Question

Difference between tax avoidance and tax evasion.and tax planning

Answer 1

Tax avoidance is the use of legal methods to modify an individual's financial situation to lower the amount of income tax owed. ...

This practice differs from tax evasion, which uses illegal methods, such as under reporting income to avoid paying taxes.

Tax planning allows a taxpayer to make the best use of the various tax exemptions, deductions and benefits to minimize their tax liability over a financial year.

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Answer 2

GST calculation can be explained by simple illustration : If a goods or services is sold at Rs. 1,000 and the GST rate applicable is 18%, then the net price calculated will be = 1,000+ (1,000X(18/100)) = 1,000+180 = Rs. 1,180

What are the types of GST?

Currently, the types of GST in India are CGST, SGST and IGST. This simple division helps distinguish between inter- and intra-state supplies and mitigates indirect taxes. To learn more, read about these 3 different types of GST.

Types of GST in India- CGST, SGST & IGST

How do I calculate GST?

The formula for GST calculation:

Add GST: GST Amount = (Original Cost x GST%)/100. Net Price = Original Cost + GST Amount.

Remove GST: GST Amount = Original Cost – [Original Cost x {100/(100+GST%)}] Net Price = Original Cost – GST Amount.

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