Income Tax Return, GST & All Legal Advices | Best Consulting Services

  GST law is prominently based on the concept of supplies. The type of supplies you made decides your GST liabilities. Thus, it becomes important to classify the correct supplies. Supply in common sense means anything be it either goods or services that you offer. There are tons of different goods and services that are being rendered or offered across the country. Some of them are necessity items or life-saving items or luxury items or we can say FMCG and so on. So, it does not justify charging the same rate of tax to each good and service. And that is why the GST act has classified and differentiate these goods and services into 4 major categories namely EXEMPT SUPPLIES, NON-GST SUPPLIES , NIL RATED SUPPLIES, ZERO RATED and the rest are TAXABLE supplies. Let us discuss the basic difference amongst the above-mentioned different kinds of classification. 1)     Exempt Supplies:   Section 2(47) of CGST act defies exempt supplies as a supply of any goods or services or both which

  1. Smooth Loan Approval: The major influential perk of filing of return to a private is that it enables a private to urge hassle-free authorization . a private may in need of a home equity credit , car loan, commercial loan , or consumer loan . Financial institutions always invite tax returns before approving and disbursing a loan to work out the creditworthiness of a private . Thus, filing income tax returns turns out as a means of getting finance from outside.   2. Establishing income proof: The tax return may be a document that encompasses information just like the total income earned during the fiscal year , total investments made, the entire expenditure incurred, net income earned, fixed assets ownership, and so on. this type of data validates the income earned by a private . Thus it’s demonstrating an individual’s financial position. The tax return is that the most authentic document that proves your earnings.     3. Claim Tax Refund: There are a number of the tra