Listen, income tax is direct tax, which is levy only when your income is more than exemption limit , which is levy on income of 5 sources Income from house property Income from salary Income from other source Income from business & profession Income from capital gain More you earn, more tax you will pay
But gst is indirect tax means you not bear the burden of this tax if you have business You can get credit of this tax if you are registered dealer but if you take composition scheme then it become part of your cost
In simple words..income tax collected by govt is not sufficient to run the economy og country..so both the taxes r levied. Income Tax is paid by a few % of citizens whereas every consumer have to bear the indirect taxes
Leave a Reply
Your are not logged in . Please login to post replies