wagon, and convertible while non-saloon cars are MPV, SUV, Pick-up truck and van.For saloon cars, base rate
percent.Despite these external factors, PCSB’s loan assets maintained a Compound Annual Growth Rate
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30 years old, and have a minimum salary of RM 1,500.PCSB also didn’t forget about the interest rate
) and uses a plethora of sensors to work, get ready for it – steering wheel angle sensor, yaw rate
car.In our fuel consumption test (with initial charge of 80%), we managed to obtain a fuel consumption rate
DC Fast Charging can be done at a maximum rate of 50kW (80% charge in 36 minutes).
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Hans Mezger, the man synonymous with Porsche flat-6 engines, has passed away at the age of 90.
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Mercedes-Benz.In addition to these savings, Mercedes-Benz Malaysia is also offering an attractive low interest rate
Your car ownership experience isn’t complete without having at least one flat tyre incident.
Isuzu D-Max are locally-assembled, both models will continue to be taxed at the current 10 percent rate
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Affalterbach have managed to pull out an impressive 740 PS and 800 Nm from its newly-designed 4.0-litre flat
Hence the very low rate of road users using the rear seat belts.
The only thing they have in common is the “Flat” or “Boxer” engines that their
valid for the following models monthly plans: GoCar Subs 2021 Promotions Model Normal rate
interested with the Mitsubishi Triton will be faced with a decision to either take the low-interest rate
rendering of how it could look like.The all-new Japanese coupe is expected to be powered by a 2.4-litre flat-four
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VAT means value added tax which a person needs to pay the government for any kind of value addition done by him. COT means composition tax which is levied on some category of business like hostier, restaurant etc. Things to note about VAT: - Along with raw materials, you get input credit for certain other items that are used in the preparation process. - VAT calculations are painful to maintain, since you will need all input documents and output documents. - If you are buying this from out of state, you get it at 2% using CST (i.e. by giving C forms). More on this some other day. - it has different rates of tax for different products. Things to note about COT: - Simple, just pay 4% of your monthly turnover as tax. - You cannot buy anything from out of state! Not even one item, you may get into trouble during a VAT audit. - Meant for low end food joints or places where you buy all things locally - No rate difference attracted here only flat rate of 4% is used in turnover.
Initially VAT GST is calculating 5% flat rate. Food stuff is 0% may be there will be some rate differ in future. Also there are exemptions like school,social service etc.
Some things many, many countries ,ought, to do almost immediately:— Flat-rate personal income tax Introduce a flat-rate personal income tax for individuals on salaries, wages and similar time-rated income. This will incorporate a stepped scale of pretax deductibles — personal allowance, per-head children’s allowances, and similar. The stepped scale for deductibles mean that individuals with families and other dependents get more tax breaks in line with their increased expenditures. The reason for this is that salaried people and wage earners are very much locked into their jobs, and their income tend to be fairly static with little or no upward movement generally. It’s not like salaried people have the potential to earn ‘profits’ like companies can. Removal of ‘provisional’ personal income tax ‘Provisional’ personal income tax is ,part payment of the expected tax that the authorities calculated or assessed for the next tax year,. The idea (excuse?) is that such provisional tax paid can be returned to the taxpayer if the tax liability turns out to be lower when the tax return is finalised. This kind of taxing people for ,not-yet-earned income, is pretty unfair if we step back a bit and look at the overall picture. It doesn’t help the individual taxpayer and doesn’t help the overall economy either — that money could’ve been used by the taxpayer for anything else if it hadn’t been funnelled into feeding the tax authorities. I don’t doubt the tax authorities’ honesty and desire to pay back all overpaid tax to the taxpayer, but it’s going to take time. Broadly speaking, the individual taxpayer is in more pressing need of cash than (say) companies, and ‘future’ tax paid does not help the individual overall. It is more efficient for the government to operate that provisional tax system on company profits and to do less politically inspired ‘subsidising’ of industry sectors. Removal of worldwide tax liability for individuals In other words, taxation on basis of ,territorial source of income,. For instance, many countries have worldwide income tax — meaning the individual is taxed in both the overseas and home countries. Governments need to unstick their heads from their asses and get