Compliance GST TDS INCOME TAX

Please explain in brief what are GST and TDS and Income tax related compliances?
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Quick Summary
This discussion briefly explains Goods and Services Tax (GST), Tax Deducted at Source (TDS), and Income Tax. GST is a tax on the sale and purchase of goods and services, with input GST being a current asset and output GST a current liability. TDS is tax deducted at source when making certain payments, which is then submitted to the income tax department on behalf of others. Income tax refers to the tax assessed on one's own income, such as from rent or business.

Goods anx aervices tax is gst. It is a tax rate levied on purchases and sales. Tds is tax deducted at source of income. Input gst and tds are current assets while output gst is a current liability

GST is on sale and purchase of goods and service.

TDS = tax deducted while making certain payments to parties. tax submitted on behalf of other parties to income tax

income tax = tax assessment own income like house rent, businesses etc

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