An indirect tax is a tax composed by a mediator from the person who stands the eventual trade and industry load of the tax (such as the customer). An indirect tax is lone that can be moved by the taxpayer to somebody else. An indirect tax may add to the cost of a good so that consumers are in fact paying the tax by paying additional for the goods. The a number of important indirect taxes imposed in India are as under:
Customs Duty:
The Customs Act was making in 1962 to avoid unlawful imports and exports of goods. Besides, all imports are required to be subject matter to a duty with a sight to affording defence to aboriginal industries as well as to keep the imports to the smallest amount in the interests of securing the exchange rate of Indian currency. Services which we provide relating to this act include:
i. Getting registration and licenses
ii. Assisting in preparation of Documents
iii. Filing of Returns & Forms
iv. Giving advice to clients on various legal technicalities
Central Excise Duty:
The Central Government charges excise duty under the Central Excise Act, 1944 and the Central Excise Tariff Act, 1985. Central excise duty is tax which is exciting on such excisable goods that are produced in India and are destined for domestic utilization. Services which we provide relating to this act include:
i. Getting registration and licenses
ii. Assisting in preparation of Documents
iii. Filing of Returns & Forms
iv. Giving advice to clients on various legal technicalities
Goods and Service Tax
Goods and Services tax, which is also known as GST in short, is an indirect tax payable by supplier of goods and services. Supplier of goods and services whose turnover exceeds Rs. 20 lakhs in a year, has to take GST registration mandatority. GST taxes have been categorised into three types, IGST-Chargeable on supply of goods and services inter-state (from one state to another), CGST and SGST- Chargeable on intra-state supply of goods and services. IGST means Integrated Goods and Services tax-50% of IGST goes into account of Central Government, 50% goes into account of State Government whereas CGST is part of Central government and SGST is part of State government in intra-state gst transation. We provide complete GST services at one place such as–
■ GST Registration
■ Consultancy on GST as per the applicability of GST
■ GST Return Filing Services
■ GST Audit
■ Maintenance of books of accounts
■ Liasioning with respective Authorities.
Securities Transaction Tax (STT):
STT is a tax being levied on all transactions done on the stock exchanges. STT is applicable on purchase or sale of equity shares, derivatives, equity oriented funds and equity oriented Mutual Funds. Current STT on purchase or sell of an equity share is 0.075%.
With the introduction of use based taxes around the world and variable Indirect tax rates to bung ever growing budget discrepancy, keeping side by side of legislative change to make sure compliance is key. MTS’s indirect tax guide help you plan intentionally to reduce your indirect tax costs by developing efficient indirect tax configuration put off reveal and avoidance the damage that can be caused by non-compliance. The Indian indirect tax government is beset with array of laws which are also continually developing through governmental action, departmental elucidate and legal decisions. Further, the government is on the edge of life form placed with a more incorporated system in the form of the future Goods and Services Tax (‘GST’).
These features, joined with the overall increased rigor in tax administration and the possible re-alignment of existing exemptions and incentive schemes result in the creation of a complex tax environment for companies operating or proposing to set up operations in India.
MTS (Meerad Tax Solutions) management team comprises professionals with many years of experience in e-filling tax firms, in corporate tax functions and the income administration. With this mutual ability, we are talented to pathway all developments in law and tax management and provide solutions aid that are also with no trouble implementable.