their priorities straight. Most overseas-working people are not “salary kings” but mere salaried workers, so it’s extremely unfair to tax them on both ends. Tax the multinationals and companies with overseas operations, not the overseas-working citizen. Profits tax on two flat rates and one sliding scale Introduce a 3-tier profits tax system for business entities. Tiers 1 and 2 are strictly flat-rate profits tax,, based on turnover or profits (whichever is easier to do). It’s very, very easy and cheap to implement and operate. Tier 1, is the lowest ,flat-rate, profits tax. This nets the general run of small and semi-small businesses (especially those that are unincorporated). Remove provisional profits tax requirement too — it doesn’t affect government revenue, but it affects the health of the business and jobs. Retain existing system of tax deductibles. Tier 2, is a higher ,flat-rate, profits tax. This nets the general run of semi-small and midsized businesses (especially those that are incorporated). Introduce a low provisional tax requirement to aid government revenue. Retain existing system of tax deductibles. Tier 3, is the full corporate tax structure — the ,sliding-scale, profits tax that’s the existing structure in nearly all countries right now. Tier 3 would be required to pay provisional profits tax (because most will be able to do so). Broaden the tax net Some extremely ‘wealthy’ entities pay absolutely no tax. This creates a hostile environment for everybody else because of their being excused on the grounds of religion, or the doctrine of ‘cannot tax knowledge,’ or some other artificial excuse. Full tax exemption only for charities and NGOs, with actual charitable or humanitarian operations. This cuts down on the morass of organisations registrable as charities but the overall complexion of their operations isn’t charity work. Special tax structure for churches, religious bodies, and other NGOs, — either Tier 2 flat rate or introduce a higher flat rate. It’s way past normal to allow these organisations to go on living untaxed, considering the kind of wealth most have. Special tax structure for universities, and similar level of educational establishments. I personally don’t favour a flat rate (because universities have the expertise and resources to defeat this), so a sliding scale lower than the corporate rate seems preferable. More tax breaks for more ,applied, research projects. Lots of tax experts have discussed and explained the various criteria that are usable to determine the tax liability of organisations that are currently untaxed — so I won’t go into this. Sales tax I have no opinion about sales tax or VAT. If there is one, keep it. If not, don’t introduce it. If it has to be introduced, start off really low and on a flat rate. What I would do is to stop the ,ridiculous, U.S. practice of the retail price not inclusive of the sales tax — the price shown ,must already incorporate the sales tax, and is the price payable. Tax payment Governments need to respect their taxpayers. Individuals and small businesses ,ought, to be given the option to ,pay tax by 2, 3 or 4 instalments, (interest-free, of course, because it’s ,tax, after all). For the government, this has the advantage that money is always coming in from that part of the tax net. As mentioned already, the individual (as well as the small business) is in more pressing need of cash in most practical situations. People ,do understand, that tax is a necessary obligation, but don’t punish them with a lump-sum requirement — the result is tantamount to gutting them every single year of their savings. If the government could handle the complexities of subsidising various industry sectors and trade deals, then running a instalment payment system is just simple beyond belief. That’s about it for now. All of the above is based on pure common sense.
Thanks for the A2A Rohit. I'm not really sure of all the actual calculations made to arrive at the figure but I can make a guess as to the factors influencing the rate limit of 30%. This is the sequence of events as I understand it. - Petrol prices were decontrolled in June 2010 and Diesel Oct 2014. - Crude oil prices stayed above $100 a barrel between 2011 and August 2014; between June last year and now, they have fallen by nearly 50%. - Govt. over the last four years, have been cutting the VAT on petrol and diesel to reduce the impact of high global crude oil prices on inflation. - Sales Tax / VAT Rate in India averaged 12.44 percent from 2006 until 2015, reaching an all time high of 12.50 percent in 2007 and a record low of 12.36 percent in 2012. For Delhi, at least 69% of revenue is expected to come from VAT. - Now revenues from the Sales Tax Rate are an important source of income for the government of India. Amount of VAT collected from fuel products is said to constitute one-third of the total tax receipts of the states like Punjab and Haryana, some estimate say 1/2 of certain state revenues come from fuel products vat. That should be some indication as to why some states need petroleum and other fuel products outside GST. - So now with intl. oil prices low, govts have been raising VAT to make