Earlier Indian tax system was complex because of its area, but post GST implementation, one of the biggest tax reforms in India, the process for income tax filing online has become smoother. GST serves as an all-inclusive indirect tax this helped in eliminating the cascading effects of tax. It is simple and upgrades the productivity of logistics.
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The tax, which is directly levied on individuals and corporate entities, is Direct Tax. It cannot be transferred or borne by anyone else, such as income tax, wealth tax, gift tax, capital gains tax.
Income tax filing services is the most popular tax. Income tax is levied on income earned by individuals as per the income level. Term ‘individuals’ includes individuals, Co-operative Societies, Hindu Undivided Family (HUF), Company, firm, Trusts.
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Indirect taxes are levied on the public through goods and services. The sellers of the goods and services collect the tax from consumers, which are then collected by the government.
- Value Added Tax (VAT) is a sales tax levied on goods sold in the state; rate depends on the government.
- Octroi Tax is levied on goods which move from one state to another; rate depends on the government.
- Service Tax is levied by government on service providers.
- Customs Duty is a tax levied on anything which is imported from a foreign country.
Goods and Services Tax (GST)
GST incorporates many of the indirect taxes that are levied by states and central government. What GST means for your money?
Some taxes, which GST replaced include:
- Sales Tax
- Central Excise Duty
- Entertainment Tax
- Service Tax
- Purchase Tax
It is a multi-stage destination-based tax because it is levied on each stage of the supply chain starting from purchase of raw material to the sale of the finished product till the end consumer whenever there is value addition and transfer of ownership.
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GST Has Three Components
CGST- Central Goods and Services Act: The central government collects CGST on an intrastate supply of goods or services.
SGST- State Goods and Services Tax: The state government collects SGST on an intrastate supply of goods or services.
IGST- Integrated Goods and Services Tax: The central government collects IGST for inter-state sale of goods or services.
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Benefits of Taxes
Paying taxes might not be please one, however, it is prudent to understand that taxes paid by individual contributes towards the country’s administration and resources required for economic progress.
Taxes promote savings as well as investments. Paying tax also works as a proof that you are not only disciplined in income tax TDS return filing but also helps at the time of loan application. E M S Tax Filing Solutions provide services for filing taxes and returns like GST return filing services.
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