What do you mean by octroi?
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 post?
Octroi (French pronunciation: [ɔktʁwa]; Old French: octroyer, to grant, authorize; Lat. auctor) is a local tax collected on various articles brought into a district for consumption.
What is octroi and entry tax?
Octroi and Entry tax are indirect local taxes levied by the tax authorities when goods enter their jurisdiction. Octroi is levied when the goods enter a city, whereas Entry tax is levied when the goods enter a state. The supplier pays the tax to the local tax authorities.
What is the definition of porterage?
porterage. / (ˈpɔːtərɪdʒ) / noun. the work of carrying supplies, goods, etc, done by porters. the charge made for this.
What is Octoroit duty?
Octroi duty is the tax levied by local or state governments on certain categories of goods as they enter the area. It is a charge for allowing transit of good through the jurisdiction. As of 1 July 2017, with the introduction of GST country-wide, the octroi has been abolished.
What is octroi in final accounts?
Octroi is a tax charged by the state government on the movement of commodities within and beyond the state.
How much is GST stamp duty?
The registration charge is usually 1% of the property value; sometimes, the state may charge it as per the standard fee. On the other hand, the stamp duty is charged at the rate of 5% – 10%. Nonetheless, individuals are not required to pay GST on their flat registration.
What is a porterage fee?
A fee that may be given to a group or individual guest for the use of a doorman and bellboy. This fee is commonly given to large groups in hotels, hotels with a unions and resort hotels where a gratitude is automatically charged to a guest through a porterage fee.
What is porterage fee at hotel?
Recently Kealy has seen hotels attempt to assess mandatory porterage fees per room — a gratuity of $5 or $8 per day to cover bellman and housekeeper.
Is entry tax mandatory?
It is applicable only when goods are brought into the state for use. The State Entry tax Act maintains rates for the goods of each state. The person who owns or purchases the goods at the time of entry into the state is responsible to pay the entry tax.
Who will issue TDS certificate?
Form 16/ 16A is the certificate of deduction of tax at source and issued on deduction of tax by the employer on behalf of the employees. These certificates provide details of TDS / TCS for various transactions between deductor and deductee. It is mandatory to issue these certificates to Tax Payers.
What is postage and telegram?
Postage and Telegram Exp is a Indirect Exp for Firm or Company. Therefore, it shown on the debit side of P&L account. Expense also shown on debit side of profit and loss account. Explanation: punineep and 21 more users found this answer helpful.
Is octroi nominal account?
CBSE Board Exam – Accountancy Here the freight and octroi inwards comes in trading account as it is an direct expense because it is incurred to bring the good to the godown whereas freight outwards come in purchase and buy account as it is an indirect expense.