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The concept of <keyword id="6354678" type="DEFINITION" weightage="20" keywordseo="Indirect-Tax">indirect tax</keyword> has been introduced in India in order to reduce the burden on the tax payers. In other words, we can say that the burden of these taxes are borne by someone else other than the taxpayer. What is Indirect Tax? As the name indicates, indirect tax is levied on goods and services that carry a higher price. Some of the typical examples of indirect <keyword id="707923" type="PERSON" weightage="20" keywordseo="taxes-in-India">taxes in India</keyword> include service tax, value added tax (<keyword id="6370857" type="UNKNOWN" weightage="20" keywordseo="VAT">VAT</keyword>), central excise and customs duty. Different kinds of indirect taxes levied in India Service tax Service tax is applicable to be paid by the entities that provide services like consulting, legal assistance and other such services. This kind of tax is collected from the recipients of the services and paid to the Central Government. Starting from June 1, 2016, service tax was fixed at 14% along with Swacch Bharat Cess (0.5%) and Krishi Kalyan Cess (0.5%). Thus the resulting rate of service tax chargeable is 15%. Small service providers who do not make more than Rs 10 Lakhs per annum are exempted from paying the service tax in India. <keyword id="6356916" type="UNKNOWN" weightage="20" keywordseo="excise-duty">Excise duty</keyword> Excise duty is applied on all kinds of goods that are manufactured in India. This kind of indirect tax needs to be paid by the manufacturers and then eventually passed on to the end buyers. Excise duty is levied by the Central Government in India. This tax works based on the provisions found in the Central Excise Act, 1944. VAT Value Added Tax (VAT) is levied on the sale of goods that are movable within the nation. VAT is charged during all stages of production and distribution channels that include the instance of value addition. The State Governments levy this tax under Entry 54 of the State List. Customs duty Customs duty is a kind of indirect tax that is applicable to goods imported from other countries. This is payable towards getting some goods inside the country. In some cases, this kind of tax is also levied on exported goods. The Customs Act, 1962 contains the procedures and regulations on how the customs duty must be levied, how it must be collected and the procedures of imports and exports, penalties, offenses and prohibitions. Securities Transaction Tax (STT) Securities transaction tax is levied while purchasing or selling stocks through the Indian stock exchange. Introduced in the year 2004, STT is applicable in cases of shares, mutual funds, and future and options transactions. STT was levied in order to bring down the short-term capital gains tax and eradicate the long-term capital gains tax. Stamp duty This kind of indirect tax is charged by the state government while movable and immovable properties are transferred within their jurisdiction. Also, stamp duty is made compulsory on all kinds of legal documents. The rates of stamp duty varies from one state to another. <keyword id="62084" type="ORGANIZATION" weightage="20" keywordseo="Entertainment-tax">Entertainment tax</keyword> Entertainment tax is yet another kind of indirect tax levied by the state government on the different kinds of transactions connected to entertainment. Some examples to entertainment taxes are movie tickets, stage shows, amusement parks, sports activities, adventures, video game arcades and others.

Here’s all you need to know about Indirect Tax in India

There is not much we ask from our regular weekends. A day’s downtime after a hectic week definitely calls for some indulgence. So most of us look out for small joys like eating out or catching up on a movie. However, even a little bit of <keyword id="1723" type="ORGANIZATION" weightage="20" keywordseo="fun">fun</keyword> can be taxing. 
 Loosening your purse strings in the pursuit of small joys in totally justified. City life is such that weekend outings mean mall visits, restaurant trips, movie time, etc. As long as we are having a good time and it is all falling well within our budget, all of us enjoy the party. But wait? Don’t judge the scene by rate cards alone. Often not featured on the rate cards, this silent but influential factor called <keyword id="45031" type="PERSON" weightage="20" keywordseo="Tax">tax</keyword> is majorly responsible for burning a hole in our pockets. 
 
1) <keyword id="6355686" type="COMPANY" weightage="20" keywordseo="Service-tax">Service tax</keyword> on eating out! 
Well eating in an air conditioned restaurant is an expensive affair. With the hike in food prices, many restaurants have revised the rates on their menu cards. In addition to this, the service tax, which is levied by the government, makes food bill heavier and your wallet lighter. Notably, 14% service tax has to be paid on 40% of the total billing amount, which is nearly 4.94%. This is calculated separately while billing, but ensure that you do not overlook these charges while planning to dine out. 
 
2) What about <keyword id="6370857" type="ORGANIZATION" weightage="20" keywordseo="VAT">VAT</keyword>? 
Value Added Tax (VAT) is levied by the government and chargeable on all goods and services, wherein value is added before it is provided to the consumer. The food prepared in restaurants falls under that category. VAT rates differ from state to state. Therefore, you’ve to pay applicable VAT depending on in which state you are currently availing the services. Again, this does not appear in the rate cards and is charged on the final bill. So if you have a budgeted outing plan, VAT can be the spoiler. 
 
