Rush up to do your GST registration at Smartcorp, Tirupur. GST is mainly doomed to be a unified tax across the country on products and services. It provides services, right from the manufacturer to the consumer. In the GST management, businesses whose turnover exceeds Rs. 40 lakh over the year are requested to register as a normal taxable person .The tax on goods and services came into effect from July 1, 2017 through the implementation of One Hundred and First Amendment of the Constitution of India by the Indian Government. The tax replaced several existing multiple Central and State Government taxes.
Both quarterly and annual return filings are offset in April 2019. As a central change GST registration limit is increased from RS.40 lakhs up to RS.1.5 crores. It means Rs.40 lakhs goods supply is enough to register their GST. Limit of turnover exceed RS.50 lakhs, tax slab is fixing as 6%. Goods supplying within Kerala need to pay the calamity cess of 1% up to2 years. Otherwise, no rate cuts are announced. Latest tax implementations are prescribed for the building and housing units. Those rate structures are following from April 1st 2019.
Income tax Act, 1961 is the charging act of Income Tax in India. We Smartcorp in Tirupur have highly qualified professionals for doing income tax registration in fast and easy way. Taxpaying is considering as the primary duty of Indian Citizen. Every Indian citizen under the age of 60 and crossing the income value more than Rs. 2,50,000 needs to pay their income tax. For senior citizen more than 60 years of age limit and exceed the income limit of Rs. 3,00,000 is obligatory to pay their tax. Income tax refers to the tax you pay directly to the government depending on your income. This tax on income is calculated by the net taxable income of a person or entity for the applicable fiscal. Direct tax and indirect taxes are the two types of tax collecting from the government of India. Direct taxes are paid directly by an individual to the imposing entity.
Indirect taxes are passed off to the customer as part of the purchase price of goods or services. Indirect taxes are collecting from the business undertaking on the basis of goods and services. GST and sales taxes are the fine example for indirect tax.