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Value added tax for the state Jammu & Kashmir includes multiple products such as cooked food, saffron, honey, electrical items, textile items such as durries, quilts, Pashmina wool etc. Apart from the applicability of VAT, the govt also made some exemptions on basic food items, industrial units, hotel, and farming equipment.
In India states earn revenue through own taxes, central taxes, non-taxes and central grants. [1] For most states, own taxes form the largest part of the total state revenue. [1] Taxes as per the state list includes land revenue, taxes on agricultural income, electricity duty, luxury tax, entertainment tax and stamp duty. [2]
From 1 May 2018 onwards Ministry of Finance of Government of India started releasing monthly GST revenue collection data via official press release through Press Information Bureau. And to further improve transparency Government of India started issuing state-wise monthly collection data from 1 January 2020.
India faces more difficulties in proliferating its income tax than a country like China, who subjects 20% of its population, because there is an emphatically low amount of formal wage earners. [27] Even though India's income tax was instituted in 1922 by the British, their tax history explains their high degree of tax delinquency today. [27]
SGST (State Goods and Services Tax): When purchasing or selling something within your state, an SGST tax is collected by your government and used for local projects, schools and other purposes that benefit the entire population of that particular state. The money collected stays within its borders to fund local needs or state initiatives.
The Hindi Language Portal gives the content of India.gov.in in Hindi under india.gov.in/hi. Content Depository is a storehouse of documents, forms, contact directories, schemes, acts, rules and websites contributed by government Ministries and Departments at the central and state level.
Anyone who collects VAT becomes a VAT Trustee if they: register and collect a Business Identification Number (BIN) from the NBR; submit VAT returns on time; offer VAT receipts; store all cash-memos; and use the VAT rebate system responsibly. VAT Mentors work in the VAT or Customs department and deal with trustees. The VAT rate is a flat 15%.
Form 3CA is a document used in the process of filing income tax returns in India. The document is Audit Report and is in accordance with the format specified by the Income Tax Department of India. The Income Tax Department of India has a list of forms that are to be used by assessees when filing income tax returns.