3) Entertainment time is also tax time! Planning to go for a movie or a standup comedy show? Well, be prepared to not only pay for getting entertained but part with additional <keyword id="6354840" type="PERSON" weightage="20" keywordseo="money">money</keyword> as entertainment tax. The percentage of entertainment tax differs from state to state. Entertainment tax is also applicable on theatre and comedy shows. Now that is definitely not an entertaining piece of information. But there is no escape except for scrapping that outing plan! 
 
4) Not helping you get rich, that luxury tax! 
Are you in a mood to splurge on yourself? You may book a session at the spa, go for a gym or swimming session at the health club followed by sauna! Or maybe check into a hotel room for some serious unwinding. Now that’s luxury indeed and of course, staring right at you is the luxury tax. Oh well, living the rich life can indeed be taxing, don’t you agree? 
 
5) Lets go to the mall and pay VAT! Need some retail therapy? That’s a good idea to pay some more VAT. That perfectly fitting jacket, the bag on discount or those pair of shoes you feel in love with at the first sight, all of them had you paying VAT before you got to own them! Maybe it’s time to stop considering <keyword id="6368952" type="ORGANIZATION" weightage="20" keywordseo="shopping">shopping</keyword> unless it’s necessary because VAT can potentially kill your monthly budget. 
 
All of us need to be aware about the taxes levied on various products and services that we avail regularly. While we are budgeting for our expenses, this is a factor which cannot be ignored. Ensure the tax components are accounted for in your expenditure plans. You may have to cut down on the fun part but at least you won’t be left surprised on overshooting budgets. Taxes are unavoidable but better planning is entirely our game. Good luck with that! 
(Image: www.pickmydividend.com) 
 
(About the author: Rajiv Raj is the Director and Co-Founder of <a href="http://www.creditvidya.com/">www.creditvidya.com</a>)

​Tax is depriving us from going out shopping and eating

The <keyword id="6358190" type="PERSON" weightage="80" keywordseo="Nitish-Kumar">Nitish Kumar</keyword> government today decided to impose 13.5 per cent tax on <keyword id="145850" type="UNKNOWN" weightage="80" keywordseo="luxury-items">luxury items</keyword> including sweets priced more than Rs 500 a kg and mosquito repellant among others to mop up additional revenue for carrying development work. 
 
Decision to this effect was taken at a meeting of state cabinet presided over by Chief Minister Nitish Kumar in Patna. 
 
Briefing about cabinet decisions, Principal Secretary, Cabinet Coordination Department, Brajesh Mehrotra told reporters that 13.5 per cent tax would be imposed on sweets priced more than Rs 500 a kg. 
 
He said 13.5 per cent tax would be taken on salty items like <keyword id="83759" type="UNKNOWN" weightage="80" keywordseo="samosa">samosa</keyword>, kachauri and branded namkin among others. 
 
Sale of all kind of UPS would attract 13.5 per cent tax, Mehrotra said, adding, similar rate of tax would be imposed on auto parts and battery parts. 
 
Sand, cosmetic items, scent and hair oil would also attract 13.5 per cent tax, he added. 
 
The Bihar cabinet put its seal of approval on 23 proposals of different departments. 
 
The cabinet decided to waive off entertainment tax on the movie "Chalk N Duster" which gives a strong social message. 
 
The Nitish Kumar cabinet also decided to consider in future on providing Non Professional Allowance to doctors and those in teaching faculty in medical colleges and super speciality hospitals in a bid to ban their private practise. 
 
Image credit: Indiatimes 
.

Nitish Kumar's government imposes 13.5% tax on luxury items, including samosa and kachori

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="https://commons.wikimedia.org/wiki/File:You-need-them-on-a-rainy-day-Samose.PNG">Wikimedia</a>Samosas</div></div></div>The government one of India's poorest states just imposed a "luxury" tax on a samosas.India's northern Bihar state added samosas to the list of 23 "luxury items" that will be taxed at 13.5%, <a href="http://www.bbc.com/news/blogs-news-from-elsewhere-35303194">according to the BBC</a>.The government said that this tax was added in order "to fund development work,"<a href="http://www.ndtv.com/india-news/nitish-kumars-cabinet-lists-samosa-among-luxury-items-imposes-tax-1265351">according to NDTV</a>.Samosas, a popular street food, are savory fried or baked pastries filled with potatoes, peas, or lentils, and sometimes served with a mint sauce or chutney.Other items on the list include mosquito repellent, auto parts, battery parts, sand, cosmetics, and all sweets that cost more that 500 rupees ($7.50) per kilogram.Given that Bihar is one of the poorest states in India, this decision is not likely to go unnoticed by regular people.Indeed, politicians have already jumped to criticizing the tax."I think [Chief Minister Nitish Kumar] and [president of the <a href="https://en.wikipedia.org/wiki/Rashtriya_Janata_Dal" title="Rashtriya Janata Dal">Rashtriya Janata Dal</a> party] Lalu have decided to trouble the poor more. They have not done anything for Bihar; I wonder why they are making the poor people's life tougher here. Imposing tax on items like samosas and kachoris is insane," current spokesperson of the Bharatiya Janata Party <a href="http://www.ibtimes.co.in/bihar-levies-luxury-tax-samosa-will-tn-follow-suit-impose-tax-idli-dosa-663226">Shahnawaz Hussain said</a>. The government also waved an "entertainment tax" on a forthcoming film called "Chalk N Duster" because of its "strong social message." <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/macys-closing-40-us-stores-retail-california-new-york-virginia-2016-1">40 Macy's stores are closing - find out if yours is one of them and when the clearance sales start</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="03cHgxMDE6TBo8b3R8jd85sPJaLuDjP7" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

