L
Lalit
R
Ratan Aryan
Hello, according to new income tax regime how much do i need to pay in taxes if my salary is 7 lakh my age is 40.
S
Sakshi
What is section 11UA?
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R
Raghvendra
I am a first time tax payer, i am a proprietary firm forex trader i trade foriegn currency so i wanted to know how to and when to pay tax and what type of tax is applicable for me
S
Shalini R N
One of our registered customer who is in Andhra Pradesh, takes our transport service for transportation of his products from Bangalore to Tumkur and Sira. We are also registered Goods Transport Agency and are based in Bangalore. Start location and End location both are in Karnataka. But our customer is in Andhar Pradesh. Please clarify whether we need to bill IGST Billing or CGST & SGST Billing.
1. Integrated Goods and Services Tax or IGST
The Integrated Goods and Services Tax or IGST is a tax under the GST regime that is applied on the interstate (between 2 states) supply of goods and/or services as well as on imports and exports.
The IGST is governed by the IGST Act. Under IGST, the body responsible for collecting the taxes is the Central Government. After the collection of taxes, it is further divided among the respective states by the Central Government.
For instance, if a trader from West Bengal has sold goods to a customer in Karnataka worth Rs.5,000, then IGST will be applicable as the transaction is an interstate transaction. If the rate of GST charged on the goods is 18%, the trader will charge Rs.5,900 for the goods. The IGST collected is Rs.900, which will be going to the Central Government.
