In today’s faster world, businesses worldwide are evolving rapidly. With the dramatic changes technology brought to the tax landscape, taxpayers in Gurgaon are looking for innovation in tax management. In such a scenario, consulting with the best GST Consultant in Gurgaon is advisable.
GST vs. Income Tax: Understanding The Differences
The Indian government classified the tax regime into two broad categories- direct and indirect tax. While the authorities levy direct tax on an individual’s income, they levy indirect taxes on their consumption of goods and services. Governed by the Goods and Services Act of 2017, the Goods and Service Tax (GST) is an indirect tax formed by subsuming various indirect taxes, including VAT, service tax, central excise duty, etc. The Income Tax, governed by the Income Tax Act of 1961, is a direct tax system in Gurgaon, India. When filing your taxes, make sure you choose the best CA agency. Aggarwal Vaun &Co.’s Income Tax Return Filing Services in Gurgaon offers easy and simple processing without much hassle.
The Difference Lies In Your GST and Income Tax Filing
Since GST and Income Tax are completely different concepts, their return filing systems are also different. The calculations to determine the payable tax, compliances, forms, penalties, and the frequency of filing tax varies.
Filing and Due Dates for GST Returns
Taxpayers require submitting multiple types of GST returns, depending on their business returns and sales. Based on the type of return and taxpayer’s annual income, GST filings have different filing and due dates. Taxpayers must meet the deadline to avoid late fees and interest charges. If you cannot understand the differences, it is best to consult with the best GST Consultant in Gurgaon before filing your GST.
Filing and Due Dates for Income Tax Returns
Corporations and individuals must file income tax returns (ITRs) within the deadline to avoid penalties. Mostly, the deadline for filing individual returns is July 31st of the assessment year, with few exceptions. Corporations must file their ITRs by September 30th. Whether you are filing an individual or a corporate ITR in Gurgaon, it is essential to collaborate with the best Income Tax Return Filing Services in Gurgaon.
Conclusion
You must understand the difference between filing an ITR and GST. The best GST Consultant in Gurgaon will help you understand the various GST filings and guide you through the hassle-free processes.