GST and IT Returns Differences in Telugu || C A Pradeep || Sravan Kumar || Business Tree

GST and IT Returns Differences || C A Pradeep || Sravan Kumar -
The Mainly Keyword Difference Between GST and IT Returns is that GST is an indirect tax that is paid to the government. Income tax is the direct tax paid to the government. GST registration is mandatory if the turn over is more than 20 lakhs per year. Income tax must be filed if the annual income is more than 2.5 lakhs.
The significant difference between GST and Income Tax is that the GST is levied on the consumption of the goods and services, whereas income tax is levied on the income of a person. In a way, GST is an indirect tax, whereas income tax is a direct tax. It is levied on consumption of goods and services.
The Goods and Services Tax, better known by its acronym GST is an indirect tax, which was passed in the parliament in March 2017 and came into effect in July 2017. The government of India introduced the GST mainly to replace the multiple taxes and have a single tax system.
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