Risk in taking GST on home address Is There Any Risk in Taking GST on Home Address? User Intent Individuals and business owners often seek clarity on whether they can register their Goods and Services Tax (GST) under their residential address and what risks or benefits are associated with it. The intent is to understand… Read More »
Indirect and Direct Tax Indirect and Direct tax is a type of tax that is imposed on the income or wealth of an individual or entity. It is called “direct” because the tax is levied directly on the person or entity that is liable to pay it. The tax liability cannot be shifted to… Read More »
Legal barter transaction Legal barter transaction, Yes, GST (Goods and Services Tax) may be levy on a legal barter transactions done between two companies. According to the GST Act, any supply of goods or services made for a consideration in the course of business or commerce is taxable, including barter transactions. The value of… Read More »
Purpose of GST returns The introduction of the Goods and Services Tax (GST) in many countries has streamlined the tax system by replacing multiple indirect taxes with a unified system. GST returns are a critical aspect of this tax framework, designed to ensure compliance, transparency, and effective tax collection. In this article, we will explore… Read More »
Advantages and disadvantages 1.Fairness: Direct taxes are base on a persson’s income or wealth, so those who earn more pay more, which is seen as fair. 2.Progressive: Direct taxes are design to be progressive, meaning that the tax rate increases as the income or wealth of the taxpayer increases, which helps to reduce income inequality.… Read More »