What is gst?? And tds

Question

Accepted Answer

GST is a tax on goods and services in India, while TDS is a tax deducted at source from income.

GST stands for Goods and Services Tax, which is a value-added tax levied on the supply of goods and services in India.
TDS stands for Tax Deducted at Source, which is a tax deducted from the income of an individual or entity at the time of payment.
GST is a comprehensive tax that replaced multiple indirect taxes, such as excise duty, service tax, and VAT.
TDS is deducted by the payer and deposited with the government on behalf of the payee.
GST rates vary depending on the type of goods or services, while TDS rates depend on the nature of income and the tax laws.
For example, if a company pays a salary of Rs. 50,000 to an employee, it may deduct TDS at the rate of 10% and deposit Rs. 5,000 with the government.
Similarly, if a restaurant sells food worth Rs. 1,000, it may charge GST at the rate of 5% and collect Rs. 50 as tax from the customer.

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