you have tax liability of essay hookd 1,000 (based on your taxable income and your tax bracket) and you are eligible for a tax credit of 200,that would reduce your liability to 800. Any other special rate or rates for a specified period to raise additional resources during any natural calamity or disaster. These are called marginal tax rates they do not apply to total income, but only to the income within a specific range. The idea of GST was first mooted in the year 2000 during the Prime Ministership of Shri Atal Bihari Vaj Payee and a committee was set up headed by the then West Bengal Finance minister Shri Asim Dasgupta to design a GST model.
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Calculating Your Tax Refund Whether or not you get a tax refund depends on the amount of taxes you paid during the year (because they were withheld from your paycheck your tax liability and whether or not you received any refundable tax credits. The Council is tasked to make recommendations to the Union and the States on the following: The taxes, cesses and surcharges levied by the centre, the states and the local bodies which may be subsumed under GST. The constitutional amendment was notified as constitution (101st Amendment) Act 2016 on September 8, 2016. Income taxes in the.S. GST Council Constitution: (Article 279A chairperson Union Finance Minister. These ranges are called brackets.
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