Businesses with an annual turnover exceeding ₹40 lakh (₹20 lakh for special category states) must register for GST. Certain businesses (e.g., e-commerce sellers) must register regardless of turnover.

GST has four main tax slabs: 5%, 12%, 18%, and 28%, along with 0% for essential goods. Some items are exempt.

CGST (Central GST): Collected by the Central Government on intra-state sales. SGST (State GST): Collected by the State Government on intra-state sales. IGST (Integrated GST): Collected by the Central Government on inter-state sales.

GSTIN (GST Identification Number) is a 15-digit unique number assigned to every GST-registered business.

GST returns are filed online via the GST portal (www.gst.gov.in). Businesses must file GSTR-1 (outward supplies), GSTR-3B (summary return), and annual returns (GSTR-9).

Late filing attracts interest (18% p.a.) and a late fee (₹50/day for CGST & ₹50/day for SGST, max ₹5,000).

Yes, businesses can claim ITC on GST paid for business expenses, provided they have valid invoices and suppliers have filed their returns.

Small businesses (turnover up to ₹1.5 crore) can opt for the composition scheme, pay GST at a fixed rate, and file quarterly returns.

You can apply for cancellation on the GST portal if your business is closed or no longer liable for GST.

Income tax slabs vary for individuals under old & new regimes. For example: Up to ₹3 lakh: Nil ₹3-6 lakh: 5% ₹6-9 lakh: 10% ₹9-12 lakh: 15% ₹12-15 lakh: 20% Above ₹15 lakh: 30%

Form 16 is a TDS certificate issued by employers to employees, showing salary details and tax deducted.

Investments in PPF, ELSS, NSC, life insurance, home loan principal, etc. up to ₹1.5 lakh are deductible under Section 80C.

TDS (Tax Deducted at Source) is deducted on payments like salary (Section 192), interest (Section 194A), rent (Section 194I), etc.

ITR can be filed online via the Income Tax e-filing portal (www.incometax.gov.in) using forms like ITR-1 (for salaried individuals).

July 31 (for individuals without audit) October 31 (for businesses requiring audit)

Late filing attracts a penalty of ₹5,000 (if filed by Dec 31) or ₹10,000 (if filed later). Interest under Section 234A also applies.

Yes, you can revise ITR within 3 months before the assessment year ends (or before the assessment is completed).

Form 26AS is a tax credit statement showing TDS, TCS, and advance taxes paid against your PAN.

Check refund status on the e-filing portal under "View Returns/Forms" → "Income Tax Returns".