Input Tax Credit (ITC) is one of the fundamental aspects of GST and an important feature in mitigating tax burden on businesses. It enables a taxpayer to offset the tax incurred on inputs (inputs like ...

As the government will soon conduct the 56th Goods and Services Tax (GST) meet, the Finance Minister Nirmala Sitharaman met ...

The Goods and Services Tax (GST) in India is an indirect tax that has replaced many previous indirect taxes such as excise duty, VAT, and service tax. GST is levied on the supply of goods and ...

Understanding the distinctions among Manufacturing, Works Contract, and Job Work is essential for GST compliance. Proper classification ensures accurate tax treatment, eligible ITC claims, and reduced ...

Investopedia / Julie Bang A sales tax is a consumption tax imposed by the government on the sale of goods and services. A conventional sales tax is levied at the point of sale (POS), which is ...