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KERALA VALUE ADDED TAX RULES, Form
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People also ask
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What is a casual trader under Kerala value added tax?
(xi) “Casual trader” means a person who whether as principal, agent or in any other capacity, has occasional transactions involving buying, selling, supplying or distributing goods in the State, whether for cash or for deferred payment, or for commission, remuneration, or other valuable consideration.
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What is 12% value added tax?
VAT applies to practically all sales of services and imports, as well as to the sale, barter, exchange, or lease of goods or properties (tangible or intangible). The tax is equivalent to a uniform rate of 12%, based on the gross selling price of goods or properties sold, or gross receipts from the sale of services.
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What is the 12% tax rate?
2023 tax brackets Tax rateSingle filersHead of household 12% $11,001 to $44,725 $15,701 to $59,850 22% $44,726 to $95,375 $59,851 to $95,350 24% $95,376 to $182,100 $95,351 to $182,100 32% $182,101 to $231,250 $182,101 to $231,2503 more rows
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What is 12% taxable income?
2024 tax brackets and federal income tax rates Tax RateSingle filersMarried filing jointly or qualifying surviving spouse 10% $0 to $10,275 $0 to $20,550 12% $10,276 to $41,775 $20,551 to $83,550 22% $41,776 to $89,075 $83,551 to $178,150 24% $89,076 to $170,050 $178,151 to $340,1003 more rows
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Who pays value added tax?
A value-added tax (VAT) is paid at every stage of a product's production from the sale of the raw materials to its final purchase by a consumer. Each assessment is used to reimburse the previous buyer in the chain. So, the tax is ultimately paid by the consumer.
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What is the meaning of 12% VAT?
Value-added tax (VAT) The tax is equivalent to a uniform rate of 12%, based on the gross selling price of goods or properties sold, or gross receipts from the sale of services.
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What does VAT mean in tax?
A Value-Added Tax (VAT) is a consumption tax assessed on the value added in each production stage of a good or service.
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What is Kerala value added tax?
Kerala VAT Rates Schedule II Goods and Products: 1% VAT Rate (Precious metals, precious stones, semi-precious stones, rice, etc.) Schedule III Goods and Products: 5% VAT Rate (Utensils, bakery products, castings, cotton, etc.) Goods not in any of the Schedule: 13.5% VAT Rate.
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