Entry tax is a tax imposed by the government on the transfer of goods from one State to another. The entry tax was levied on and from September 2000. The entry tax is only applicable for the items that are transferred from one State to another for use. The State Entry tax is responsible to maintain the rates of goods and items in every State. The person who buys or owns the goods is responsible to pay the tax at the time of entering the States. This is what is entry tax means.
If you have any legal queries regarding buying and selling of property. Check out NoBroker legal assistance servicesNow that we know the entry tax meaning let us learn about Entry tax rates in each state:
States |
Goods |
Rates |
Madhya Pradesh |
Agricultural implements |
5% |
Bihar |
Crude oil |
2% |
Goa |
Air-conditioners |
12.5% |
The resources in India are unevenly distributed which leads to transfer of goods from one State to another. To improve the conditions of the State goods are imposed with taxes. With the help of the taxes, the State improves its overall conditions. Every trader who enters with goods that attract entry tax is liable to pay the tax based on the prevailing rates.
Products like milk, sugar, rice, etc. do not attract taxes but products such as oil, LPG, electronic goods, furniture, paints, computers, etc. attract entry taxes when transferred from one state to another.
This was all about what is entry tax. I hope you find this informative.
Read more:
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What is entry tax?
sanjukta
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2022-07-29T10:36:56+00:00 2022-08-01T00:21:05+00:00Comment
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