M V Power Consultants & Engineers Interview Questions and Answers

TDS stands for Tax Deducted at Source, which is a tax collection mechanism in India.

• TDS is a tax that is deducted from the income of an individual or a company at the time of payment.

• It is deducted by the payer and deposited with the government on behalf of the payee.

• TDS is applicable on various types of income such as salary, interest, rent, commission, etc.

• The rate of TDS varies depending on the type of income and th...read more

GST stands for Goods and Services Tax. It is a value-added tax levied on the supply of goods and services in India.

• GST was implemented in India on July 1, 2017

• It replaced multiple indirect taxes like VAT, excise duty, service tax, etc.

• GST has 4 tax slabs - 5%, 12%, 18%, and 28%

• GST has helped in simplifying the tax structure and reducing tax evasion

• GST has also led to the creation of a unified market across India