What is turnover tax ?
what is the limit of turnovertax ?
Is it applicable in India now or not?
OmPrakash Gupta (Senior Executive - Accounts) (24 Points)
21 April 2011What is turnover tax ?
what is the limit of turnovertax ?
Is it applicable in India now or not?
Devendra
(Chartered Accountant)
(4775 Points)
Replied 21 April 2011
A turnover tax is similar to a sales tax or a VAT, with the difference that it taxes intermediate and possibly capital goods. It is anindirect tax, typically on an ad valorem basis, applicable to a production process or stage. For example, when manufacturing activity is completed, a tax may be charged on some companies. Sales tax occurs when merchandise has been sold.
In South Africa, the turnover tax is a simple tax on the gross income of small businesses. Businesses who elect to pay the turnover tax are exempt from VAT. Turnover tax is at a very low rate compared to most taxes, but it is calculated on gross income without any deductions.[1]
Turnover tax is not applicable in India.
Regards,
Devendra
Alpesh
(Manager)
(24 Points)
Replied 03 March 2014
What is turnover tax ? what is the limit of turnovertax ? Is it applicable in India now or not?
is the answer above is still same.
CAclubindia
