Changes recommended in Composition Scheme : Uniform rate of tax @ 1% under composition scheme for manufacturers andtraders (for traders, turnover will be counted only for supply of taxable goods). No change for composition scheme for restaurant. Supply of services by Composition taxpayer upto Rs 5 lakh per annum will be allowed by exempting the same 3. […]
GST Returns Filing Process For Regular Taxpayers (3 Monthly Returns and 1Annual Return) Form Type Due Date/ Frequency Details to be furnished Category of Taxpayer GSTR-1 10th of the next month Outward supplies made by taxpayers for all goods/services Regular taxpayer GSTR- 1A 15th of the next month Details of outward supplies as added, corrected […]
Tax deducted at Source: TDS means Tax Deducted at Source. The concept of TDS was introduced in the Income Tax Act, 1961, with the objective of deducting the tax on an income, at the source of income. It is one of the methods of collecting Income Tax, which ensures regular flow of revenue to the […]
Taxes at the Center and State level are being subsumed into GST: At the Central level, the following taxes are being subsumed: Central Excise Duty, Additional Excise Duty, Service Tax, Additional Customs Duty commonly known as Countervailing Duty, and Special Additional Duty of Customs. At the State level, the following taxes are being subsumed: Subsuming of State Value Added […]
What is GST? Goods and services tax is India’s most ambitious indirect tax reform plan, which aims to stitch together a common market by dismantling fiscal barriers between states. It is a single national uniform tax levied across India on all goods and services. Why is it required? The indirect tax system is currently mired […]
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