In the Goods and Services Tax (GST) framework, disputes may arise between taxpayers and the tax authorities regarding tax assessments, penalties, refunds, or other decisions. A GST appeal is the legal process available to resolve such disputes.
A GST audit is the examination and verification of the records, returns, and other relevant documents maintained by a registered taxpayer to ensure compliance with the Goods and Services Tax (GST) laws. The objective of the audit is to ascertain the correctness of the turnover declared, taxes paid, refunds claimed, and input tax credit (ITC) availed by the taxpayer.
Under the Goods and Services Tax (GST) system, a GST refund arises when a taxpayer has paid more tax than is due, or when certain conditions specified under GST law are met. The refund mechanism ensures that the taxpayer is not burdened with excess taxes, making the system efficient and taxpayer-friendly.
Under the Goods and Services Tax (GST) regime, taxpayers are required to file monthly GST returns to report their sales, purchases, tax collected, and tax paid. These returns ensure transparency, proper tax compliance, and smooth input tax credit (ITC) flow across the supply chain.
Tax Deducted at Source (TDS) is a mechanism under the Income Tax Act, 1961, and GST law where tax is deducted at the source of income. It ensures the timely collection of taxes and minimizes tax evasion by collecting tax at the point of income generation.
Income tax is a type of direct tax levied by the government on the income earned by individuals, Hindu Undivided Families (HUFs), partnership firms, companies, and other entities during a financial year. It is one of the primary sources of revenue for the government, used to fund public services, infrastructure development, and welfare programs.
Micro, Small, and Medium Enterprises (MSME) play a significant role in economic development, and governments often provide financial support to boost their growth. One such support is in the form of loans with subsidies.