It is the rate of change in the labour force during a specified period measured against a suitable index. The standard or usual labour turnover in the industry or locally or the labour turnover rate for a past period may be taken as the index or normal against which actual turnover rate is compared. The methods of calculating labour turnover are given below :
Labour Turnover
Sharing information and knowledge on subject like investment, personal finances,GST,income tax
Declaration Forms under CST Act,1956
Central Sales Tax (CST) is a tax on Sale levied by Central Government under the provisions of Central Sales Tax Act, 1957. As per the provisions of this Act, any movement of goods from one State to another on account of :-
(a) sale/purchase, or
(b) Transfer of document of Title to goods between two separate parties is considered as Interstate sale/purchase.
All such transactions are liable to CST.
Any movement of goods otherwise than as sale (i.e. stock transfer to Branch, Depot, Consignment Agent or for Job work etc) , sent outside the state , is exempted from levy of CST.
Any movement of goods, sent outside the country , is exempted from levy of CST. Example Exports, or Deemed Exports.
Also some of the Interstate transactions are exempted if goods are supplied to Special Economic Zones or to UN or Diplomatic missions etc.
The basic CST Rate as applicable to inter-state transactions is @2% but this basic rate or exemption from CST would apply if purchasing dealer issue the prescribed statutory forms to the selling dealer.
Some of the points relating to CST rates are as follows:
Sharing information and knowledge on subject like investment, personal finances,GST,income tax
Input Tax Credit Provisions in brief- Bihar and Kerala
State | BIHAR {Sec.16 / Rule 12,14,15,} | KERALA {Sec.11,12,13 / Rule 12-A,12-C,13,14,15,46,47,47-A} |
Full VAT Input Tax Credits - Eligibility / admissibility & purposes specified |
On VAT-paid purchases upon receipt of Tax invoice; for Sale/resale of taxable goods in/from Bihar; for Capital goods for resale or manufacture of taxable goods; Use in manufacture / packing of taxable goods for sale | On ALL VAT-paid
goods purchased, for purposes of Resale in/from Kerala, for use in works
contracts, for use as input/capital goods in manufacture / processing of
goods; for packing; for inter-State sale. |
Sharing information and knowledge on subject like investment, personal finances,GST,income tax
Input Tax Credit provisions in brief- Andhra Pradesh Assam
State | ANDHRA PRADESH {Sec.13,22,38 / Rule 16,20} | ASSAM {Sec.11,14,15 / Rule 9,11,12} |
Full VAT Input Tax Credits - Eligibility / admissibility & purposes specified |
On ALL VAT-paid goods at point of purchase on receipt of Tax invoice during Tax period, if such goods are for use in business; E.T. paid eligible for adjustment against output VAT. | On
VAT-paid purchases in Tax period following after receipt of Tax invoice; for
Sale/resale of taxable goods in/from Assam; for Capital goods for manufacture
of taxable goods; Use in manufacture/packing of taxable goods for sale |
Sharing information and knowledge on subject like investment, personal finances,GST,income tax
Service Tax on services provided by directors to the Company
Reverse charge
mechanism was introduced purposefully to cover unorganized sectors like GTA or
cover small service providers because for them paying tax may not be a problem
but understanding of legal provisions and then complying with those provisions
could really have become difficult but now reverse charge has become fashion
and government applying to any sector even those sector can understand the law
and can manage as well. Reverse charge on legal service/ service by directors
to the company are the best example where Government collecting tax on reverse
charge basis while it should have been directly collected through these service
providers themselves.
Sharing information and knowledge on subject like investment, personal finances,GST,income tax
Subscribe to:
Posts (Atom)