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Chhattisgarh VAT Rates: The Chhattisgarh Value Added Tax Act of 2005 contains provisions for rates in the state, with different rates, apply for different products. The rates are classified into two schedules based on certain criteria, as mentioned below. Schedule 1: Schedule 1 contains a list of all products which are exempted from the VAT on account … Continue reading “Chhattisgarh Commercial Tax – VAT”

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CENVAT or Central Value Added Tax is a modification of the previously functioning MODVAT (Modified Value Added Tax), and is a part of the central excise framework of the country. Introduced in the year 2004, CENVAT aims to reduce the tax burden faced by a consumer when he/she purchases a product, offering a clear picture of tax liability at various … Continue reading “CENVAT Credit Rules”

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Central Sales Tax (CST) is an indirect, origin-based tax on customers and is payable in the state where a particular product is sold. CST is charged only on inter-state transactions and any transaction within a state or import/export of goods does not fall under its purview. Central State Tax in India: India, is a union of … Continue reading “Central Sales Tax”

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It is essential to pay income tax, on time. A delay or not paying tax can attract fine, according to the amount pending. Here is how interest penalty is calculated under Sections 234A, 234B and 234C. Section 234A: Delay in filing Income Tax Return: All taxes should be paid before the end of a financial … Continue reading “Calculating Interest Penalty under Sections 234A, 234B, and 234C”

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Bihar VAT Rates: The VAT applicable on goods in Bihar varies according to the product, with Schedule 1, Schedule 2, Schedule 3 and Schedule 4 of the Act containing provisions for different rates. Goods under Schedule 1 attract no VAT, i.e. they are exempted and include agricultural products, charcoal, coconut fibre, milk products, vegetables, etc. … Continue reading “Bihar VAT”