Tag Archives: #TaxationDebate

What is the purpose of GST returns?

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 »

What is Capital Gains Tax?

Capital Gains Tax Capital gains tax is a tax imposed on the profit earned by individuals or corporations when they sell an asset at a higher price than its original purchase cost. This tax applies specifically to assets classified as “capital assets,” including stocks, bonds, real estate, and various investments. When an individual sells a… Read More »

What is the difference between TDS vs TCS?

Difference between TDS vs TCS    Difference between TDS vs TCS, TDS and TCS are both types of tax collection mechanisms in India, but they differ in their nature, purpose, and applicability. TDS TDS (Tax Deducted at Source) is a tax collection mechanism that requires a person to deduct tax at a prescribed rate from the… Read More »

What is the difference between GST and income tax?

GST and Income Tax         It follows a consumption-based model, where tax is collect at each stage of the supply chain, from the manufacturer to the end consumer. GST replaces multiple indirect taxes such as excise duty, service tax, and VAT, with the objective of establishing a unified market throughout the country… Read More »

Which state does not accept GST in India?

Which State Does Not Accept GST in India? In India, the Goods and Services Tax (GST) is a unified tax structure implemented to simplify the tax system across the country. However, one region stands apart: Jammu and Kashmir (J&K). While J&K does have a tax framework similar to GST, it does not fully accept the… Read More »