What is Tax?What is the purpose of Tax?

Posted:April 24, 2018. | By: Admin

In India taxes are charged by the central Government and State Government. And there are some minor taxes are also charged by the local authorities like municipality. The authority to charge the taxes is derived from the Constitution of India which allocates a specific power to various taxes between the state government and the central Government. An important restriction on this power is Article 265 of constitution which states that "No tax shell be charged or collected except the authority of... [Read More]

Calculation of GST payments

Posted:April 24, 2018. | By: Admin

Calculations for GST payments are required to each and every registered person for his tax liability on a monthly basis. Electronic Tax Liability Ledger, Electronic Cash Ledger, and Electronic Credit Ledger are the three ledgers used by the GST platform in India where this is required to be maintained by every tax payer. Electronic Tax Liability Ledger: This Liability Ledger shows the total tax liability of a registered person at any time. This can be accessed on GST portal of every... [Read More]

What happened to the previous tax system

Posted:April 24, 2018. | By: Admin

GST goal to simplify tax rule in India with one proverb ‘One Nation, One Tax’. Previously India has so many taxes, anciently the tax burden on tax payer was high. From GST onwards, tax burden has reduced significantly since all taxes are integrated, and the burden is split equally between manufacturers and services. See below example how differ GST than previous tax Non-GST 1) A car manufacturer company buys raw materials worth RS.80,000(include a tax of 10,000). 2) Manufacturer... [Read More]

What is CGST SGST and IGST

Posted:April 24, 2018. | By: Admin

To know what is CGST, SGST and IGST we need to know what is Intra-State supply of goods and Inter-State supply of goods. Intra-State     Intra-State supply of goods means seller and buyer locations are in same state.In this Intra-State supply manufacturer will collect both SGST and CGST from end user.CGSt goes to Central Government and SGST goes to State Government. Inter-State     Inter-State supply of goods means seller and buyer locations are in different... [Read More]

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