GST & E-Filing

The Goods and Services Tax (GST) is a comprehensive indirect tax that replaced various other taxes like VAT, service tax, excise duty, etc., in India. It was introduced in 2017 to streamline the tax system and create a unified market across the country. The GST laws regulate the taxation of goods and services in India.

Key aspects of GST laws:

1. GST Registration: Businesses with an annual turnover above a certain threshold (₹20 lakhs for goods and ₹10 lakhs for services in most states) must register under GST.
2. GST Rates: The GST system has multiple tax slabs (0%, 5%, 12%, 18%, and 28%), depending on the type of goods and services.
3. GST Filing: Businesses are required to file returns regularly (monthly, quarterly, and annually). The returns include:
   • GSTR-1: Details of outward supplies (sales).
   • GSTR-2A: Auto-populated details of inward supplies (purchases).
   • GSTR-3B: Summary return for tax payments.
   • GSTR-9: Annual return.
4. Input Tax Credit (ITC): This allows businesses to claim a credit for the tax paid on inputs (purchases) that can be offset against the tax collected on outputs (sales).
5. Penalty for Non-compliance: Failure to register, file returns, or pay taxes on time results in penalties, interest, or even cancellation of GST registration.

ITR Filing Laws (Income Tax Return)

Income Tax Return (ITR) filing is a legal obligation for individuals and businesses to report their income and calculate tax liabilities to the Income Tax Department of India. The Income Tax Act, 1961, outlines the procedures and requirements for ITR filing.

Income Tax Laws in India

The Income Tax Act, 1961 governs income tax laws in India. It regulates the taxation of income earned by individuals, businesses, and other entities in the country.

Key Features of Income Tax Laws:

• Income Tax Liability: The law mandates the payment of tax based on the income earned by individuals, Hindu Undivided Families (HUF), companies, firms, trusts, and other entities.
• Taxable Income: Income can be earned from various sources, such as:
  • Salaries
  • Business or Professional Income
  • Capital Gains
  • Interest from Savings
  • Rental Income