Goods and Services Tax (GST) is a comprehensive, multi-stage, destination-based tax that has revolutionized the indirect tax structure in India. It has subsumed several indirect taxes levied by the Central and State Governments. Understanding the GST filing process is crucial for all business entities to avoid penalties and ensure compliance.
In order to streamline the taxation system, the Goods and Services Tax (GST) was introduced in India on July 1, 2017. The GST system allows businesses to claim input tax credit on their purchases, which helps reduce the tax burden on the final consumer. In this article, we will discuss the process of claiming input tax credit on business expenses under the GST regime.
Filing taxes can be a daunting task, especially for those who are new to the process or those who are not familiar with the ever-changing tax laws in India. Many people end up making errors while filing their tax returns due to negligence or lack of understanding. These mistakes can result in penalties, notices from the income tax department, and even delay in refunds. To help you avoid these common errors, we have compiled a list of mistakes to avoid when filing taxes in India.
Tax filing is an essential part of financial planning and management for individuals and businesses in India. The government has set strict deadlines for filing Income Tax Returns (ITR) to ensure timely compliance with tax laws. However, sometimes taxpayers may miss the deadline due to various reasons, leading to late filing of their tax returns. In such cases, the taxpayers may face penalties and other consequences as per the provisions of the Income Tax Act, 1961. This article aims to provide an overview of the penalties for late tax filing in India.
The Goods and Services Tax (GST) is a comprehensive, multi-stage, destination-based tax that is levied on every value addition. As a business owner in India, you must comply with GST filing requirements. However, errors can sometimes occur during the GST filing process. Fortunately, there are ways to correct these errors. This article will guide you through the steps to correct errors in your GST filing.