Expert Tax Services for Individuals and Small Businesses.
Expert Tax Services for Individuals and Small Businesses.
The term GST stands for Goods and Services Tax. GST is an indirect tax which is imposed on the supply of goods and services.
GST came into force on 1st July, 2017.
GST is charged at each point of sale/supply.
GST replaced a number of existing indirect taxes which were earlier levied by the Central and State Governments. Some of those taxes were Central Excise duty, Service Tax, VAT, Sales Tax, etc.
GST removes “tax on tax” and allows cross utilization of input tax credits.
GST is largely technology driven. The interface of the taxpayer with the tax authorities is through the common portal (GSTN). Applying for registration, filing of returns, payment of taxes, filing of refund claims, etc., is done online through GSTN.
As per the CGST Act, 2017, every registered taxable person is required to file the relevant GST Return (GSTR).
Income Tax is a direct tax which is imposed on earned income. It is charged on the annual income of the person or the business.
All individuals earning above a certain amount are required to pay income tax on their earned income. The calculation of income tax is done on the basis of the tax slab in which the person falls into.
As per the Income Tax Act, 1961 all Indian citizens with a source of income must file their Income Tax Return (ITR) every financial year. Even if the person or the business falls below the taxable limit, they should file their ITR.
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