What do you know about GST & TDS.

Question

Accepted Answer

GST is a tax levied on the supply of goods and services in India, while TDS is a tax deducted at source on certain types of payments.

GST stands for Goods and Services Tax, which is a comprehensive indirect tax levied on the supply of goods and services in India.
It was implemented in India on July 1, 2017, replacing multiple indirect taxes like VAT, excise duty, and service tax.
GST is categorized into Central GST (CGST), State GST (SGST), and Integrated GST (IGST) depending on the nature of the transaction.
It aims to simplify the tax structure, eliminate cascading effects, and create a unified market across the country.
GST rates are divided into different slabs such as 5%, 12%, 18%, and 28% based on the type of goods or services.
Registered businesses need to file regular GST returns and maintain proper records of their transactions.
For example, if a company sells a product for Rs. 100 with a GST rate of 18%, the customer will pay Rs. 118 (Rs. 100 + Rs. 18 as GST).
GST has significantly impacted the way businesses operate and has brought transparency and accountability in the tax system.

Accepted Answer

Gst and TDs knowlage

Accepted Answer

GST is known as the Goods and Services Tax. It is an indirect tax which has replaced many indirect taxes in India such as the excise duty, VAT, services tax, etc. The Goods and Service Tax Act was passed in the Parliament on 29th March 2017

What do you know about GST &amp; TDS.

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What do you know about GST & TDS.