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How to file GSTR 9?

The implementation of Goods and Services Tax (GST) on July 1, 2017, was aimed at revolutionizing the taxation system in India. Through the ‘one nation, one tax’ policy of GST, the burden of taxes has been reduced not on the citizens alone but the business owners as well. This is because now a single tax is levied on the supply of goods and services (right from the manufacturer to the consumer), which has made it is easier to understand how much tax is to be paid. GST can be easily filed online. All the details of the business transactions of...more
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How to file GSTR 1?

Introduction The Goods and Services Tax (GST) was introduced in India to reduce the taxation problems faced by the general citizens and the business owners. Notably, GST diminished the cascading tax effect by abolishing the ‘tax on tax’ practice. This has, in turn, enhanced the revenue structure and amount as more people are paying their taxes properly. Undoubtedly, it has significantly boosted the economic growth of the country. When it comes to GST return filing, there are various forms, such as GSTR 1, GSTR 9 and GSTR 2. You need to fill them according to your business transactions and income....more
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GST Filing – Know How To File GST Returns

The enforcement of Goods and Service Tax (GST) as on 1st July 2017, has led to one of the greatest tax reforms in India. GST is a comprehensive tax imposed on the supply of services and goods, which seeks to replace all other forms of indirect tax, including VAT, purchase tax, central excise duty, central sales tax, etc. All manufacturers, service providers and traders need to register under GST return filing. GST returns refer to the documents that the taxpayer files based on a period with the income tax authorities. Anyone registered on the GST portal needs to provide information...more
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GST Refund Process

The GST (Goods and Service Tax) regime in India has made filing and the monthly payment of your company’s taxes easy. Since business transactions take time to process, you might end up paying more taxes than you owe. When this happens, you can claim a refund on your GST from the government. Here is a simple case of excess tax payment – Mr Avinash is liable to pay an amount of INR 50,000 as GST for the month of August. Due to a mistake, he ended up paying INR 5 lakh. Now, he has made an excess GST payment of...more
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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 taxes India has two types of taxes, namely Direct Tax...more
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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 be mentioned in the GST return document. The article will...more
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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 2017, the Goods and Services Tax Act was passed in...more
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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 than at the point of production, though the tax department...more
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Section 80D Deduction – All You Need To Know

Medical emergencies often crop up unexpectedly. It is better to stay prepared beforehand than regret later. The same holds true for health insurance. A necessity these days, health insurance should definitely feature in your investment portfolio. The Indian government encourages every individual to purchase health insurance and permits you to save on taxes under Section 80D. Many people may have heard of tax deductions under Section 80D, but do not have a clear idea of the scheme. For those, here are some essential information regarding Section 80D deductions. What is Section 80D? Section 80D allows for tax deductions from the...more
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Section 80CCC – Income Tax Deduction Under section 80CCC

As a taxpaying Indian citizen, you might always look for different ways to reduce your taxes. You can claim tax deductions under different sections of the Income Tax Act such as 80C, 80CCC and 80CCD that will help to reduce your tax outgo. The popular option for most people to save on taxes is Section 80 C along with 80CCC. The main intention of obtaining taxes from the citizens by the government is to provide proper public services. But if you end up paying a significant amount of your earnings as tax, your savings may take a hit. Therefore, it...more
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