Everything That Accountants Should Know About SALT Returns.
SALT in the taxation context is commonly used in the USA. SALT represents state and local taxes for businesses. Various States in the US have their own system of taxation and this is in addition to the federal taxes that businesses are subject to. In order to stay compliant each business needs to file and pay income tax each quarter. Then there is sales tax on product sales and the percentages vary from one State to another and even within a State where counties may impose local taxes and additional taxes such as unemployment taxes and licence fees. In the Indian context SALT can be taken to mean and include sales tax or GST and income taxes. There are other taxes such as professional tax payable to Municipal corporations. Accountants have the task of preparing tax returns and filing them as well as making payments. GST in India Sales tax structure has been rationalized in India with a single indirect tax on goods and services. GST is value addition tax where tax is appl...