abhishreshthaa
Abhijeet S
Tax free goods, means goods, prescribed rate of tax of which is nil in the schedule.
Taxable goods mean goods other than tax-free goods.
Declared goods mean goods of special importance in interstate trade as defined by section14 of CST act.
Are goods listed in the act? What is the basis of classification? What is the broader classification of goods having regard to description?
The goods are described in various parts in schedule.
The classification is based on an agreement between the States. Further, it does follow customs tariff act, so as to ultimately align the classification with HSN classification.
Under the present sales tax laws certain sales (e.g. sale to electricity board) are subject to concessional rates. But most likely such concessions will not continue. Such entities should to eligible to claim input tax credit.
Apart from that possibly in such cases the entities may be entitled to claim the input tax credit. In such a manner which would entail the concession hitherto given.
Taxable goods mean goods other than tax-free goods.
Declared goods mean goods of special importance in interstate trade as defined by section14 of CST act.
Are goods listed in the act? What is the basis of classification? What is the broader classification of goods having regard to description?
The goods are described in various parts in schedule.
The classification is based on an agreement between the States. Further, it does follow customs tariff act, so as to ultimately align the classification with HSN classification.
Under the present sales tax laws certain sales (e.g. sale to electricity board) are subject to concessional rates. But most likely such concessions will not continue. Such entities should to eligible to claim input tax credit.
Apart from that possibly in such cases the entities may be entitled to claim the input tax credit. In such a manner which would entail the concession hitherto given.