These are usually state sales taxes, or in some countries, may appear as a value-added tax (VAT) or goods & services tax (GST) applied as a percent markup of the transaction. The taxes included in a pro-forma should be those that apply to the transaction being taxed.

Is it a good? A service? A commodity, a major asset? Are there other fees & charges levied by local government that do not attract sales taxes?

The answer is:
It depends on what you are taxing, and in whose jurisdiction you are levying the tax and what rules apply to the calculation of the tax. Familiarise yourself with your applicable tax legislation.

Aug 31, 2014 | Microsoft Excel for PC

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Are there tax benefits to annuity plans?


Yes there are! The money you invest in an annuity plan is not taxed, its tax is deferred. This means that you don't pay taxes on the money now, but when you start to receive your annuity income during retirement it is taxes like a regular income tax.

Sep 02, 2013 | Finance

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Service Tax Return


Try Turbo Tax.com FAQ

Nov 13, 2008 | Computers & Internet

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