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GST 2.0 in India — A Deep Dive With Real Insights (2025)

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Goods and Services Tax (GST) in India has come a long way since its launch in 2017. Over the years, I have seen GST evolve from a complex, multi-rate structure into a more stable and practical tax system. Goods and Services Tax (GST) in India underwent its biggest overhaul since inception on 22 September 2025 , ushering in what many tax experts and taxpayers are calling “GST 2.0.” This reform was designed to simplify the tax structure , reduce the everyday tax burden , and encourage consumption — while ensuring revenue for the government by strategically taxing luxury and harmful goods. In this blog, I’ll walk you through the new GST structure , key changes , item-wise live examples , what this means for your wallet/business , and my own take based on how these reforms are playing out on the ground. πŸ”’   What Changed — The New GST Structure The most fundamental change is the shift from the earlier four-slab system (5%, 12%, 18%, 28%) to a simplified tiered structur...

Advance Tax in India Explained with Examples (FY 2025–26 | AY 2026–27)

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πŸ“˜ Introduction: What is Advance Tax & Why It Matters? Advance Tax means paying income tax in parts during the financial year , instead of paying it all at once while filing the Income Tax Return (ITR). In India, income tax follows the “pay as you earn” principle. If you earn income throughout the year, the government expects you to pay tax during the year itself. Failing to pay advance tax on time can result in interest penalties under Sections 234B and 234C , even if you eventually pay full tax while filing ITR. ✅ Who Is Required to Pay Advance Tax? You must pay advance tax if: ·          Your total tax liability exceeds ₹10,000 in a financial year ·          You have income from: o     Business or profession o     Freelancing / consultancy o     Rent o     Capital gains o     Interest, dividend...