Questions and answers

What is the meaning of entry tax?

What is the meaning of entry tax?

Entry tax is a fee levied by the state governments on the transfer of goods from one state to another. The state to which the goods are being moved levies entry tax to protect its tax base. The entry tax was implemented in September 2000.

Which goods are exempted in entry tax?

S.No. Description of goods
15. All kinds of metal castings.
16. Ferrous and non-ferrous metals and alloys; non-ferrous metals such as aluminium, copper, zinc, metal scrap.
17. Wire rods, sheets, ingots and circles, of Aluminium, brass, copper and zinc.

What is octroi and entry tax?

Octroi and Entry tax are indirect local taxes levied by the tax authorities when goods enter their jurisdiction. Octroi is levied when the goods enter a city, whereas Entry tax is levied when the goods enter a state. For sales, you can charge the tax to your customers.

Is entry tax subsumed in GST?

(ii) State taxes that would be subsumed under the GST are: Entry Tax (all forms) Entertainment and Amusement Tax (except when levied by the local bodies) Taxes on lotteries, betting and gambling. State Surcharges and Cesses so far as they relate to supply of goods and services.

What do you mean VAT?

Value Added Tax
VAT or Value Added Tax is a type of tax that is charged by the Central Government on the sale of services and goods to the consumers. VAT is paid by the producers of services and goods, but it is finally imposed on the consumers who purchase the services and goods when they pay for it.

Who introduced VAT in India?

3.2 The concept of the GST is not new to India. Earlier in 2005, value added tax (VAT) was introduced on the recommendation of the Report of the Indirect Taxation Enquiry Committee, 1978 (Chairman: L. K. Jha).

Is octroi banned in India?

Cities in the Indian state of Maharashtra briefly abolished octroi in 2013 and replaced it with local body tax. As of 1 July 2017, with the introduction of GST country-wide, the octroi has been abolished.

What is the purpose of collecting octroi duty?

Octroi is charged at the point of entry of goods into a local area for consumption, use. or sale in that area. It is generally applicable to goods entering into urban areas, i.e.. areas serviced by municipalities or corporations.

Is VAT and GST same?

Value added tax (VAT) or goods and services tax (GST), also known as indirect taxes, are consumption taxes levied on any value that is added to a product.

Is countervailing duty merged in GST?

How will imports be taxed under GST? Answer : The Additional Duty of Excise or CVD and the Special Additional Duty or SAD presently being levied on imports will be subsumed under GST.