10,000/-). Now, the other Tour Operator shall charge GST at the rate of 5% (i.e. Rs. 125/-). In this case, the entity can take input tax credit of Rs….GST on Tour Operator Services.
| Air fare (Economy class) from Delhi to Kochi and return 47620 GST charged by the [email protected] 5% 2380 | 50,000 |
|---|---|
| Hotel Charges 26785 GST charged by [email protected] 12% 3215 | 30,000 |
Who is the authority to collect revenue?
A revenue service, revenue agency or taxation authority is a government agency responsible for the intake of government revenue, including taxes and sometimes non-tax revenue. Depending on the jurisdiction, revenue services may be charged with tax collection, investigation of tax evasion, or carrying out audits.
Do companies pay tax on revenue?
A corporate tax is a tax on the profits of a corporation. The taxes are paid on a company’s taxable income, which includes revenue minus cost of goods sold (COGS), general and administrative (G&A) expenses, selling and marketing, research and development, depreciation, and other operating costs.
What is HSN code for travel agency?
2.4 HSN (Harmonized System of Nomenclature) code has been used for classifying the goods under GST regime. HSN is already used and well accepted in Customs Tariff of India. Services are now classified under different Services Accounting Codes (SAC). SAC for tour operators and air travel agents is 9985.
Who is the head of revenue Tax Board?
Incumbent. Jagannath Bidyadhar Mahapatra, IRS (IT) (Acting) The Chairperson, Central Board of Direct Taxes (CBDT) is the senior-most IRS (IT) civil servant in the Government of India.
What is the HSN code for commission?
GST HS Code and rates for commission on sales hsn code 996111 | Serach GST hs code and tax rate.
Who is the owner of income tax department?
The Income Tax Department (also referred to as IT Department or ITD) is a government agency undertaking direct tax collection of the Government of India. It functions under the Department of Revenue of the Ministry of Finance. Income Tax Department is headed by the apex body Central Board of Direct Taxes (CBDT).
