Posts Tagged: indirect tax

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Which ITR Form Should I File?

Taxes! The word itself can conjure up feelings of dread and confusion. But fear not, fellow reader, as I am here to help clear the air. Filing your taxes isn't just a yearly ritual; it's an important step that contributes to your benefit and the nation.

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Are You Managing Your Taxes Right? Quick Steps to Do It.

Human life is a mixture of contradictions. Let's think about salaried individuals for a moment. Making less money can be a bummer, but we grumble about taxes when we receive a raise. 😅

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Pay 0 Tax with an Income of upto ₹12 Lakh

Direct tax collections show a 19% increase, hitting ₹14.70 lakh crore by 11 January 2024. This achievement represents 81% of the fiscal year 2023-24 target, as reported by the Central Board of Direct Taxes (CBDT).

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In and Out of Excise Duty!

While seeing the news about petrol and diesel's skyrocketing prices, you may have heard about excise duty. Did you know that it still exists even after 3.5 years of the new GST regime?

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Document Identification Number (DIN): Transparent and Accountable

The companies in India sell you the goods, earn their money, and pay the taxes. These taxes are paid to the government in two forms. The Direct tax that is income tax or corporate tax is levied on the income of the company. Other is the indirect tax now known well as the Goods and Service Tax or the GST and Customs duty.

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All You Need to Know About GSTR-3

GST R1, R2, and R3 are various forms which are used for filing GST return. Return is a document which contains the details of income which a taxpayer is required to file with the authorities. Under GST a registered dealer has to file GST return which includes for purchases, sales, input tax credit etc.

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Shortcomings of Goods and Service Tax

GST (Goods and Services Tax) is a kind of indirect tax and which is included in the sale price of goods and services. GST came into effect in India on 1st July 2017. A good go through various stages which starts from a manufacturer and then finally reaches a seller and in all such stages, GST is added.

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What are the advantages of GST?

The Goods and Services Tax abbreviated as GST is a major tax reform which has consolidated the various manners in which the indirect tax was levied by Central and State tax departments and brought it under one umbrella. For instance, it has replaced the Service tax law, VAT, Entry tax, Luxury tax, Purchase tax, etc. It is a comprehensive tax on manufacture, sale and consumption of goods and services.

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Critical Analysis of GST Slabs in India

Throughout the world, over 160 countries have adopted the Goods and Services Tax while France remains the parent country. India adopted this new tax system on 1st July 2017 with the One Hundred and First Amendment of the Constitution of India, replacing the various cascading taxes imposed by the central and state governments. Inspired by Canadian model, India adopted a dual-GST structure which is seen as the biggest tax reforms in the history of India.

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What is GSTR 1return?

GSTR-1 is a return that is mandatory for every certified trader to file. This return contains details of outward supplies by that trader. The term ‘outward supply’ has been defined in the Central Goods and Services Tax Act, 2017. It implies all sales of either goods or services or of both, by methods of,

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How is GSTR 1 Form filed?

Are you facing difficulty in filing GSTR-1? Don’t worry! This is your one-stop guide to finally understanding GSTR for what it is, and how is it to be filed.

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What is the Composition Scheme under GST?

On July 1st, 2017 the Government of India announced GST to be applicable throughout the territory of India including the State of Jammu and Kashmir. At first huge resentment was shown by the public to the GST being applied as some were in a state of confusion that how to apply GST over their regular methods of applying service tax and some were worried that how will they now be able to evade tax liability. But the small dealers who were eligible to pay tax were the ones in the most disturbed state of mind as to whether the provision of composition scheme under service tax will be repealed or will continue to operate under the new Goods and Services Act, 2017.

Posts Tagged: indirect tax

Which ITR Form Should I File?

Are You Managing Your Taxes Right? Quick Steps to Do It.

Pay 0 Tax with an Income of upto ₹12 Lakh

In and Out of Excise Duty!

Document Identification Number (DIN): Transparent and Accountable

All You Need to Know About GSTR-3

Shortcomings of Goods and Service Tax

What are the advantages of GST?

Critical Analysis of GST Slabs in India

What is GSTR 1return?

How is GSTR 1 Form filed?

What is the Composition Scheme under GST?

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