Sales tax

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Expertise Sales tax

Sales tax is levied on the sale of a commodity, which is produced and sold for the first time. If the product is sold subsequently without being processed further, it is exempt from sales tax

In addition to Sales Tax, some states also levy additional tax, surcharge, turnover tax and the like. Ordinarily, Sales tax is recovered from the buyer as a part of consideration for sale of goods.

It is an indirect tax. Service tax is a tax on services provided .The provisions of service tax are contained in chapter V of the Finance Act, 1994 and administered by the Central Excise Department.

TTamil Nadu is the eleventh largest state in India by area and the sixth most populous state in India. The state was ranked sixth among states in India according to the Human Development Index in 2011.

What is Sales tax?

Provides following services to ease the legal process of sales tax
  • Gross receipts taxes

    levied on all sales of a business. This tax has been criticized for its "cascading" or "pyramiding" effect, in which an item is taxed more than once as it makes its way from production to final retail sale.

  • Value added taxes

    in which tax is charged on all sales. Tax cascading is avoided by applying the tax only to the difference between the price paid by the first purchaser and the price paid by each subsequent.

  • Excise taxes

    An excise tax is a sales tax that applies to a specific class of goods, petrol, or tourism. The tax rate varies according to the type of good and quantity purchased and is typically unaffected by the person who purchases it.

  • Practical considerations

    Many proposed consumption taxes under these proposals, taxpayers would be given exemptions and a standard deduction in order to ensure that the poor do not pay any tax.

Sales tax

Sales tax is generally payable on who sales of any goods in the state and all over country under the tax laws of the appropriate state. A sales tax is a consumption tax charged at the point of purchase for certain goods and services. The tax is usually set as a percentage by the government charging the tax.

Conventional or retail sales tax are levied on the sale of a good

Wholesale sales tax of tangible personal property when in a form packaged

Retail sales tax of tangible personal property to final consumers

In the world have sales taxes or value-added taxes at all or several of the national

Generally items purchased from a vendor who is not under the jurisdiction of the taxing authority.

Obtaining PAN for assesses, employees etc..

Assessing the liability towards deferred taxes.

Providing regular updates on amendments, circulars, notifications & judgments.

Along with a statement that the item is for resale. The tax is otherwise charged.

About MMC

MMC Associates is a financial consultancy expert specially trained in tax law. Some organization require tax advisor to verify the balance sheets of companies above a certain size of individuals and companies.