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The tax is to be paid by a registered trader within 40 days. As per the rules, every trader whose annual turnover of purchase and sales of the goods included in the taxable schedule is not less than ₹ 5000 and if the annual turnover of purchase and sales of all the goods is not less than ₹ 1,00,000 (one lakh) is supposed to be registered with the local civic body i.e. municipality.
Goods and Services Tax (India) The Goods and Services Tax (GST) is a successor to VAT used in India on the supply of goods and service. Both VAT and GST have the same taxation slabs. It is a comprehensive, multistage, destination-based tax: comprehensive because it has subsumed almost all the indirect taxes except a few state taxes.
States and unionterritories of Indiaordered by. 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 ...
The total tax in Maharashtra is 45% as entertainment tax, 5% VAT on non theatrical and in addition there is a stamp duty on the agreements entered in Maharashtra. The VAT on theatrical was waived from May 2011 but there is still a past issue from 2005 to 2011 which the government is yet to exempt.
Value-added tax (VAT) was introduced into the Indian taxation system from 1 April 2005. The existing general sales 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 ...
Expenses. ₹4.95 lakh crore (US$59 billion) (2022–23 est.) [14] All values, unless otherwise stated, are in US dollars. The economy of the state of Maharashtra is the largest in India. [15] Maharashtra is India's second most industrialised state contributing 20% of national industrial output. Almost 46% of the GSDP is contributed by industry.
An Act further to amend 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. [1] It was introduced as the One Hundred and Twenty Second Amendment Bill of the Constitution of India,
Contents. Goods and Services Tax (India) Revenue Statistics. 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 ...