Category: Taxation
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What Is LUT in GST?
LUT stands for Letter of Undertaking. It is a facility under GST that allows eligible taxpayers to make qualifying exports or other zero-rated supplies without paying IGST upfront, subject to applicable GST rules. In simple terms, LUT can help eligible exporters avoid paying IGST upfront and then claiming a refund, which can help improve cash…
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What Is Income Tax in India? A Simple Guide for Every Taxpayer
What Is Income Tax in India? A Simple Guide for Every Taxpayer You earn a salary, receive interest from your bank account, earn income from a business, or make money from investments. But when does the government ask you to pay tax on that income? What exactly is Income Tax, and how does it work?…
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What Is GST in India? A Simple Guide for Every Taxpayer
You see GST on your restaurant bill, shopping bill, hotel invoice and many other purchases. But what exactly is GST, why do we pay it, and how does it affect our everyday life? GST stands for Goods and Services Tax. It is an indirect tax charged on the supply of goods and services in India.…
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