Tax regulations related to Khadi and Khadi Production.
Khadi, a hand-spun and hand-woven fabric, has been an important part of India's cultural heritage for centuries. During India's independence movement, Mahatma Gandhi popularised khadi as a symbol of self-sufficiency and economic independence. Khadi production continues to play an important role in the Indian economy today, employing millions of people. In this article, we will look at the tax regulations that apply to khadi and khadi production in India. Contents Tax exemptions for khadi production. GST Rate for Khadi Products Tax implications for khadi sellers State-level tax exemptions Conclusion Tax Exemptions for Khadi Production The Indian government recognises the importance of khadi production in the Indian economy and has provided various tax exemptions and incentives to encourage the growth of this sector. The exemption of GST on khadi and khadi products is one of the most significant tax benefits. This means that there is no GST levied on the manufacture ...
Budget 2023 New Income Tax Regime- New Income Tax Slabs FY 2023-24 (AY 2024-25) & FY 2022-23 (AY 2023-24) – New & Old Regime Tax Rates for FY 2023-24 & FY 2022-23
In India, income tax is levied on the income earned by individuals, Hindu Undivided Families (HUFs), firms, association of persons (AOPs), body of individuals (BOIs), companies, and any other person. The income tax rate varies based on the amount of taxable income and is divided into different tax slabs. The tax slabs and tax rates are revised by the government from time to time Budget 2023 New Income Tax Regime Income Range Income Tax Rate Up to Rs. 3,00,000 Nil Rs. 300,000 to Rs. 6,00,000 5% on income which exceeds Rs 3,00,000 Rs. 6,00,000 to Rs. 900,000 Rs 15,000 + 10% on income more than Rs 6,00,000 Rs. 9,00,000 to Rs. 12,00,000 Rs 45,000 + 15% on income more than Rs 9,00,000 Rs. 12,00,000 to Rs. 1500,000 Rs 90,000 + 20% on income more than Rs 12,00,000 ...