INDIRECT TAX

Double taxation refers to the phenomenon where a single individual or corporation is taxed twice on the same income or assets by two different jurisdictions or governments. This often occurs when a person or corporation is a resident of one country but operates businesses in another country. Examples of double taxation: Corporate income tax: A […]

The phrase “provisional assessment” has a specific meaning within the field of psychology. Here’s a breakdown: Provisional Assessment: It refers to the initial evaluation of a client’s psychological well-being and mental health needs conducted by a mental health professional (e.g., psychologist, psychiatrist). This evaluation is temporary, preliminary, and subject to change as more information becomes […]

GST (Goods and Services Tax) GST (Goods and Services Tax) is a comprehensive indirect tax levied in India on the supply of goods and services. It is a destination-based tax, meaning that the tax is paid where the goods or services are consumed, not where they are produced. Rate of GST: The GST rate in […]

GST Refunds in India The Goods and Services Tax (GST) Act in India provides for GST refunds to eligible taxpayers. These refunds are granted to offset the tax paid on certain inputs or to provide relief on specific items. Eligibility for GST Refunds: Inverted Wholesale Dealer (IWD): Taxpayers who purchase goods from abroad for resale […]

GST (Goods and Services Tax) rate in India is currently 18%. However, there are different rates applicable to different goods and services. Here is a breakdown of the GST rates in India: Standard Rate: 18% – Applies to most goods and services, including: Most manufactured items Electronics and appliances Motor vehicles Telecommunication services Financial services […]

Definition: A tariff is a tax levied on imported goods or services by a country. It is a protectionist measure designed to regulate the flow of trade and generate revenue. Objectives: Revenue generation: Tariffs can generate significant revenue for governments. Protectionism: Tariffs can protect domestic industries from foreign competition. Balance of payments: Tariffs can influence […]

The tax-to-GDP ratio is a key indicator of a country’s tax policy and its ability to generate revenue. It is calculated by dividing the total amount of taxes collected by the government in a given year by the country’s GDP in that same year. Formula: Tax-to-GDP ratio = (Total taxes collected) / GDP Interpreting the […]

Indirect Tax Indirect taxes are levied on the consumption of goods and services rather than directly on the producers or manufacturers. They are typically levied on the end consumer and are paid through intermediaries, such as retailers or wholesalers. Examples of Indirect Taxes: Sales tax (GST/VAT) Excise tax Customs duty Payroll tax (Social security and […]