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Category: Taxation

Goods & Service Tax

Goods & Service Tax

Goods & Service tax is a value-added tax which is levied on the manufacture, sale & consumption of goods & services. Goods & service tax has subsumed various indirect taxes such as VAT, service tax, excise duty, entertainment tax, CST, Luxury tax, entry tax, etc. GST is a comprehensive, multi-stage, destination-based tax which is levied at every stage of value addition. Explanation GST is an Indirect tax that is levied on the goods & services at every stage while reaching…

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Tax Planning Vs Tax Avoidance Vs Tax Evasion

Tax Planning Vs Tax Avoidance Vs Tax Evasion

Tax Planning Tax planning is the diagnosis of the financial situation of any individual, organization etc as the case may be and do planning from tax perspective so as to ensure the optimal tax efficiency. It is an important part of financial planning. It involves planning of the income and expenditure by following the various provisions of Taxation law and abiding it legally with the aim of minimizing the tax burden. The planning helps the taxpayers to lessen the tax liability through various options viz deductions, exemptions, rebates stated in…

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What is Tax?

What is Tax?

A tax is the pecuniary burden which is laid upon the individuals, businessman, and property owner’s etc. to provide support to the government. It is not any voluntary contribution or donation but a mandatory payment exacted by government authorities. It is further classified as direct & indirect tax. Explanation Tax is basically an amount of money that is payable to the government so that the government can spend such money for providing public services. More precisely, it is the percentage…

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