The government one of India's poorest states just imposed a 'luxury' tax on samosas

loans, tax waiverKolkata, May 13 () Cinema hall owners in WestBengal have urged the state government to waive their taxesand provide financial assistance and interest-free loans tothem in view of the closure of the movie screens due to thelockdown.The Eastern India Motion Pictures Association (EIMPA),Exhibitors' Section, in a recent letter to Chief MinisterMamata Banerjee, has urged the state government to reimburseat least 50 per cent of the salaries paid by the cinema hallowners to their employees during the lockdown period.The association has also sought interest-free loans ofRs 2 lakh per cinema hall after reopening of theestablishments so that the owners can pay their backlogs andreturn to business, the letter, made available to the media onWednesday, said.The body said it would take at least 18 months for thesector to return anywhere close to normalcy after the lockdownis lifted.It urged the state government to waive GST, show tax,local entertainment tax, property tax and other municipaltaxes for at least two years from the date of closure of thecinema halls.The association sought nominal imposition of servicetax so that cinema hall owners can upgrade the facilities."The effects of COVID-19 are nil revenue withsalaries, taxes, rent payments, electricity bills all accruingagainst zero revenue. Cinemas were the first to shut down andmaybe one of the last to be allowed to operate post-lockdown,"the letter said.It pointed out that over 500 single screens in WestBengal have downed their shutters over the last two decadesdue to a gradual decline in audience numbers and lack offunding to upgrade the facilities."The COVID-19 pandemic has struck the final blow tothe sector," the association said.EIMPA Exhibitors' Section Chairman Ratan Saha told on Wednesday, "If there is no incentive in the post-lockdownscenario for single screens and regional multiplexes, theowners, who will have to reduce seating capacity by 60-70 percent to maintain social distancing, will have to close downthe facilities and use the properties for other purposes."The association boasts of membership of owners of morethan 200 cinema halls in the state. SUSACD ACD

Lockdown: Cinema hall owners' body urges Bengal govt for aid,

The crucial constitutional amendment bill preparing the ground for the Goods and Services Tax has been passed by the <keyword id="48510" type="ORGANIZATION" weightage="20" keywordseo="Rajya-Sabha">Rajya Sabha</keyword> today with 187 votes in favour of the amendment, paving the way for the most far-reaching tax reform in India to be brought into power. 
 
Rajya Sabha unanimously passed the 122nd constitutional amendment with a total of 187 votes in favour, with 9 votes against it. 
 
This will end a <a href="http://www.businessinsider.in/Indian-companies-unprepared-for-GST/articleshow/53519404.cms">cumbersome regime of multiple taxes on goods and services </a>and bring them under one rate. This one-stop tax move will cover 17 taxes like central excise duty, state-level taxes like, VAT or sales tax, entertainment tax, entry tax, purchase tax, luxury tax and octroi. The move will create uniformity in taxes across states, increasing efficiency &amp; compliance and also <a href="http://www.businessinsider.in/GST-will-bring-new-era-of-development-economic-reforms-Amit-Shah/articleshow/53527851.cms">boost Modi government's big push</a> towards ease of doing business. 
 Following the passage of the amendment today, the draft legislations for the Central GST and IGST will be tabled in the <keyword id="6354721" type="ORGANIZATION" weightage="20" keywordseo="parliament">Parliament</keyword> in November. The CGST and the IGST bills will have the details of the GST including key provisions like what the standard rate of tax will be, what the compensation mechanism will be as well as what the dispute redressal mechanism will be. 
 
<a href="http://www.businessinsider.in/GST-bill-amended/articleshow/53428298.cms">The Centre had earlier managed to iron out some differences </a>with the states over<a href="http://www.businessinsider.in/GST-decoded-Heres-how-common-man-corporate-are-going-to-benefit-from-GST/articleshow/53521455.cms"> GST's implementation</a>. It dropped 1% manufacturing tax to ensure GST does not lead to revenue loss for the states, decided to provide a guarantee to compensate states for any revenue loss in the first 5 years of GST rollout, promised to work on a GST rate that cushions blow to the common man and also protect the revenue generating capacity of the states, agreed on dual control which means Centre will not have control to tax businesses with a turnover below Rs 1.5 crore, and promised to create space for a dispute redressal system for the states. 
 However, there were three demands in particular being debated by the Opposition today. Focus was on the tax rates. While GST rate was not be capped in the Constitution Amendment Bill, the <keyword id="1575" type="ORGANIZATION" weightage="20" keywordseo="Congress">Congress</keyword> had sought “legal ring-fencing” of the rates to insulate common citizens and small businesses from possible adverse impact from the high indirect tax rates. States also wanted a provision to ensure that their revenue is not hurt. <keyword id="43940" type="PERSON" weightage="20" keywordseo="P-Chidambaram">P Chidambaram</keyword> asked Arun Jaitley to include 18 per cent GST rate in the amendments itself and the Opposition parties demanded the <keyword id="387846" type="UNKNOWN" weightage="20" keywordseo="GST-Bill">GST Bill</keyword> to be brought as a Money Bill that would give Rajya Sabha the power to debate it. 
 
