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Goods and Services Tax (GST)
Goods and Services Tax (GST) is a comprehensive indirect tax levied on the supply of goods and services in India. Introduced on July 1, 2017, GST replaced multiple indirect taxes such as excise duty, service tax, VAT (Value Added Tax), and other local taxes to create a unified tax structure across the country. GST aims to eliminate the cascading effect of taxes, promote ease of doing business, and bring transparency to the taxation system.
Purpose of TDS
The primary objective of TDS is to collect tax in advance and ensure that individuals do not evade tax obligations. It simplifies the process of tax collection and helps taxpayers by spreading their tax liability over the financial year instead of paying a lump sum at the end.
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TDS is applicable to various types of payments, including:
Objectives of GST
Simplify Tax System
Replacing multiple indirect taxes with a single tax.
- Eliminate the Cascading Effect
- Increase Compliance
- Boost Economic Growth
Structure of GST
GST is structured into four major types based on jurisdiction:
- Central GST (CGST)
- State GST (SGST)
- Integrated GST (IGST)
Who is Responsible for Deducting TDS?
Any individual or entity making specified payments is responsible for deducting TDS before making the payment to the recipient. These include employers, banks, businesses, and contractors. The deducted tax must be deposited with the government within the due date specified under the law.
GST Tax Slabs
GST is categorized into different tax slabs based on the nature of goods and services:
GST Tax Slabs
- 5% GST – Basic essentials like food items, coal, transportation services.
- 12% GST – Processed food, textiles, mobile phones, business services.
- 18% GST – Electronics, financial services, branded food items.
- 28% GST – Luxury items like cars, aerated drinks, tobacco products.
TDS GST RegistrationFiling
Businesses need to register under GST based on their turnover:
- Mandatory Registration – Businesses with annual turnover exceeding ₹40 lakh (₹10 lakh for NE states and hill states).
- Form 26Q – TDS on non-salary payments
- Form 27Q – TDS on payments to non-residents
- Form 27EQ – TDS on collection of tax at source
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Tax Swami provided expert tax solutions with professionalism and accuracy. Highly satisfied with their reliable, efficient, and hassle-free financial services!
Mukesh Kumar
Client
Tax Swami provided expert tax solutions with professionalism and accuracy. Highly satisfied with their reliable, efficient, and hassle-free financial services!
Mukesh Kumar
Client
Tax Swami provided exceptional financial guidance, ensuring smooth tax filing and maximum savings. Highly professional, reliable, and knowledgeable—highly recommended for all financial needs!
Ram
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Tax Swami provides exceptional accounting outsourcing services, enabling businesses to concentrate on growth while we manage their financial operations with precision and trustworthiness. Our expert team handles bookkeeping, tax preparation, payroll processing, and financial reporting, ensuring compliance with regulations and minimizing errors. By outsourcing to Tax Swami, businesses can reduce operational costs, enhance efficiency, and gain access to professional financial expertise. We tailor our services to meet unique business needs, offering scalable solutions for startups and established enterprises. With our reliable support, businesses can achieve financial stability.
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