up for the loss in revenue. There has been no consistency in practice as regards to the state level decisions. Orissa raised VAT on both petrol and diesel to 23% on December 25 while Madhya Pradesh raised the tax rate on petrol to 31% and by an equal measure on diesel to 27%. Goa, where petrol is the cheapest in the country because of the low tax rate, raised VAT on the fuel from 3.5% to 10% from January. Punjab raised VAT on diesel to 11.25% with effect from November 15, Rajasthan raised tax on both petrol and diesel to 30% and 22%, respectively, from December 18. As on feb this year, VAT on Petrol in Punjab was 32.5 per cent and 26.25 per cent in Haryana. VAT on diesel in Punjab was 12.36 per cent and 12.07 per cent in Haryana. In Chhattisgarh, VAT was 25% on both petrol and diesel. 25% VAT on petrol and 21% VAT on diesel in Maharashtra, 25% VAT on petrol and 11.5% VAT on diesel in Haryana, 26.8% VAT on petrol and 17.48% VAT on diesel in Uttar Pradesh whereas VAT on petrol is 20% and diesel is 12.5% in Delhi. In Haryana and Gujarat VAT limit is unlimited, in UP and Punjab the government can raise it to 50%. Many other states have given themselves the flexibility to raise VAT in the future. (And Jaitely says India does not have the potential for domestic investment - now we know why because the government does not seem to support the idea of a unified tax and prefers letting States do as they please to remain in their good books - read here why ,Value-added taxation in India, was brought in to replace ST in the first place). - All this while Delhi maintained a 20% flat rate on Schedule 4 items (this is more due to the political instability). This is what is happening now as I understand it. - Last month, Delhi, Punjab, Haryana and Himachal Pradesh had agreed to move towards uniformity in tax rates and develop a common market to boost trade. - Now that an increase is due Delhi government has in fact taken a very prudent step by putting the category under a flexible range of 12% to 30%, ,(30% seems to be the current average limit of maximum VAT charged by the other states) ,rather than following other state examples of keeping the VAT rate unlimited or raising it to 50-60% in anticipation of future loss of revenue (due to the unpredictability of market price). That should explain why BJP MLAs had to resort to mike breaking and bill tearing before walking out of the parliament. Not only has DG brought in flexibility to raise the limit for Delhi so they can adjust rates to be at par with other states, they have shown maturity by setting 30% as a limit making Delhi more business-friendly than other states. In the words of Manish Sisodia: "The Amendment in VAT act will give flexible VAT. The government needs this flexibility to implement similar tax policy with neighbouring states." "We are attempting to make unified tax market. Tax department of each state is troubled with different tax rates. For instance, we often find during raids that bills of trade done in Karnataka or other far-off states are made in Delhi." "We have fix the upper limit up to 30% so that the next government cannot raise it to 50% or above" "We do not want to alter tax rates without due thought and analysis... We wish to collect and mine data, do data analytics, have multi-level consultations and studies before proposing modifications in the rate regime.", ,Funny that the media is so obsessed with the fact that there is a possibility for VAT rate to go from 20% to as high as 30% but seems to miss the point that a 'maximum 30% limit' is still the lowest among other states., Note: Traders in Delhi would know that a 20% flat rate is not going to last long while other states charge higher VAT, sooner or later it was bound to change, by setting the limit, the Kejriwal government has actually helped gain confidence of traders who obviously want to be able to take advantage of lower intl. oil prices (having to pay higher VAT when oil becomes cheaper defeats the purpose of decontrolling prices and moving towards a free-market economy). The amendment Bill actually seeks to provide relief to traders (unlike what the media reports) who under a BJP govt. would have to expect an uncertain tax range. Also note Diesel (High Speed Diesel, Super Light Diesel Oil, Light Diesel Oil) was omitted from the Fourth Schedule long back so there is little chance of Deisel VAT going as high as 30%. The products most likely to be affected are 'petroleum and other fuel' products. Additional info:, As per the proposal, all Value Added Tax, which is flat 20% (fourth schedule) as of now, can vary from 12.5 to 30%. A dealer is liable to pay tax at the prescribed rates on every sale of goods effected by him. The goods are taxed at the following rates: (i) Goods specified in the first schedule Nil (ii) Goods specified in the second schedule 1% (iii) Goods specified in the third schedule 5% ,(iv) Goods specified in the fourth schedule 20% , (v) Unspecified goods 12.50% Page on delhi.gov.in, lists all items that come under 4th schedule. News items: ,Falling oil prices shrink VAT collection in Punjab, Haryana, ,VAT raised to 30%, BJP walks out of Delhi assembly