Arun Jaitley assured the House that the rate would be fixed with consensus, but failed to assure that the GST Bill would be introduced as a Money Bill. Even as Opposition expressed displeasure arguing the Finance Minister was not under any obligation to introduce it as a Money Bill and could assure, however, despite no assurance it passed the 122nd constitutional amendment as agreed, thereby clearing the biggest hurdle for GST to come into force. 
 
(Image credit: Reuters)

Breaking News: Parliament clears India's biggest tax reform since Independence, GST finally a reality

<ul><li>Multiplexes have taken a hit with latest movies making their way onto OTT platforms soon after their release. </li><li>GST for <keyword id="6642008" type="UNKNOWN" weightage="20" keywordseo="movie-tickets">movie tickets</keyword> was reduced to 18% but multiplexes still face threat from cheaper subscription models from OTT platforms. </li><li>Bollywood stars too are leaning towards these platforms. </li></ul>The rise of Over-The-Top (OTT) or video streaming platforms has seen many Indians cut the cord with cable TV, converting sets into a smart ones to have Netflix, Amazon Prime, Hotstar and the likes. Now, multiplexes, too, have taken a hit with recently released movies making their way onto OTT platforms not too long after their release in theatres. A growing trend among viewers is to wait out for the movie to be available on platforms like Netflix or Amazon Prime and thus ditching a trip to the movie theatre. Big multiplex chains in India like PVR and Inox are already feeling the pressure of these OTT platforms. Both companies own about 1,300 multiplexes in India. Last year, <a href="https://www.livemint.com/Consumer/vCLS2PIssTsdNzKpuAaaIJ/Exhibitors-struggle-as-Bollywood-leans-towards-OTT.html">multiplex owners </a>started asking for a longer window before a movie is made available on OTT platforms. When GST was introduced in India, it had also hit multiplex owners with the high entertainment tax of 28%. In December 2018, the GST <a href="https://www.livemint.com/Consumer/3bb6WIluNA9fDodLDRGuuI/Big-relief-for-film-industry-GST-rate-on-movie-tickets-redu.html">rate cut</a> was introduced providing a big relief to multiplexes, especially single screen theatre owners. The rate cut brought down the tax on movie tickets to 18%. However, despite that, there is still a growing threat from OTT platforms that promise of entertainment in a viewer’s comfort zone. Moreover, OTT platforms come with cheaper subscription models – Netflix plans in India start at about ₹500 per month while Amazon Prime offers a low price of ₹129 per month. There are over <a href="https://www.businessinsider.in/indias-online-media-streaming-market-has-exploded-growing-nearly-4-times-in-just-6-years-here-are-the-main-players-/articleshow/66760653.cms">20</a> players in India in the segment already and bigger entertainment houses are tuning in to the idea of OTT. “The GST rate cut will cut movie ticket prices by about 10% and benefit the audience as well as multiplexes in the medium term. However, we perceive pricing inflation to be a long-term risk for the multiplex industry, especially with competitive pricing of OTT platforms, which provide consumers with many more options and a vast content library,” stated a report by Edelweiss titled WatchDog: OTTs to disrupt multiplex’s party? The rise of popularity of OTT platforms is not just restricted to viewers but also Bollywood stars who are starring in original content for these platforms be it as a series or short film. Shows like ‘Sacred Games’, ‘Love per Square Foot’, ‘Ghoul’, ‘Mirzapur’, and others saw Bollywood stars forgetting about box office numbers for the web. See Also: <a href="https://www.businessinsider.in/heres-why-ott-platforms-were-a-big-hit-among-indians-in-2018/articleshow/67286083.cms">Here's why OTT platforms were a big hit among Indians in 2018</a> <a href="https://www.businessinsider.in/indias-online-media-streaming-market-has-exploded-growing-nearly-4-times-in-just-6-years-here-are-the-main-players-/articleshow/66760653.cms">India’s online media streaming market has exploded, growing nearly 4 times in just 6 years. Here are the main players</a> <a href="https://www.businessinsider.in/netflix-and-hotstar-hedge-their-bets-against-government-regulation-through-self-censorship/articleshow/67573187.cms">After Amazon Prime, Netflix and Hotstar plan to go down the path of self-censorship in India</a>

Netflix, Amazon Prime and Hotstar are making sure box office registers don’t ring

