What Is GST-

GST is known as the Goods and Services Tax. It is an indirect tax which has replaced many indirect taxes in India such as the excise duty, VAT, services tax, etc. The Goods and Service Tax Act was passed in the Parliament on 29th March 2017 and came into effect on 1st July 2017.

In other words, Goods and Service Tax (GST) is levied on the supply of goods and services. Goods and Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that is levied on every value addition. GST is a single domestic indirect tax law for the entire country.

There are three taxes applicable under this system: CGST, SGST & IGST.

  • CGST: It is the tax collected by the Central Government on an intra-state sale (e.g., a transaction happening within Maharashtra)

  • SGST: It is the tax collected by the state government on an intra-state sale (e.g., a transaction happening within Maharashtra)

  • IGST: It is a tax collected by the Central Government for an inter-state sale (e.g., Maharashtra to Tamil Nadu)

We Provides GST Services . To know more about GST Services Click on GST Services

What Is Income Tax-

Income tax is a tax charged on the annual income earned by an individual. The amount of tax paid will depend on how much money you earn as income over a financial year. One can proceed with Income tax payment, TDS/TCS payment, and Non-TDS/TCS payments online. All taxpayers must fill in the relevant details to make these payments. The entire process becomes simple and quick.

Income tax for FY 2020-21 applies to all residents whose annual income exceeds Rs.2.5 lakh p.a. The highest amount of tax an individual could pay is 30% of their income plus cess at 4% if their income is more than Rs.10 lakh p.a.

Who Should Pay Income Tax ?

It is mandatory to file ITR for individuals If the gross total income is over Rs.2,50,000 in a financial year. This limit exceeds Rs.3,00,000 for senior citizens and Rs.5,00,000 for super senior citizens. The entities listed below are required to pay tax and file their income tax returns.

  1. Artificial Judicial Persons

  2. Corporate firms

  3. Association of Persons (AOPs)

  4. Hindu Undivided Families (HUFs)

  5. Companies

  6. Local Authorities

  7. Body of Individuals (BOIs)

We Provides Income Tax Services .To know more about Income Tax Services Click on Income Tax Services