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The Goods and service tax is the biggest reform by the Indian government to tackle the complex tax rate structure that was followed until now.
Input tax credit in GST, As defined by section 2 (57) of the MGL (Model GST Law) and section 2 (1) (d) of the IGST Act, Input tax is related to a taxable entity which means the (IGST and CGST) in respect of CGST Act and (IGST and SGST) in respect of SGST Act is levied on every supply of goods or any services on the entity which is used by it or which is intended to to be consumed in the course of the business and subsumes the tax payable under sub-section (3) of section 7. In a simple way, input tax credit defines that an entity can reduce the taxes it paid on the inputs at the time of paying the taxes on output.
The One Nation One tax concept will be adopted by the income tax department on large scale as soon as possible which will eradicate the jurisdiction issue over the assessment.
The goods and service tax has been taking a toll on various sectors in the fact of its multi favoring on the economic aspects. Still, there are some provisions on which the GST is working and in which it is ensured that a flawless tax credit is supposed to enter along with the safeguarding against the tax evasion practices. But, the twist turns out that the same provision can prove damaging to the small and medium traders and business organizations.
Indirect taxes have always been contributing more than direct taxes to the Government’s Revenue. Services solely contribute a major part of the whole Gross Domestic Product (GDP), subsequently, it shows the major contribution of Services in taxes also.
GST the goods and service tax is a reformative financial taxation scheme introduced in Indian constitution recently for structuring all the business units into the database of tax paying organization with equal consideration. The goods and service tax are implemented to subsume all the indirect taxes.
Individuals with income exceeding more than the basic exemption limit are required to file an Income Tax return within the due date, and if the person fails or misses the due date, then there are certain provisions of penalty under the Income Tax Act of 1961. The assessing officer may contact the individual through a […]
The Income Tax Department allows individuals to claim a refund for depositing extra tax. An individual can claim the same online using the Income Tax Department’s e-filing portal, https://www.incometax.gov.in/iec/foportal. Income Tax regulations mandate the Filing of income tax for individuals earning an annual income of Rs 2.5 lakh or more. For Senior citizens (individuals aged […]
Finally, the GST Bill has been approved by the Rajya Sabha and now it will go to the lower house for some rectification in the amendment. After receiving majority upvotes (203 votes) in the house, it is likely to be implemented by the 3rd quarter of 2017. There have been lot of questions regarding the GST among the general public. So, Here we are presenting some common FAQs that will explain every single stage of GST and its benefit.