Most <keyword id="66537" type="ORGANIZATION" weightage="60" keywordseo="Republicans">Republicans</keyword> don't actually support the House Republican plan to avert the spending cuts known as the sequester, according to a new <keyword id="23009" type="PERSON" weightage="60" keywordseo="Poll">poll</keyword> conducted for Business Insider by our <a href="http://www.businessinsider.com/47-of-people-think-the-deficit-would-increase-if-we-go-over-the-fiscal-cliff-2012-12">partner SurveyMonkey</a>.
The poll asked participants to consider the core points of three sequester replacement proposals in <keyword id="1575" type="ORGANIZATION" weightage="60" keywordseo="Congress">Congress</keyword>, without telling them the partisan affiliation of those plans. It found that in some cases, both <keyword id="6534156" type="ORGANIZATION" weightage="60" keywordseo="Democrats">Democrats</keyword> and Republicans actually opposed their own party's plans and/or backed their adversaries' proposal. 
Here are the three plans we tested:
<ul>
<li><a href="http://www.businessinsider.com/senate-sequester-replacement-bill-plan-sequestration-2013-2">The Senate Democratic plan</a> cancels the $85.3 billion in 2013 sequester cuts and replaces them with a mix of spending cuts and tax hikes. The plan saves $27.5 billion by cutting farm subsidies and raises $55 billion by cutting tax deductions for oil companies and by implementing the Buffett Rule, which sets a minimum tax rate for incomes over $1 million. </li>
<li><a href="http://www.washingtonpost.com/blogs/wonkblog/wp/2013/02/14/there-are-now-four-plans-to-stop-the-sequester/">The 2012 House Republican plan</a> would cancel the $55 billion in sequester defense cuts for 2013 and replace them by shrinking funding to food stamp programs, cutting $11.4 billion from the public health fund in the Affordable Care Act, and cutting the Social Services Block Grant program, among others. </li>
<li><a href="http://www.businessinsider.com/democrats-spending-budget-2013-2">The House Progressive Caucus plan</a> replaces the entire sequester with a new plan with equivalent savings. It accomplishes this by ending subsidies to fossil fuel companies, closing several tax loopholes, cutting the corporate meal and entertainment tax deduction at 25 percent, and enacting a 28 percent limit on certain tax deductions and extensions. </li>
</ul>
Surveys have found that asking people about <a href="http://www.businessinsider.com/panetta-burns-plan-ppp-poll-simpson-bowles-question-public-policy-polling-2012-12">just titles</a> of plans or telling people <a href="who%20proposed%20">who proposed</a> policy, changes the results, so the point of this poll was to see what people thought of the plans when they were fully explained, but also stripped of partisan labels.
SurveyMonkey's poll, which surveyed 550 people, focused on congressional proposals exclusively. Here are some interesting findings of the poll:
<ul>
<li>Surprisingly, the plan that polled the strongest was the House Progressive Caucus plan. More than half of respondents supported it compared to <keyword id="1578061" type="UNKNOWN" weightage="60" keywordseo="sequestration">sequestration</keyword> and just a fifth of respondents were opposed. </li>
<li>A plurality of people — 28 percent — believed the House Progressive Caucus Plan would have the least financial impact on them personally. This makes the most sense, as only 14 percent of respondents reported having income over $150,000. </li>
<li>Shockingly, 47 percent of Republicans preferred the House Progressive plan to the sequester. This means that Republicans supported the House Progressive plan just as much as they supported their own party's plan. </li>
<li>Support for the <keyword id="6355284" type="ORGANIZATION" weightage="60" keywordseo="senate">Senate</keyword> Democrat plan was weak, with just fewer than half of respondents preferring that plan compared with the sequester.</li>
<li>Opposition to the House Republican plan was strong, with 57 percent preferring the sequester to that plan.</li>
<li>Twice as many Republicans supported sequestration as Democrats. </li>
<li>One-fifth of Democrats prefer the sequester when compared to the Senate Democrats' sequestration replacement plan. About one-quarter of Republicans prefer the Senate Democrat plan to the implementation of the sequester. </li>
</ul>
Below are the full results of the poll, followed by the cross-tabs by party for individual plans:
<p style="margin: 12px auto 6px auto; font-family: Helvetica,Arial,Sans-serif; font-style: normal; font-variant: normal; font-weight: normal; font-size: 14px; line-height: normal; font-size-adjust: none; font-stretch: normal; -x-system-font: none; display: block;"><a href="http://www.scribd.com/doc/127367698/BI-SurveyMonkey-Sequestration-poll-Results" title="View BI/SurveyMonkey Sequestration poll Results on Scribd">BI/SurveyMonkey Sequestration poll Results</a> by <a href="undefined" title="View 's profile on Scribd"></a>

 
<table class="image-container" width="200"><tr><td><div class="image"></div>SurveyMonkey-Business Insider Poll</td></tr></table>
<table class="image-container" width="200"><tr><td><div class="image"></div>SurveyMonkey-Business Insider Poll</td></tr></table>
<table class="image-container" width="200"><tr><td><div class="image"></div>SurveyMonkey-Business Insider Poll</td></tr></table>
<table class="image-container" width="200"><tr><td><div class="image"></div>SurveyMonkey-Business Insider Poll</td></tr></table>
 
Special thanks to SurveyMonkey for their help.

