Service charge after GST Service charge after GST, Following the implementation of GST, the practice of a distinct service charges has been eliminate. According to the guidelines provide by the Ministry of Consumer Affairs, any applicable service charges should be include in the menu prices. And customers are not oblige to pay an… Read More »
Service tax Service tax, a tax imposed imposed by the Government of India, was applicable to services rendered by services providers. It was introduced in 1994 and regulated under the Finance Act, 1994. However, in 2017, it was replaced by the Goods and Services Tax (GST). Under the services taxation system, services providers… Read More »
What is meant by net proceeds in taxation In the context of taxation, net total proceeds represent the total revenue obtained from a specific transaction or event, taking into account all applicable expenses, taxes, and deductions. To visit https://www.gst.gov.in/ For instance, let’s consider the scenario where an individual sells a property for Rs. 50 lakhs.… Read More »
What is referral income and how is it taxed Referral income refers to the commission or incentive received by an individual for referring someone or a business to another individual or company. Referral income form of income is commonly earned by professionals in the sales or marketing field and it is taxed. To visit https://www.gst.gov.in/… Read More »
Difference land revenue and Land Tax Difference land revenue and Land Tax, It’s distinct terms used in the realm of land ownership and taxation. Land revenues denotes the payment made by the landowner to the government for utilizing and occupying the land. It is a periodic payment remitted by the landowner to the… Read More »
Difference Between Income tax and income tax return Difference between income tax and ITR, income tax is a form of taxation impose by the government on the earnings of individuals, businesses, and other entities within a given financial year. It operates under a progressive tax system, where the tax rate rises as the income level… Read More »
Which items are liable for cess in GST In GST, cess is levy on certain goods or services that are consider to be luxury or sin goods, such as cigarettes, tobacco products, pan masala, aerated drinks, and luxury cars. For more information to visit https://www.gst.gov.in/ The proceeds from the cess are mean to be use… Read More »