UNCLEAR: New Tax Regime in India

Unclear – about retail trade in new tax regime – GST Law: unclear and confusing concept of retailing companies say retailers refusing to buy fresh stocks retailers want consumer firms to protect margins  A tussle has erupted between large consumer companies and organised trade just ahead of the introduction of the goods and services tax… Read More »

How does GST impact your business?

The idea of GST is perceived as it is worldwide accepted system. It is considered for the goods sold as well as for the services provided. While the levy of GST will have diverse impacts across sectors, and this could impact their ability to spend. Consequently, GST has provided a generic impact on all such manufacturers, service providers… Read More »

Impact of GST on Indian Economy

GST is expected to have a favorable outcome on Indian economy: 1 Removal of tax barriers with seamless credit will make India a common market leading to economies of scale in production and efficiency in supply chain. 2 Removal of cascading effect of taxes embedded in cost of production of goods and services, significantly reducing… Read More »

Transitional provisions rules under GST Law

Transition provisions are incorporated under GST to enable existing tax payers to migrate to GST in a transparent and exact manner. One of the major concerns for businesses is the availability and eligibility for claiming input tax credit when the current indirect tax regime changes to GST. Transitional provisions under GST law address three key… Read More »

GST Invoice Rules: All you need to know about GST invoice

GST INVOICE: The government has notified rules of invoicing under GST along with a template of invoice covering the elements such as suppliers’ details, GST rates that need to be presented. The Central Government has issued GST Invoice Rules, based on that suppliers can issue two kinds of invoices under GST namely tax invoice and… Read More »

How to create GST invoices: It’s EASY

There are some apprehensions in the trade circles that suppliers of goods have to issue GST invoices as per the prescribed format and that issuing invoice is going to be burdensome process. This is false. First of all, the invoice becomes a basic document for recording the sale or purchase in books of accounts. And… Read More »