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Additional Details
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sneha | What is sales tax? |
sales taxe's history or the background
about sales tax
who reveals it?
is the sales tax same for the items in all countries?
types of taxes
what is vat?
few lines about vat |
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timestamps
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A tax levied on the retail price of merchandise and collected by the retailer.
Value-Added Tax, one of the most radical reforms to be proposed for the Indian economy, could finally become a reality after four years of political and economic debate.
Yet, the biggest hurdle before the government is not making India 'a common market' through a uniform sales tax structure, but removing a complicated tax structure that also allowed for fraudulent practices.
The decision to introduce VAT was publicly discussed first at a conference of state chief ministers and finance ministers in November 1999. At that time, the deadline of April 2002 was agreed upon to bring in VAT. |
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Awais
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Sales tax is the tax on sale of supplies and services, where as VAT (value added tax) is imposed on value addition to an item. Suppose you buy something for Rs. 100, process it into something else and noe it is worth Rs. 150. The tax on additional Rs. 50 would be VAT. |
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Big Jay 7
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A sales tax is a tax on consumption. It is normally a certain percentage that is added onto the price of a good or service that is purchased.
Ideally a sales tax is charged exactly once on any one item. A conventional or retail sales tax attempts to achieve this by charging the tax only on retail transactions, not on businesses buying raw materials for production or finished goods for resale. This prevents so-called tax "cascading," in which an item is taxed more than once as it makes its way from production to final retail sale. A related type of tax is the value-added tax, or VAT. It is a system in which all businesses remit taxes on their sales, but they are also refunded the amount of VAT remitted by their suppliers. In addition to avoiding cascading, under VAT there is no need for government to determine which sales are taxable and which are not, since all sales--retail and wholesale--are taxed.
http://en.wikipedia.org/wiki/Sales_tax |
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SHAH
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A sales tax is a tax on consumption. It is normally a certain percentage that is added onto the price of a good or service that is purchased.
Ideally a sales tax is charged exactly once on any one item |
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tekn0c4t
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doh! tax paid on the purchase of an item. the name says it all. |
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SWIFFER THE WONDER MUTT
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Why don't you pay $50 if you want me to write your school report for you. |
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Deepak M Varier
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Tax that should be paid by the manufacurer to sell an item. |
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Joanna K
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Sales taxes are different in each country.
some countries do not have them at all.
There is a constant dilemma between what is better: sales tax or VAT tax.
Sales tax you pay each time you sell something, but VAT as the name says makes you to pay each time sth. you posses upgrades it value. For example in some countries you pay VAT on interest of money deposits you have. let's say you have 100 USD on your bank account and after a year that have grown to 103 (3% interest rate), so in some countries you would have to pay some % of VAT from that 3 USD gained.
In most countries there are different VAT levels for different groups or goods or services. Usually in government enforces VAT it covers all the goods and services in the country. However on some groups there may ba a VAT discount. Especially for the strategical goods or services that the country needs. e.g. printing of school books. |
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playa_grl_69
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I would suggest looking on wikipedia.com |
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kevin
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to be short,sales tax is the amount of cash you pay to the govt,as a result of profits you have made from trade.when trading,actually there is a hidden amount in it which is to be given to the govt. |
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