GST (Goods and Services Tax) is a comprehensive indirect tax system implemented in India in July 2017. It has replaced multiple taxes levied by the Central and State Governments and has significantly streamlined the taxation process. One of the essential aspects of the GST regime is the GST refunds, which help businesses and taxpayers get refunds for extra GST paid or the unutilized Input Tax Credit (ITC).
Tax Deducted at Source (TDS) is a means of collecting income tax in India. It is deducted at the source from which an individual's income is generated. Both employees and freelancers are subject to TDS deductions, but the process and rates differ. This article aims to provide an understanding of TDS deductions for both employees and freelancers.
The Goods and Services Tax (GST) is a comprehensive indirect tax on the sale, manufacture, and consumption of goods and services throughout India. The primary objective of GST is to consolidate multiple indirect taxes into a single tax, excluding taxes for local bodies. However, non-compliance with GST regulations can lead to hefty penalties. This article will explore the various penalties associated with GST filing and how you can avoid them.
GST, also known as Goods and Services Tax, is a comprehensive tax that has replaced many indirect taxes in many countries. It is essential for businesses to understand how to accurately file GST to avoid penalties and ensure compliance with the law. This article offers several tips for businesses to facilitate accurate GST filing.
India's taxation system has evolved significantly since the implementation of the Goods and Services Tax (GST) in July 2017. Aiming to simplify the complex indirect tax structure, GST has been a significant reform in Indian fiscal policy. One of the key aspects of this reform is the introduction of the GST Council, which has played a crucial role in the successful implementation and administration of GST in India.