Goods and Services Tax, commonly known as GST, is a comprehensive, multi-stage, destination-based tax that has been implemented in India since July 1, 2017. It has replaced several central and state levies including excise duty, service tax, VAT, and others. The implementation of GST has had a significant impact on business operations and procedures with respect to tax computations, compliance, and filing requirements.
Tax Deducted at Source (TDS) is a method of collecting tax at the source of income. It is a way to ensure that the government receives its due share of tax from various types of payments made to individuals and businesses. This system is designed to minimize tax evasion and to ensure a steady flow of income to the government. In this article, we will discuss the TDS threshold limit and how it affects taxpayers.
Tax Deducted at Source (TDS) is a means of collecting income tax in India, under the Indian Income Tax Act of 1961. Any payment covered under these provisions shall be paid after deducting a prescribed percentage. It is managed by the Central Board for Direct Taxes (CBDT) and is part of the Department of Revenue managed by the Indian Revenue Service (IRS). TDS compliance can be a complicated process for many taxpayers. Here are some tips to simplify your TDS compliance process and ensure timely and accurate filing.
Goods and Services Tax (GST) is a comprehensive, multi-level, destination-based tax that is applied on every value addition. It is an indirect tax that has replaced many indirect taxes in India such as excise duty, VAT, services tax, etc. The tax is applicable to you if you are involved in buying or selling goods and services. However, there are situations where a taxpayer may need to file a NIL GST return, even if they have not made any sales or purchases during the tax period.
Goods and Services Tax (GST), introduced in India on 1st July 2017, is a comprehensive, multi-stage, destination-based tax that is levied on every value addition in the supply chain. It is a single indirect tax that subsumes multiple taxes such as excise duty, service tax, VAT, and other local taxes. The primary objective of GST was to streamline the tax structure, remove the cascading effect of taxes, and make India a unified market.