Indirect Tax –GST & Miscellaneous Taxes
Indirect Tax
The tax that is not imposed by the taxpayers instead it is passed to another individual or entity, and paid to the government. This tax is charged on Goods and Services which results in a hike of prices.
Types of Indirect Taxes:
Service Tax
The tax charged for the service provided by a firm or an individual and paid by the recipients of the service to the central government.
Excise Duty
The tax charged on the goods manufactured in India and levied on to the customers and paid by them to the central government.
Value Added Tax(VAT)
A type of tax that is charged on any product sold directly to the customer and is movable. It is of two types Central sales tax and State central sales tax.
GST
Every Company involved in sales and purchases of goods and other services relating to goods are required to register for GST.The Goods and Service Tax Act was passed in the Parliament on 29th March 2017 and came into effect on 1st July 2017.