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India V.A.T. and Other Taxes



 








India V.A.T and Sales Tax
  • There was no value added tax in India until April 1, 2005. Instead a sales tax was imposed on sales within the country and inter-state sales within India.
  • From 1.2.2005 V.A.T replaced the sales tax. The standard rate of VAT is 12.5%. There are reduced rates of 4% and 1%.
  • The minimum annual turnover for V.A.T. registration is INR 500,000.
  • V.A.T. returns are filed on a monthly or quarterly basis.


India Service Tax
  • This tax is imposed on a defined group of services provided in India as follows: advertising services, consultancy services, banking, insurance and more.
  • The tax imposed is 10% plus 2% cess.
  • Service tax is paid monthly/quarterly. Returns are filed each half year.


India Wealth Tax
  • The tax is imposed in India on assets specified in the law such as houses, vehicles, plots of land. Individuals and companies are liable for the tax.
  • The tax is not imposed on productive assets or income producing assets.
The tax, at the rate of 1%, is imposed only on assets with a value in excess of INR 1.5m.


India Dividend Distribution Tax
Domestic companies paying dividends are subject to the tax.
The effective rate of the dividend distriubution tax is 16.995%.







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