Types of Taxes

Taxes are an essential part of any nation to promote its economic growth. The taxes that we pay fill the coffers of the government, which are then utilized by it to deliver various services to the country’s population. The government has been given the authority to collect taxes by the Indian Constitution. All the taxes that we pay are backed by laws passed by either the Parliament or the State Legislature. Now that we know what taxes are, let’s look at the type of taxes in India. Different types of…

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GST Return Types

Introduction GST stands for Goods and Services Tax and is the largest indirect tax imposed by the government of India on the supply of services and goods. GST brings all different taxes such as Service Tax Law, Entry Tax, Central Excise Tax, Luxury Tax, entertainment tax and VAT under a single umbrella. The tax is levied on consumption, sales and manufacture of services and products. It applies to the consumer and the manufacturer. All the details of sales, purchases, tax accumulated for sales and tax accumulated for purchase has to…

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GST Full Form: What is GST (Goods & Services Tax)

Introduction GST or Goods and Services Tax is a single indirect tax that is imposed by the Government of India. This is perhaps one of the biggest tax reforms in the country. The tax aims to bring all indirect taxes such as VAT, Central Excise Tax, Luxury Tax, Service Tax Law, Entertainment Tax and Entry Tax together. To put it simply, under GST, meaning Goods and Services Tax, all goods and services produced in the country along with the imported goods will have a single indirect tax. On 29th March…

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GST Rates

GST, i.e. Goods and Service Tax is a new type of tax that replaces all state and central taxes, like countervailing duty, excise duty, value-added tax (VAT), service tax, luxury tax, and entry tax. This single tax is aimed at simplifying all indirect taxes levied by the Govt. Services and goods should be taxed on the basis of value addition at every stage and not on the gross value of services or goods billed at every stage. Furthermore, the tax should eventually be borne at the point of consumption rather…

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