My Friend have a shop of furniture Can you Please tell me what kind of taxes applied on them
1. Is there any production or manufacturing tax ? How much amount is Exempt ?
2. Is VAT applicable on that ? Limit for that exemption ?
3. how these taxes Influence the Income Tax ?
if there is any other kind of taxes Please mention here .
Thanx in Advance
hello,
1. if it is only shop i.e. only trading activity then no excise is leviable
2. you are liable for VAT (basic exemption depends on diff State Govt) (in maharashtra, basic exemption is Rs 1000000)
3. professional tax is required (if you are in maharashtra)
Regards,
Siddharth Bumb
Thanks Siddharth Bumb 
CAclubindia