You'll Be Surprised To Hear How People Want To Avert The Sequester

The Bill rolling out the country’s biggest indirect <keyword id="45081" type="UNKNOWN" weightage="20" keywordseo="Tax-reform">tax reform</keyword> since 1947 has been subject to heated debate since it was introduced for discussion in 2009 by the previous UPA government. The tabling of the Bill was prolonged as the centre and states struggled to reach consensus on sharing <keyword id="6435854" type="UNKNOWN" weightage="20" keywordseo="Tax-revenue">tax revenue</keyword> once the <keyword id="6354679" type="ORGANIZATION" weightage="20" keywordseo="GST">GST</keyword> is implemented. 
 
In a nutshell, GST is a value added tax to be levied on both goods and services except for a list of exempted goods and services at both the centre and state level. 
 GST is expected to replace the plethora of indirect taxes including service tax, central excise duty, additional excise and customs duties, central surcharges and cesses, state <keyword id="6370857" type="ORGANIZATION" weightage="20" keywordseo="VAT">VAT</keyword>, state sales tax, entertainment tax not levied by local bodies, luxury tax, taxes on lottery, betting and gambling, tax on advertisements and state cesses and surcharges related to supply of goods and services. As these taxes have been ineffective and have suffered from a litany of infirmities, including exemptions and multiple rates, GST is expected to transform the labyrinthine patchwork of taxes to a lean, streamlined process. 
 GST will also enhance revenue for the Centre and states as the streamlined <keyword id="1960195" type="UNKNOWN" weightage="20" keywordseo="Tax-collection-system">tax collection system</keyword> will lead to better compliance. 
 
In addition to simplifying tax system, enhancing compliance and boosting tax revenues for both the centre and states, GST will reduce tax outflow in the hands of the consumers. As cost of production dips, goods and services produced in the country will turn price-competitive in foreign markets, it will help exporters compete with manufacturers abroad. 
 
GST will also reduce paperwork needed to remitting taxes and simplify accounting complexities for businesses. A simple taxation system is also expected to make several sectors, including manufacturing and infrastructure, more competitive. 
 
As per the tweaked version of the Bill tabled in the Parliament, the unified tax system will comprise central and state GSTs (same taxable base will be subject to both GSTs) which will be legislated, levied and administered separately. 
 
Essentially, the Bill will pave the way for the centre to tax sale of goods and the states to tax provision of services, though the former will have the exclusive power to levy GST on imports and inter-state trade. 
 The Bill also proposes to set up a powerful GST council, comprising union <keyword id="6355261" type="POSITION" weightage="20" keywordseo="Finance-minister">finance minister</keyword> and representatives of both the centre and states, to ensure that revenue sharing is done neutrally between the centre and states. 
 
There will also be a Dispute Settlement Authority that will moderate possible disputes between the centre and states. 
 
The Bill also proposes a standard rate of GST across various goods and services in line with international rates. 
 
Initially certain goods including crude petroleum, diesel, petrol, natural gas, aviation turbine fuel and alcohol for human consumption will be kept out of the GST’s purview, as sharing tax over these goods has been a point of contention between the centre and states. States will have the power to levy taxes on these items, except in the case of imports and inter-state trade. 
 
The beauty of GST is that though it will be levied on all products and services, and will cover all stages from manufacture to sale, it will be changed only on the value added at each stage of the product life cycle, hence reducing the tax to be collectively paid by companies and eventually by consumers. 
 
Under the proposed tax regime, companies can claim deduction on the taxes already paid by their suppliers. This in turn enhances compliance and overall tax income for the government as every firm will be encouraged to ensure that its supplier has paid its portion of tax part to be eligible for deductions. 
 
The fact that more than 150 countries have already adopted GST is a testimony to the argument that it can help raise revenue in a neutral and transparent manner. 
 
Complying with the most important development in taxation over the last six decades will also lend a leg-up to India’s attractiveness as a market that is fast maturing in terms of regulation and taxation.

