A new tax rate has been announced yesterday (18th May) on shaving equipment & razors for India, as part of the rollout of Goods & Services tax. Shaving equipment & products including will be taxed at the highest rate of 28%.
Indeed!Best to buy a bunch of stuff before rates go up!
Woah, Will there now be a growth of Beards in India?
Best to buy a bunch of stuff before rates go up!
Different countries tax different things, so a 28% tax on shaving equipment and razors isn't necessarily high, unless other taxes are also high. It's my understanding that India has a top marginal personal income tax rate of 30%, and owner occupied dwellings are not subject to property taxes.
If someone wants to tax my shaving purchases at 28% and eliminate the property tax on my home, I'd be good with that.
I think there is no export fee!Is this 28% import fee also include a 28% export fee say to the USA.?
Yes, but they are not reducing property taxes.
In fact, property tax has doubled since 2010, at least in Bombay.
Is this 28% import fee also include a 28% export fee say to the USA.?
A new tax rate has been announced yesterday (18th May) on shaving equipment & razors for India, as part of the rollout of Goods & Services tax. Shaving equipment & products including will be taxed at the highest rate of 28%.
Wow. That's ridiculous.
I plan to. Soon.
Yes, but they are not reducing property taxes.
In fact, property tax has doubled since 2010, at least in Bombay.
Taxes seem to be increasing across the board.
Shaving products, including creams, will also be taxed at the new rate.
It used to be a percentage of the fair market rent (or expected rent) based on a list available with the tax authority/municipality. Since the rent rate claimed by them was usually higher than the real rate, most taxpayers were taxed higher than they should have been. This system is in the process of changing over to a system based on fair market value. Which is also higher.Indeed, what would be the average effective property tax rate in India?
For instance, here in Florida, net of Federal credit, property tax is about 1% of fair market value.
And sales tax is 7%. Plus marginal Fed income tax rate is 30%.