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GST Tax lawyer in kolkata


Paying taxes is mandatory under income tax law if your income is higher than certain prescribed amount. If you come under mandatory category then the payment of income tax is mandatory. If not paid on time, revenue department can impose certain penalty for non-payment of Income tax. You can find best gst lawyer in kolkata easily.

Payment of income tax is an online process which require filing of income tax return famously known as ITR. It is advisable to file ITR even when you don’t come under the mandatory filing bracket. Filing of ITR has many financial benefits. This works as a proof of your income. If you need to take a loan in future this will help in fixing comparatively low interest rate. This is so because ITR record provides as proof of your income.

You can file Income tax return to claim your paid taxes, if your gross income doesn’t exceed prescribed mandatory limit. By filing you income tax return you can claim the extra paid taxes. Revenue department access your claim and grant the return of extra paid taxes as per your income. Gross income includes total income from every source of an individual. Mandatory limit set for filing ITR takes into account gross income. 

Process of filing is completely online. You need to apply for a PAN no before you start filing process. You need to visit the revenue department website and register there. Afterwards you need to follow the instructions mentioned on the revenue department website to complete the Income tax return filing process.

In the same way every corporations needs to pay income tax which is called corporate tax. It is also needed to file in every financial year. Here instead of Gross income, companies’ profit is taken into account for paying income tax.

In case of not filing ITR when you were supposed to file it mandatorily can lead to serving of notice by Revenue department. You need to file a reply to the received notice stating the reasons why you thought you didn’t need to file ITR.

Goods and Services Tax GST

Every business entity needs to pay GST on products / Services being sold by it. It is mandatory to register for GST if the turnover is above certain prescribed limit. best gst lawyer in kolkata can take care of tax related matters.

What is the full form of GST?

GST full form : Goods and Services Tax.

GST Registration can be done on GST Portal. Afterwards, GST filing is also done on the portal. Both input GST and output GST needs to be filed on the GST Portal. Difference between Input and output GST is the net payable GST. 

In the case of GST even if your business doesn’t need mandatory registration, it is advisable to register. It is so because if a business output GST is less, they can claim the input GST. In terms of net payable GST they will receive monies from the Government by claiming input credit.

In case of rejection of GST registration, you need to approach GST Appellate authority after filing of GST APL – 01 on online portal. The filing of Application with supporting document needs to be done within 7 days of filing an appeal on the portal. For GST filling you can conatct best gst lawyer in kolkata.

When was gst implemented in India?

GST was implimented in India on the 1st July, 2017.

What kind of tax is GST?

GST is an \”Indirect Tax\” that was implemented in order to replace a variety of other indirect taxes, including the value-added tax, service tax, purchase tax, excise duty, and others. GST is a tax that India imposes on the delivery of specific products and services

What is destination based tax gst?

The Goods and Services Tax (GST), which is a destination-based tax, notably differs from the early tax structure.

A tax is essentially either origin-based or destination-based. Wherever products or services are produced, an origin-based tax or production tax is imposed. Wherever products and services are consumed, indirect tax gst are imposed that are destination-based or consumption-based.

Exports are permitted with no taxes under destination-based taxation, while imports are taxed at the same rate as domestic output.

According to the present tax laws, the SGST collected will often go to the State where the purchaser of the products or services lives rather than the State where the items were made.

The fact that there would be a dual GST—a tax levied simultaneously by the Center and the States on the same basis along the whole supply chain for goods and services—is a key factor to keep in mind. Best GST lawyer in kolkata are always there to help you out.

On every supply of goods and services inside a State, the Center would impose Central GST (CGST), while the States would impose State GST (SGST).

All interstate shipments would be subject to an integrated GST (IGST) charge from the centre, which would subsequently be forwarded to the destination state.

What is input tax credit in GST?

Input Tax Credit refers to obtaining a credit for the GST paid on purchases of goods and services utilised in the course of business. The Mechanism of Input Tax Credit is the backbone of GST and one of the primary reasons for its implementation.

Because GST is a single tax charged across India , the chain is not broken, and everyone may benefit from it, and there is a continuous flow of credit.