GST Means India Is Keen On Adopting Global Practices

The Good and Service Tax has been rolled out. Finance Minister Arun Jaitley had stated that those food items which were imposed an average of 12.5% under the VAT laws will subsequently be cut-down to 5% under the new GST regime. As per the GST law, all items falling under its regime will be imposed tax rates at 5%, 8%, 18% and 28%. GST will not have any impact on the list of products and services which come below the term ‘Essential’, and this list will have zero tax rate. A survey by All India ITR shows that personal care products, entertainment activities and household items under GST will become cheaper than its current rate. However, many of the services such as mobile phone services, healthcare services as well as transportation charges are expected to attract a tax rate of 18%, which is 3% more than its current 15% tax rate. Once the new rates will come into action, your monthly household budget will also be impacted. The analysis shows that entertainment tax rate under GST will successively be reduced to a 28% tax rate as against its current 30% tax rate. The effect of GST on the current tax rate To keep a surveillance of the goods manufacturers and service providers, the GST council has also taken the resolution to form an anti-profiteering committee. This committee will be the authority responsible for taking care of the grievances to ensure that the benefit of GST upon the lower tax rates doesn't get tampered. It has been declared that the committee will be formed by officials of the central and state revenue departments. <table> <tbody><tr> <td> Goods and Services </td> <td> The Impact of GST </td> </tr> <tr> <td> GST Tax Rate on Automobiles: </td> <td> The GST rate will be higher for SUVs (55% to 43%) as compared to smaller cars (30% to 29%). </td> </tr> <tr> <td> GST Tax Rate on Beauty and Makeup Products: </td> <td> The current tax rate of 26% on these items will increase to 28% (applicable on items like perfumes, skin care products, shampoos etc.). </td> </tr> <tr> <td> GST Tax Rate on Gold Ornaments: </td> <td> The tax rate on gold metal will be 3% while 5% rate will be imposed on making charges. </td> </tr> <tr> <td> GST Tax Rate on Hotel Stay: </td> <td> GST is not applicable for hotel rooms that cost below Rs. 1,000, any cost above this will be taxed progressively, however, all room charges above Rs. 5000 will be charged a whopping 28% tax rate. </td> </tr> <tr> <td> GST Tax Rate on Refined Cooking Oil: </td> <td> Edible oil will be taxed at 5%, a subsequent decrease from its current tax rate. </td> </tr> <tr> <td> GST Tax Rate on Air Travel </td> <td> An economy-class air ticket which is currently taxed at 5.6% will decrease to 5%. While business class travelers will have to shell out a lot more than which is currently charged since it will increase from 8.4% to 12%. </td> </tr> <tr> <td> GST Tax Rate on Telecom </td> <td> The existing tax rate of 15% on telecom services will increase to 18% as these services will not benefit much input tax credit. </td> </tr> <tr> <td> GST Tax Rate on Eating Out </td> <td> Non-AC eateries will charge 12% against GST on your total bill. But, you will have to pay the price of eating out at a 5-star restaurant as 28% in GST will be the tax rate (an increase from the existing 18%). </td> </tr> </tbody></table> A List of Items Exempted from GST Here are a few commonly utilized goods and services which have been exempted from the GST regime. Unprocessed cereals (rice, wheat etc.) Unprocessed proteins (milk, vegetables, meat, fish etc.) Train travel via local and sleeper class. Education. Healthcare (exclusive of medicines). Hotel stay or lodges with room rented at less than Rs. 1,000. Kid’s Stationery items (color pencils, crayons, drawing books etc.) Bindis, sindoor, bangles etc. All India ITR summarizes that the upcoming GST Law will have its own sets of pros and cons - many necessities will get cheaper but in the meanwhile, the rest of the necessities that falls under the higher GST tax rate bracket will ultimately cause a discomfort in the household budget. <keyword id="6360118" type="UNKNOWN" weightage="20" keywordseo="GST-Rates">GST rates</keyword> will also bring about a bigger tax burden on the use or purchase of goods and services which are deemed as luxurious. (This article has been written by Vikas Dahiya, founder, and CEO of <a href="https://www.allindiaitr.com/">All India ITR</a>)

