The ever increasing affluence has allowed more and more people to lay their sights on spas, gym, movie halls and other stuff that’s usually regarded as a luxury. These services end up in the high tax category and individuals and owners end up shelling out a huge amount on these in the form of luxury tax. A majority of population is not even aware about the exact quantum of luxury tax applicable on various products and services. This may lead to default or excess payment against the purchases causing enormous losses to the owners. They also risk being termed as defaulters if they do not pay the right amount of luxury tax. Luxury tax is applicable on the owners of movie halls, spas, gyms, etc. and they often pass it on to their clients by indicating in separately in their bill for the knowledge of their guests.
Key Features of Luxury Tax
- Easy and convenient way of determining the right amount of tax
- Customized solution offered by Finmatrix for products and services opted for
- Serve both the buyer and seller based on the requirement