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Preparing your next chapter
Preparing your next chapter
Mastering GST supply chains, income tax slabs, and legal deductions to understand how a nation finances its growth.
Goods and Service Tax
Collected by Central Govt on intra-state sales.
Collected by State Govt on intra-state sales.
Collected by Central Govt on inter-state sales.
Visualize Input Tax Credit (ITC) from Seller to Consumer.
The biggest advantage of GST is the removal of the cascading effect of taxes. A dealer only pays tax on the **value added** by them.
**Problem:** A retailer buys an article from a wholesaler for ₹10,000 and sells it to a consumer at 20% profit. If GST is 12%, calculate the net CGST and SGST paid by the retailer.
Wholesaler selling to Retailer (Input Tax)
CP for Retailer = ₹10,000. Sub-GST =Retailer selling to Consumer (Output Tax)
SP = . Out-GST =Net GST Calculation
Payable = Output - ITC =The year in which income is earned (e.g., April 1 to March 31).
The year in which income of the previous FY is evaluated and taxed.
Sum of all incomes from salary, house property, business, capital gains, etc.
Gross Total Income minus specified deductions.
See how deductions reduce your taxable income and final tax liability.
PPF, LIC, ELSS, NSC, Tuition Fees, Principal on Home Loan.
Interest on Home Loan (Self-occupied).
Health Insurance Premiums.
Interest on Education Loan (up to 8 years).
Donations to specified charitable institutions.
Interest on Savings Bank Account (for non-seniors).
Gross Income minus Standard Deduction (₹50,000).
Subtract legal deductions (80C, 80D, etc.).
Apply Slab Rates + 4% Cess on tax.
Mr. Aryan has Gross Income of ₹8,00,000. He invests ₹1,50,000 in 80C. Calculate Net Tax.
Board & Previous Year Questions