Always look back at the bill that you pay in restaurants. Yes. And by looking back I mean check the taxes that are levied on the bill that you just had. It is an incident I recently went through. My hungry friends and I, went to pizza hut to grab on some lip-smacking pizzas. We went to this outlet and ordered pizzas. We had a good meal in the hot outlet and then we went to the cashier for our bill. The bill was of 1010 and he charged around 200Rs. of some tax. Like all normal people, we believe in the food chains and restaurants that whatever they charge is always genuine. Though I decided to check it once. They had put 58Rs. as service tax. As per my knowledge, I knew that restaurants cannot levy service tax when it is not an AC restaurant. I went back and questioned the cashier on this. He became sweaty(I don't know because of lack of AC or my question made him sweaty!!) He gave us some insane reasons like not putting service charge but service tax is valid and it goes to the govt. Being not so clear about my concepts either, I left. Back home, I researched everything and found out I was right. So, sharing a piece of knowledge with all of you that please whenever you see your bills, take out one minute to calculate these taxes: Service Tax,: It is the tax levied by the government on the services rendered by restaurants. Service tax is same in all states. The service tax rate has been hiked from 12.36% to 14.5% ,The restaurant must be air-conditioned for the service tax., The problem here is that most of the customers are taxed at the full bill and not on the 40% of the bill as directed. To make things simple, service tax should be levied on 40% of the total bill. Hence whenever you see service tax on the total bill exceeding about 5.8%, you can question it. EDIT:, It is now 5.8% following the levy of 0.5% Swachh Bharat cess on all taxable services from November 15. Service Charge,: These are the charges that are levied by the restaurant for the services rendered to the customer. This portion of the bill goes to the restaurant. The establishments are free to charge any amount as service charges as there are no guidelines provided by the tax authority. The charge varies from 5% to 10%. This amount is equivalent to the tips that people usually give to waiters. The charges are supposed to be shared among the staff. In this services like serving food, deliveries and etc is included but ,not on take away,!! VAT,: The rates can be as low as 5% and as high as 20% depending upon the states. Moreover, VAT for food items and drink are different. Many restaurants might club food items and drink and charge a flat rate on the total bill. In such cases, it is good to ask for separate bills for food and drinks. This should clearly show the different VAT for both the items. How restaurants dupe customers in the name of service tax and service charges This is a big deceiving factor for Indians, that we never look upon our bills for the taxes levied. Make sure to take out just one minute after having that warm water bowl and check if the taxes are right for whatever you experience. Hope it helps. Thanks for the edit. EDIT: 1)Many people have questioned in the comments that they are unable to get the calculative part of service tax. So, I will post my explanation in the answer itself. Hope it serves the purpose. Example: The actual thing that should be calculated is service tax that should be applied on the 40% of the bill. i.e Suppose, I went to a restaurant and my bill came up to be Rs. 1000. Now, the service tax will be calculated on 40% of 1000 i.e. on Rs.400. Service tax is:14.5% So, service tax on 400 equals= Rs.58 So now the bill will amount to 1058. But, people in restaurants used to charge tax on full bill and not on 40% of the bill that makes more amount as compared to just Rs.58. So, they decided through a formula that calculate tax at 5.8% on the total bill. It will also come out to be same. See, 5.8% of 1000 : Rs.58 So, it is written always check your bill if the service tax written is not more than 5.8% of the total bill. Moreover if bills include any food sold at or below MRP(like Pepsi and coke) then service tax shouldn't be charged on MRP included in final bill 2) Many are asking what shall we do regarding this if we are charged wrongly. I don't really have an idea about it, but if you question the restaurant back, there are chances that he will look back to it. Cases have happened like this but if you ask about whom to complain then I want to ask anyone who is a CA or knows about this policy please let us know whom can we complain to. Heya nyc research dne and u r vry mch correct…. I am pursuing CA so i knw about it …. it is called abatement a type of relief given by govt ….so u r taxed at 40% of the bill amount that comes to 5.8% (40% of 14.5) but adding to your knowledge now its not 14.5% its 15% now …. Modi baba has added 0.5% as krishi kalyan cess which brings the calculation now to 6% (40%of 15) Hope this ll help you edit Nice work, incase when service tax is written more than 6℅ then you can hand over the copy of bill to service tax deptt. they will ensure it with owner that this will not happen in future with customers.
