Knowledge Alone Liberates
As per the compliance and taxation system in India, there are various direct and indirect taxes applicable. Direct taxes are those which the tax payer pays directly to the department like Income tax, wealth tax, etc. Indirect taxes are also borne by individuals, but the method of collection is indirect for example Good and Services Tax (GST), Service Tax, Sales Tax, Customs Duty, Excise Duty, etc.
Taxes exist and are encountered in the varied business processes and transactions like sales, purchase, procuring services, etc. These routine functions of teams warrant the basic knowledge of applicable taxes. Hence it is important to stay updated with the changes in the regulations as well.
For example, with the introduction of Good and Services Tax (GST) in India, the entire system of taxes for purchase and sales transactions has changed. Similarly, being well informed about taxes helps companies reap the benefits of tax rules and enables proper planning. Today, sales teams pitching to customers also need to have the right knowledge about taxes to inform and convince customers by explaining effective product costing due to tax impact.
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