GST (Goods & Services Tax) is an indirect, consumption-based tax which was implemented in India from July 2017 to replace all the existing indirect taxes, including sales tax, service tax and others. Income Tax has a very old history in India. It is a direct tax levied on the income/profit earned by Indian citizens. Both direct and indirect taxes are crucial for the economy of our country. Let’s find out how GST and income tax affect each other and what are the similarities and differences between GST and income tax.
