The Maharashtra Value Added Tax Act, 2002 – INCIDENCE AND LEVY OF TAX Contents : 1. Introduction 2. Incidence of tax : Section 3 3. Taxes payable : Section 4 4. Tax not applicable on certain goods : Section 5 5. Levy of tax : Section 6 6. Tax on packing material : Section 7 … Read more
Sections Heading of The Section PRELIMINARY 1 Short title 2 Definitions INCIDENCE AND LEVY OF TAX 3 Incidence and levy of tax 4 Tax payable 5 Tax not leviable on certain goods 6 Levy of sales tax on the goods specified in the Schedules 6A Purchase tax payable on purchases of cotton 6B Purchase tax … Read more
When we think about taxes, our minds often jump to income tax or property tax. But there’s another type of tax that affects us every day without us even realizing it: consumption tax. What exactly is it, and why should we care? Let’s break it down in simple terms. What is Consumption Tax? Consumption tax … Read more
When you hear the term “fiscal deficit,” it might sound like one of those complex economic jargons that only policymakers need to worry about. But in reality, fiscal deficit plays a crucial role in shaping the economy, which ultimately affects you, whether you’re aware of it or not. Let’s break it down in simple terms, … Read more
We’ve all heard the term “budget deficit” thrown around in the news, often in a tone that suggests impending doom. But what does it actually mean? More importantly, why should you care about something that seems like it belongs in an economics textbook rather than in your daily life?. Let’s break it down in a … Read more
As the new financial year kicks in, so do several significant changes under the Goods and Services Tax (GST) framework. Whether you’re a tax professional, business owner, or casual reader, here’s everything you need to know. What’s New in GST from April 1, 2025? Latest Rules, Rates & Compliance As of April 1, 2025, several … Read more
Sales tax is something we all encounter almost daily, whether we’re grabbing a coffee, buying groceries, or shopping online. But what exactly is sales tax, and how does it affect us? Let’s break it down in a way that’s easy to understand. What is Sales Tax? Sales tax is a consumption tax imposed by the … Read more
What is Capital Gains Tax ? Capital gains tax is a levy imposed on the profit realized from the sale of an asset or investment. When an individual or entity sells an asset such as stocks, bonds, real estate, or valuable personal property, and the selling price exceeds the original purchase price, the difference is … Read more
What is Payroll Tax ? Payroll tax refers to the taxes that employers withhold from employees’ wages and salaries to fund various government programs. These taxes are typically calculated as a percentage of an employee’s income, and they contribute to funding programs such as Social Security, Medicare, and unemployment insurance. The specific percentage withheld can … Read more