What does GCT mean in TAX

General Corporation Tax (GCT) is a corporate income tax imposed on corporations operating in the state of New York. The tax rate varies depending on the type of business, ranging from 6.5-7.1%. It is imposed on the net income of all C-corporations conducting business in New York, as well as S-corporations that are not owned by a partner or shareholder that is taxed separately under Subchapter S of the Internal Revenue Service (IRS).

All C-corporations conducting business in New York, as well as S-corporations where at least one partner or shareholder is not taxed separately under Subchapter S are required to pay GCT. This includes foreign corporations doing business in New York and parent companies having subsidiaries or branches in New York.

Any corporation subject to GCT must file an annual return and timely payment even if its net income after expenses was zero or less for the tax period. Corporations are also responsible for filing a GCT return whenever any part of its federal taxable income originates from New York State.

You must file your return annually for the fiscal year ending within or with the calendar year preceding the form you fill out and due date of payment. For example, if it’s 2018 you’re filing your 2017 fiscal year tax returns. Your return and payment must be filed by April 15th following the close of your tax year.

If you do not file your report and pay taxes due by April 15th, then you will be charged penalties and interest fees proportional to the amount owed and how late it was paid. A $50 late filing penalty is assessed when GCT returns become more than 60 days late while 5 percent delinquency interest assessed each month until full payment has been made.

In order to calculate how much you owe in General Corporation Tax, start with your aggregate federal taxable income sourced by New York State (with adjustments) which gets multiplied by 0.063477–0.071342 depending on your corporate type status - this is then finalized with certain deductions such as capital stock tax credit allowed under law resulting in your final liability amount due to New York State Department of Taxation And Finance (NYSDTF).

Yes, certain organizations such as charitable, religious or educational organizations may be exempt from paying GCT upon application for exemption which can be done using Form CT-247 available from NYSDTF website along with supporting documentation such as articles/bylaws/deeds etc..

Yes, installment payments can be made once a liability has been assessed for over $500 using Form CT–41 Installment Agreement Request Form available from NYSDTF website upon approval by government office.