Indirect Tax Analysis
1.4 Indirect tax Indirect taxes are those paid by consumer when they buy goods and service. These include excise and customs duties. Customs duty is the charge levied when goods are imported into the country, and is paid by the importer or exporter. Excise duty is a levy paid by the manufacturer on items manufactured within the country. Usually, these charge are passed on to the consumer.
1.4.1 Sales Tax
A sales tax is a tax paid to a governing body for the sales of certain goods and service. Usually laws allow or require the seller to collect funds for the tax from the consumer, it is usually called a use tax. Often laws provide for the exemption of certain goods or services from sales and use tax.
1.4.2 Central Sales Tax (CST)
Central sales tax is generally payable on the sale of goods by a dealer in the course of inter-state trade or commerce or, outside a state or, in the course of import into or, export from India. The ceiling rate on central sales tax (CST), a tax on inter-state sale of goods, has been
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Since then each year the relevant provision of the finance act specifies that the special excise duty shall be or shall not be levied and collected during the relevant financial year.
1.4.10 Service Tax Service tax was introduced in India way back in 1944 and started with mere 3 basic services viz. general insurance, stock broking and telephone. Today the counter service subject to tax has reached over 100. There has been a steady increase in the rate of service tax. From a mere 5 percent, service tax is now levied on specified taxable services at the rate of 12 percent of the gross value of taxable services. However, on account of the imposition of education cess of 3 percent, the effective rate of service tax is at 12.36
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