E-GST & Income Tax Training

Goods and Service tax (GST) is an indirect tax levied on the sale of goods and services in India. GST is levied at every step in the production process, but is returned to all parties in the chain of producers except the final consumers. GST has replaced several cascading taxes levied by the central and state governments.

The tax rates, rules and regulations are governed by the GST council which comprises of Finance Ministers of the Central and all the State Governments. GST has simplified a large number of indirect taxes with a unified tax and is therefore expected to substantially reshape the country’s 2.4 trillion dollar economy.

Every person registered under the GST Act is required to periodically present the details of sales and purchases along with tax collected and paid thereon, respectively by filing online returns. Payment of tax is compulsory before filing the return or else such return will be invalid.

An Income Tax is a tax that government imposes on the financial incomes of all individuals or entities falling within their jurisdiction. By law businesses and individuals are required to file an income tax return every year to determine whether they owe any tax or are eligible for any tax refund.

Many jurisdictions refer to tax levied on business entities as corporate tax. Income tax is generally computed as tax rate times the net taxable income. Taxation rates mostly vary by type and characteristics of the taxpayer. Income tax is one of the most important sources of income for the government which the government uses to fund its activities and serve the public.