Difference between revenue and tax Difference between revenue and tax are so many. Both Revenue and tax are two distinct concepts in the realm of finance and government. Revenue refers to the funds or income generated by individuals, businesses, or governments through various channels, including sales, services, investments, and taxes. It represents the overall amount… Read More »
Benefit of GST number Benefit of GST number: Introduced on July 1, 2017, the Goods and Services Tax (GST) is a comprehensive indirect tax implemented in India. Under the GST regime, businesses are assigned a unique identification number known as the GST number. This 15-digit alphanumeric code plays a vital role in tracking the… Read More »
Destination based tax When we refer to GST (Goods and Services Tax) as a destination-based tax. It implies that the tax is imposed at the final point of consumption for goods or services. The tax proceeds collecte by the state where the goods or services consumed, rather than the state where they produced. For more… Read More »
Filing income tax returns Filing income tax returns is mandatory for several reasons: Legal Requirement The law mandates individuals and entities to file income tax returns within the specified due dates. Failure to comply with this requirement may result in penalties and legal consequences. Income Assessment Filing tax return allows the tax authorities to… Read More »
Paying tax for salt There is no tax imposed on salt in India. Salt is consider an essential commodity and is exempt from any form of taxation, including indirect taxes like the Goods and Services Tax (GST). This exemption is in place to ensure the availability and affordability of salt for all individuals in the… Read More »
Is corporate tax a direct or an indirect tax Direct taxes are taxes that are levied on individuals or entities based on their income, profits, or assets. Corporate tax is a direct tax that is imposed on the profits earned by corporations and other business entities. The tax is calculated based on the net income… Read More »