Here's how GST rates will impact your monthly household budget

<ul class="summary-list"><li>Burning Man may be "decommodified" but it's still pretty expensive to attend.</li><li>The nine-day festival cost most Burners at least $800 this year, just for a ticket and a vehicle pass.</li></ul><a href="https://www.businessinsider.com/what-is-burning-man-theme-tickets-dates-outfits-2018-8">Burning Man</a> only sells ice on-site, but don't let that fool you: Burners still shell out a small fortune to be there.The typically nine-day event in Nevada's Black Rock Desert, roughly <a href="https://burningman.org/event/preparation/faq/" target="_blank" rel="noopener">120 miles north of Reno</a>, draws tens of thousands of attendees each year and sets them all back at least $630 for a ticket including its taxes and fee — with total costs easily ballooning <a href="https://www.businessinsider.com/how-much-does-burning-man-cost-tickets-transportation-2019-8">into the thousands</a>.The survival supplies aren't anything to scoff at, either. This year, <a href="https://www.businessinsider.com/burning-man-festival-flooding-closure-challenges-tropical-storm-hilary-2023-8">a storm put a damper on the festivities</a>, turning much of the famous playa into mud and resulting in stranded attendees.Here's a closer look at the expenses you're on the hook for as a Burner.<h2>Tickets alone aren't cheap</h2>Most tickets sold directly from Burning Man cost $575 each this year, according to the event's <a href="https://tickets.burningman.org/" target="_blank" rel="noopener">website</a>. (There were 5,000 tickets available at a discounted $225 for people with financial hardships, and "FOMO" tickets priced at $1,500 and $2,750 for Burners who want to secure their spots two months before the main sale opened.) Vehicle passes, which were required for every vehicle driving into Black Rock City, cost $150 each; for Burners who qualified for discounted rates due to financial hardships, vehicle passes were $75 each.All tickets were subject to the 9% Nevada Live Entertainment Tax; on the $575 tickets, this tax came out to $51.75 each. Both tickets and vehicle passes were subject to a $4 fee each. There was also a 3.4% credit-card-processing fee on purchase subtotals.All told, this means Burners are shelling out at least $800 between tickets, vehicle passes, fees, and taxes if they're attending solo. Lots of people carpool, however, which means you can share the cost of the vehicle pass, but the ticket and its taxes and fees alone will probably set you back about $630.<h2>Transportation and lodging can easily cost thousands</h2><div type="image" title="Columns of vehicles leave Burning Man." height="1444" width="2168" msid="103407426" hostid="261"></div>Don't forget you have to actually get to the playa. And you also have to figure out where you're going to sleep for nine days.Burners coming from other parts of the country will probably have to cover airfare or the cost of other transportation to Reno and then take additional transportation from the Reno airport to Black Rock City. Some attendees of the festival, which is popular with influencers and the wealthy tech elite, even fly in on private jets, which were <a href="https://www.businessinsider.com/ultrarich-burning-man-attendees-face-protesters-private-jets-plastic-use-2023-8">the subject of protests at this year's Burning Man</a>.Once you've arrived, there's also the matter of food, water, and lodging. One Burning Man veteran <a href="https://burningman.org/event/preparation/playa-living/kitchens/">recommends budgeting $10 a day</a> for food, water, and supplies when cooking in a communal kitchen for a group, which would come out to another $90. In keeping with the <a href="https://burningman.org/about/10-principles/">festival's emphasis on "radical self-reliance,"</a> Burners should also be budgeting for supplies such as shade structures, sleeping gear, and toiletries. A list of recommended survival supplies on Burning Man's website could easily add up to $100 or more.<div type="image" title="Burning Man list of recommended items to bring." height="1204" width="1607" msid="103407430" hostid="261"></div>As for lodging, many people pitch tents, rent RVs, or even stay in yurts.RV rentals can easily set you back thousands of dollars: Multiple <a href="https://affiliate.insider.com?h=0ed7573c9afccbfc4cfc2cb3db3eb320f8b587cd6515e452758885bfc8a35819&amp;postID=64f748809d1e19b967475cf1&amp;postSlug=costs-tickets-budgeting-for-burning-man&amp;site=bi&amp;u=https%3A%2F%2Frvshare.com%2Frv%2Fburning-man-rv-rental">RV rental</a> <a href="https://rvfunrental.com/burning-man-rv-rental-friendly-rv/">websites</a> estimate even a basic rental will cost anywhere between $5,500 and $7,000, and if you're staying with other attendees, the biggest RVs start at about $10,000.<div type="image" title="Yurts at Burning Man" height="2448" width="3264" msid="103407434" hostid="261"></div>One <a href="http://www.burneryurts.com/yurt-rental-packages-for-burning-man" target="_blank" rel="noopener">website</a> advertising yurts for Burning Man lists structures ranging in price from $3,000 to $11,500. Many attendees often camp together, sometimes paying a hefty price to do so: <a href="https://www.businessinsider.com/burning-man-bans-influencer-camp-with-100000-campers-2019-8">One luxury camp infamously charged up to $100,000</a> for accommodations, private chef included, before Burning Man shut it down.<h2>Smaller, optional expenses can add up</h2>Black Rock City, the temporary city constructed once a year, is enormous and can take a while to traverse by foot — so many people opt to bring or rent a bicycle to get around, as driving is prohibited on the playa except when arriving or departing the festival. <a href="https://burningman.org/event/preparation/getting-around/bikes/bike-repair/">Burning Man's approved bike shops</a> offer rentals from $80 to $125 and up for the duration of the festival.Then, there's also the freewheeling fashion of Burning Man. Another one of the festival's central tenets is self-expression, and attendees are known to sport flamboyant outfits and costumes, with people dressing up in steampunk or sci-fi outfits. It's entirely optional and you can always cobble together something unique from what you already own, but if you're starting from scratch or want a more elaborate costume, it's yet another expense to consider.<div type="image" title="A Burning Man attendee wearing a red cloak, sunglasses, and a horned helmet in front of dozens of bikes on the playa." height="2448" width="3264" msid="103407437" hostid="261"></div>It's not mandatory, but since gift-giving is one of <a href="https://burningman.org/about/10-principles/" target="_blank" rel="noopener">Burning Man's 10 core principles</a>, it's common for attendees to also factor into their budgeting equations gifts to bring and share with one another.Add it all up, and Burning Man can easily set you back at least $1,000 to $2,000 unless you've gotten really creative and figured out a way to pinch pennies and carpool — and even then you're looking at the high hundreds of dollars.Let's just hope next year's Burners get more for their money than <a href="https://www.insider.com/burning-man-photos-show-people-stranded-after-rainstorm-2023-9">a giant mud pit</a>.

Burning Man costs most people a minimum of $800 for just a ticket and a parking spot. All the other expenses can easily push the total cost into the thousands.

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You Searched For "Entertainment tax" and got 11 results

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​Tax is depriving us from going out shopping and eating

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Nitish Kumar's government imposes 13.5% tax on luxury items, including samosa and kachori

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Burning Man costs most people a minimum of $800 for just a ticket and a parking spot. All the other expenses can easily push the total cost into the thousands.

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Tax is depriving us from going out shopping and eating