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Service Tax

When we use any service be it a phone bill payment or Hire a room in a hotel we have to pay out little more than the actual rates charged. Ever wondered why? The reason is very meek, we are made to pay service tax over and above the usual charge but the bigger question is What isService Tax, why do we have to pay this Tax when the tax is applicable on the company providing the service and also what is the Service Tax Rate.

 

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Income Tax

An income tax is a government levy (tax) imposed on individuals or entities (taxpayers) that varies with the income or profits (taxable income) of the taxpayer. Details vary widely by jurisdiction. Many jurisdictions refer to income tax on business entities as companies tax or corporation tax. Partnerships generally are not taxed; rather, the partners are taxed on their share of partnership items. Tax may be imposed by both a country and subdivisions thereof. 

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CST

In India, the word CST represents Central Sales Tax for sending goods to interstates & the word GST represents General Sales Tax for sending goods within the state.  The CST & GST Nos. will be allotted to every trader/manufacturer by respective State Commercial Tax Offices where the trader is located.  The Rate of tax will vary depending on the commodities sent. Now, VAT is introduced almost in all states of India.CST is governed by Central Sales Tax Act, 1956. 

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