India Tax: Practical Tips, Updates & Must‑Know Rules

If you run a startup, sell products, or just want to keep your money safe, Indian taxes are something you can’t ignore. The tax landscape changes fast, but the core ideas stay the same: know what you owe, file on time, and claim every allowed break. This page pulls together the most useful advice from our recent posts so you can get straight to the point without wading through legal jargon.

GST Basics and Common Pitfalls

Goods and Services Tax (GST) touches almost every business in India. The first question most people ask is, "Do I need to register?" The answer depends on turnover and the type of goods you sell. Generally, if your annual turnover exceeds ₹40 lakhs (₹20 lakhs for special category states), you must register.

Once you’re registered, keep these three habits alive:

• Separate your GST invoices. Use a template that shows GSTIN, taxable value, and tax amount for each line item.
• Reconcile every month. Match your sales register with the GST portal reports. Missed entries cause mismatches and penalties.
• Claim input tax credit on time. File GSTR‑3B by the 20th of the following month, or you’ll lose the credit for that period.

A common mistake is treating GST as a one‑off cost. It’s a flow-through tax: you collect it from customers, pay it to the government, and keep the difference between your purchase tax and sales tax. Mis‑classifying items (exempt vs taxable) can lead to audits, so double‑check the HSN codes in our "GST Registration in India" article.

Income and Corporate Tax Essentials

Individual income tax in India follows a slab system. For FY 2024‑25, the basic exemption limit is ₹2.5 lakhs. Anything above that falls into progressive brackets up to 30 % for incomes over ₹15 lakhs. The biggest savings come from deductions under sections 80C, 80D, and 80G. If you’re a small business owner, the "Small Business Tax Deductions" guide lists every expense you can write off – from office rent to internet bills.

Corporate tax rates are simpler: domestic companies pay 25 % if their turnover is below ₹400 crore, otherwise 30 %. New manufacturing units can enjoy a 15 % rate for the first five years under the Accelerated Depreciation Scheme. Don’t forget the Minimum Alternate Tax (MAT) – it applies if your book profit is low but your taxable income is high.

When it comes to refunds, many businesses think they have to wait months. Our "GST Refund Eligibility" post explains that if you’ve paid excess tax on exports or have a mismatch in input credit, you can claim a refund within 30 days of filing the return. Provide the required compliance documents, and the tax dept usually processes it within six weeks.

Bottom line: keep clean records, file on time, and use the deductions you’re entitled to. The tax code can feel like a maze, but the right habits turn it into a predictable routine.

Need deeper dives? Check out the individual articles linked on this page – from GST registration steps to detailed lists of write‑offable expenses for 2025. Armed with the right info, you’ll spend less time worrying about taxes and more time growing your business.