Income Tax With Gst
![Taxation Taxation En 2020](https://i.pinimg.com/originals/5d/c8/02/5dc802682aeb464d78aad48bf874d8d9.jpg)
It increased by a slight 0 2 per cent to 11 2 billion.
Income tax with gst. Income tax and gst compliance due dates for november 2020. View all popular posts. Filing of gstr 7 tds deductor for the month of september 2020. Depositing of equalization levy for the month of september 2020.
Cbic issues 8 gst notifications on 10th november 2020. Gist of gst notifications issued on 10 11 2020. All income tax and gst compliances you need to know for october 2020 form 24g form no. The next biggest category of tax revenue was the gst which made up 21 per cent of total collection.
Adhering to tax related compliance proposed by the indian government is mandatory for taxpayers in india. The main difference between gst and income tax is gst is levied on consumption of goods and services whereas income tax is levied on income earned in a financial year. Due dates to file form gstr 3b october 2020 to march 2021. A country with a unified gst platform merges central taxes e g sales tax excise duty tax and service tax with state level taxes e g entertainment tax entry tax transfer tax sin tax.
New gst return scheme for small taxpayers. Gst is a multi stage tax levied at each stage of the supply chain while income tax is levied once a year on the gross income minus eligible savings as per 80c. In way of collecting the tax gst is the indirect tax paid to the government whereas income tax is the direct tax paid to the government. 15g 15h goods and services tax gst gstr 1 gstr 3b gstr 7 gstr 8 gstr 9 and 9c annual return fy 2018 19 income tax india tax and gst compliances tds certificate for tax deducted.
The i t income tax forms notified for the the current assessment year ay 2020 21 makes it mandatory to report gst outward supplies. Join online gst customs ftp income tax courses. Non compliance with due dates of gst return filing as well as income tax related rules may result in imposing of heavy penalties by the government for taxpayers in india. Filing of gstr 1 for turnover of more than 1 5 cr for september.