Found 15 Articles for GST(Goods and Services Tax)

Employers must withhold a portion of employees' pay to pay employment taxes. Two sorts of employment taxes are taken out of an employee's gross pay. What is Payroll Tax? Unemployment insurance and social security contributions are examples of payroll taxes. It's a tax in which both the company and the employee participate. The FICA (Federal Insurance Contributions Act) levy covers healthcare costs and social security contributions. The retiree's monthly payout is based on the social security tax the worker contributed throughout their working years. Insurance against joblessness is provided by the Federal Unemployment Tax Act (FUTA), and medical costs are ... Read More

Making a mistake on your taxes may be expensive for individuals as well as corporations. Businesses that do not pay their taxes to the appropriate authorities and are subsequently unable to make their tax payments, as well as any applicable interest or penalties, may even be required to close their doors.When it comes to people, tax avoidance may result in severe penalties and possibly time spent in jail. Because of this, people and other types of businesses are strongly advised to make use of the expertise of a trained professional at all times.The authorities in charge of levying and collecting ... Read More

Real estate and property taxes are both taxes paid for the ownership of land, however there are notable differences between them, which we are going to cover in this article.What are Real Estate Taxes?Real estate taxes are the taxes paid to anything attached to the land and are essentially the same as property taxes. The state and other local governments levy them to generate revenue.These taxes are often calculated based on property value, with high-value properties often paying more in real estate taxes.What are Property Taxes?Property taxes are the taxes that are levied on both real and personal.Property and these ... Read More

The Goods and Services Act (also known as GST) is a new take of the government on the Indian taxation system. Long story short, it is aimed to merge an array of various taxes imposed on Indian consumers into a single tax. The 101st Amendment of the Indian Constitution introduced the GST Act in 2016. Mr Arun Jaitley, the Union Finance Minister of India, and the GST Council govern the GST Act. GST comprises of a calculated amalgamation of various indirect taxes such as a tax on sale, manufacture, consumption of goods and services across India. It is intended to ... Read More

The Goods and Services Tax or GST Council, under the chairmanship of Union Finance Minister Arun Jaitley and his state counterparts, has decided rates for over 1, 200 goods and 500 services, placing them in four tax slabs of 5, 12, 18 and 28 percent.As we know GST is one of the most important tax reform since independence, it will be a disruptive influence. However, it is expected that it will promote new investment and contribute to the overall growth in GDP.The GST is expected to remove the cascading effect of taxation, avoid multiple taxation, and result in reduced prices ... Read More