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[lochanindia]

GST rates are the percentages at which different goods and services are taxed. These rates are decided by the GST Council and vary depending on the nature of the product or service.

Importance of GST Rates

They determine how much tax you pay when buying something.

Businesses need to know the correct rate to charge customers and file returns.

Different rates help the government balance affordability and revenue.

[lochanindia]

TDS is a way for the government to collect tax at the time income is generated rather than at a later date. When certain payments are made—like salary, interest, rent, professional fees, etc.—the payer deducts a specified percentage as tax before making the payment to the recipient. This deducted amount is then deposited with the government.

TDS rates vary depending on:

Type of payment (e.g., salary, rent, contractor fees)

Type of recipient (individual, company, etc.)

Whether PAN is provided (higher rate if PAN is not available)

[lochanindia]

The new income tax regime for FY 2025-26 has progressive tax slabs starting with no tax on income up to ₹4 lakh.

Income between ₹4 lakh and ₹8 lakh is taxed at 5%, ₹8 lakh to ₹12 lakh at 10%, and ₹12 lakh to ₹16 lakh at 15%.

Higher income tax slabs attract higher rates: ₹16 lakh to ₹20 lakh at 20%, ₹20 lakh to ₹24 lakh at 25%, and income above ₹24 lakh at 30%.

The new tax regime is the default regime, offering relaxed slab rates and potential tax savings, but taxpayers can opt for the old regime if they wish to claim more deductions.

The old tax regime continues with lower exemption limits and higher rates comparatively, with income up to ₹2.5 lakh tax-free and higher brackets taxed at 5%, 20%, and 30% accordingly.

[lochanindia]

To improve your credit score effectively, focus on these key tips:

Always make payments on time, including EMIs, credit card bills, and utility payments. Timely payments have the biggest positive impact on your credit score.

Keep your credit utilization below 30%. This means using no more than 30% of your available credit limit to show responsible credit management.

Avoid applying for multiple loans or credit cards in a short span to prevent hard inquiries from lowering your score.

[lochanindia]

GST (Goods and Services Tax) is a comprehensive, multi-stage, destination-based tax that is levied on every value addition.

Types of GST:

CGST: Central Goods and Services Tax

SGST: State Goods and Services Tax

IGST: Integrated Goods and Services Tax (for inter-state transactions)