- What are the direct income in accounts?
- What does Cartage mean?
- What cess means?
- Which type of account is octroi?
- Which expenses are direct expenses?
- What is luxury tax used for?
- Who are the GST council members?
- What are examples of indirect cost?
- Is octroi included in GST?
- What is octroi tax in India?
- Which tax is not subsumed in GST?
- On what is GST applicable?
- Which is not a direct expense?
- Who abolished octroi?
- Is octroi a direct expense?
- What is the octroi in tax?
- What is octroi and entry tax?
- Is insurance a direct or indirect expense?
What are the direct income in accounts?
Direct income is one which is earned directly by way of business activities.
Indirect income is one which is earned by way of non-business activities.
For example, sale of old newspapers, sale of carton boxes, etc..
What does Cartage mean?
transporting goodsCartage is the process of transporting goods by land (rail or road). The transportation is relatively for short distances, and the movement is usually within a region or between two closer towns. … In other words, cartage means the actual cost of transporting goods from one place to another.
What cess means?
Cess meaning: Cess is a form of tax charged/levied over and above the base tax liability of a taxpayer. A cess is usually imposed additionally when the state or the central government looks to raise funds for specific purposes.
Which type of account is octroi?
Octroi:Octroi duty is paid to a municipal committee or municipal corporation when the goods are brought into the municipal limits. It is considered as direct expenses and is debited in a trading account.
Which expenses are direct expenses?
Examples of direct expensesraw materials.sales commissions.manufacturing supplies.direct labor.customer service.purchase of goods to be sold.transit of goods from the supplier.
What is luxury tax used for?
Luxury tax is a tax placed on goods considered expensive, unnecessary and non-essential. Such goods include expensive cars, private jets, yachts, jewellery, etc. Luxury tax is “an indirect tax that increases the price of a good or service and is only incurred by those who purchase or use the product”.
Who are the GST council members?
S. No.GovernmentMember of GST Council1Govt. of IndiaSmt Nirmala Sitharaman2Govt. of IndiaShri Anurag Singh Thakur3Andhra PradeshShri Buggana Rajendranath4Arunachal PradeshShri Chowna Mein29 more rows
What are examples of indirect cost?
Indirect costs include costs which are frequently referred to as overhead expenses (for example, rent and utilities) and general and administrative expenses (for example, officers’ salaries, accounting department costs and personnel department costs).
Is octroi included in GST?
Cities in the Indian state of Maharashtra briefly abolished octroi in 2013 and replaced it with local body tax. However, octroi was reestablished there in 2014, due to decreased revenues from the local body tax. As of 1 July 2017, with the introduction of GST country-wide, the octroi has been abolished.
What is octroi tax in India?
Octroi is a kind of charge or tax, which is collected by the state government on those goods that have been bought into the city/state for the purpose of personal use and sale. The charges on the items are generally levied after on the weight, value and total number of goods.
Which tax is not subsumed in GST?
1. Custom Duty. The Countervailing Duty (CVD) and Special Additional Duty (SAD) will subsume under GST, but the Basic Customs Duty (BCD) will be charged according to current law only and not GST.
On what is GST applicable?
GST is levied on all transactions such as sale, transfer, purchase, barter, lease, or import of goods and/or services. … Transactions made within a single state are levied with Central GST (CGST) by the Central Government and State GST (SGST) by the State governments.
Which is not a direct expense?
There are many more types of expenses that are not direct expenses – they are called indirect expenses, because they do not vary with changes in the volume of a cost object. Examples of indirect expenses are: Facility rent. Facility insurance.
Who abolished octroi?
Brihanmumbai Municipal CorporationThe Brihanmumbai Municipal Corporation has decided to abolish octroi from October 1 this year. While octroi is recovered immediately on the entry of goods into the city, the local body tax is payable within 40 days of bringing goods in.
Is octroi a direct expense?
Expenses connected with purchases of goods are known as direct expenses. For example, freight, insurance, of goods in transit, carriage, wages, custom duty, import duty, octroi duty etc. … such expenses are collectively known as direct expenses.
What is the octroi in tax?
Octroi, tax levied by a local political unit, normally the commune or municipal authority, on certain categories of goods as they enter the area. The tax was first instituted in Italy in Roman times, when it bore the title of vectigal, or portorium.
What is octroi and entry tax?
Octroi & Entry Tax – Octroi is a tax which is charged by local authority say, Municipality and Entry Tax is charged by State. Purchase Tax – Purchase tax is a tax that is imposed on the purchase of goods by the state government, and it is applied to wide range of goods.
Is insurance a direct or indirect expense?
Examples of indirect expenses generally include insurance, utilities, and general home repairs. Since these are expenses you would pay for the entire home, these are considered indirect expenses.