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Central Sales Tax Act Introduction, Indirect Tax Laws Video Lecture | Indirect Tax Laws - B Com
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FAQs on Central Sales Tax Act Introduction, Indirect Tax Laws Video Lecture - Indirect Tax Laws - B Com
| 1. What is the Central Sales Tax Act? |  |
Ans. The Central Sales Tax Act is an indirect tax law in India that governs the levy and collection of sales tax on inter-state trade and commerce. It aims to regulate the taxation of goods and services when they are sold from one state to another.
| 2. What are the key provisions of the Central Sales Tax Act? | |
Ans. The key provisions of the Central Sales Tax Act include the definition of inter-state sales, determination of sales turnover, registration of dealers, imposition of taxes, exemptions, and penalties for non-compliance. It also establishes the Central Sales Tax Authority to administer and enforce the provisions of the Act.
| 3. How does the Central Sales Tax Act impact businesses? | |
Ans. The Central Sales Tax Act affects businesses engaged in inter-state trade as it mandates compliance with the taxation requirements. Businesses need to register themselves under the Act, calculate and pay applicable taxes, maintain proper records, and file periodic returns. Non-compliance can lead to penalties and legal consequences.
| 4. Are there any exemptions under the Central Sales Tax Act? | |
Ans. Yes, the Central Sales Tax Act provides certain exemptions to specific transactions. For example, sales of goods to the government, sales made in the course of import/export, sales made to registered dealers, and sales of goods declared as tax-free are exempt from the Central Sales Tax.
| 5. What are the penalties for non-compliance with the Central Sales Tax Act? | |
Ans. Non-compliance with the Central Sales Tax Act can attract penalties such as fines, interest on unpaid taxes, and prosecution. The penalties vary depending on the nature and severity of the non-compliance, and can be enforced by the Central Sales Tax Authority. It is crucial for businesses to understand and adhere to the provisions of the Act to avoid penalties.
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