Excise duty ,: any manufacturer who has Annual turnover of more than 1.5 cr has to be registered with the excise deptt. At present excise duty is 12.5% flat rate. Education cess, 2% and ,Higher education cess, 1% were added on the value of the excise duty (tax on tax) Present date education cess and higher education cess gave are no longer levied on excise. Current flat rate of excise duty on most products is 12.5% While Earlier this was ,12% +2% edu cess + 1% higher edu cess = 12.36% Excise duty is calculated on the basic value (ex works) of the goods There are different meathods excise duty is levied 1. - XX% on basic value 2. - XX% of MRP (after deducting sales tax) 3 - Fixed monthly sum depending on the production capacity of machines. Now this is irrespective to the fluctuations in production due to any reason (eg. Pan masala, gutka) --------- Sales tax VAT, When selling within the state or union territory you add x% of vat as tax on the taxable value of goods Taxable value = basic price + exicse duty + edu cess + hi edu cess This VAT (value added tax) can be claimed as input tax credit by the buyer and when he sells the goods he will again charge VAT from his buyer (if in same state) The seller will not deduct the input tax credit from the total collected VAT and deposit the difference to the sales tax deptt. CST (central sales tax) X % of central sales tax is levied on taxable value of goods when sold outside the state The buyer will not get input tax credit of this tax. So this will increase his purchase cost If the buyer agrees provide a ,FORM C, then the seller will charge central sales tax at 2% If the buyer has to export the goods he can agree to issue the dealer a ,FORM H, along with proof of export. In this case rate of tax will be zero Service tax, is now charged at 14% on most services now Goods transportation by road is an example where rate of tax is 3.12% and it is not mandatory for the service provider to levy tax on his invoice, he has the choice to make a statement that the consignee or consigner will pay the tax Actually fir giids transport service it is the liability of the service recipient to lay the tax if it has not been paid by the service provider. Hope this covers some taxes Oops still left to explsin FBT, IT, TDS, wealth tax, CVD, anti dumping tax, custom duty etc etc
Here’s what you pay: ,Tax rate calculator (Wikipedia) This is income tax. It includes all contributions toward e.g. health care, but you need to add 8.4% payments for pension and unemployment insurance. Our health expenditure per capita is about half of the United States’. We pay less in taxes and compulsory fees than Americans do. Other sources of tax revenue include (from big to small) ,value-added tax (VAT),, corporate tax, energy tax, ,capital income tax,, vehicle tax, property tax, alcohol, tobacco, etc. Proceeds of gambling are invested in culture, sports, science, youth work, and projects like Housing First for homeless in Finland. Property taxes are lower in Finland than in the USA. Prior to 2019 and the flat-tax system, corporate taxes were lower in Finland too. Taxes on consumption and toward social security are higher in Finland than in the USA. Clearly a value choice. Here’s what you get: Health insurance for life European Health Insurance in 31 countries Tuition-free education The services of ,the Social Insurance Institution of Finland, ,and whatever else you commonly pay with taxes, such as defence (navy, army and air force), the police, emergency services, courts, governance, infrastructure, parks and recreation, public libraries, public schools, public hospitals, prisons and such. Helsinki Central Library Most Finns feel like they get value for their money., I do too. I’m happy for the value I’ve gotten in education and study grants alone. The older I get, the more appreciative I am. I’m seeing the investments made in me in my youth before I started to make any real money and paying it forward. I haven’t needed health care too much yet, but my parents certainly have. It’s been a massive relief that I haven’t had to worry about their medical bills or transport to treatments. It’s manageable, still, because we’ve started out from minimal out-of-pocket costs, but they are rising. My main concern or worry has been the pension system. It worked well when the largest generation ever, Boomers, supported small generations having survived the wars. It doesn’t work as well when the age pyramid is upside down. Most Finns, however, trust the pension system, too.
In simple terms: Restaurant bill is not only consist pure service it includes food supplied to customers,service charges,profit margin,etc. Since the restaurants will provide not only pure service and consists other elements, we can derive exact component of service rendered from the bill. In this case(where exact service component is unknown) central government provided abetment guidelines to calculate service component in the composite cases. If bill amount is Rs.100 /- then 40% would be service (let us say flat rate) (Rs.40/- towards Service tax and remaining 60/- towards VAT and others) Bill Amount : 100/- Abetment: 60/-(Non taxable component) Taxable amount: 40/-(taxable component) => Service tax is 40*14%*60%=Rs.2.24/- Tax Rate: Service Tax rate : 14% Abetment rate : 14%*60%=8.40% Taxable rate: 14%*40%= 5.60%
The flat rate VAT scheme is a simplification of VAT. Instead of calculating input and output VAT each month instead you pay a certain % of your turn over as VAT to HMRC. The % are here: VAT Flat Rate Scheme The VAT is usually lower than the 20% VAT. HOWEVER you cannot claim input VAT back. Therefore if your inputs are all VAT 0% say food then it’s advantageous. On the other hand if all your inputs have VAT on them it becomes less advantageous.