Home |Goods and Service Tax (GST) | If I register a sole proprietorship via GST and pay GST fees for services I sell, am I exempt from paying income tax on those profits since I already paid 18% GST?

If I register a sole proprietorship via GST and pay GST fees for services I sell, am I exempt from paying income tax on those profits since I already paid 18% GST?

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Subin VR Subin VR, Chartered Accountant,FCA, DISA (ICAI) verified
Answered on March 08,2021
Income Tax and GST is different. GST is a tax on supply of sale and services. It is applicable wherever supply happens, whether or not you received any profit. But Income Tax is applicable on your Income, and normally you are liable to pay Income Tax if your Income exceeds 2.50 lakhs in a year.

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