The Goods and Service Tax (GST) bill, believed to be a significant reform in the Indian taxation system, is definitely a move closer to Digital India. Since the announcement, the bill has kept corporates and the accounting community busy with trying to figure out its impact. Here is a point wise action plan to help… Read More »
How GST rollout on July 1 will affect your household budget? Which commodities or goods or services will be cheaper and costlier? Know here the Balance sheet. (adsbygoogle = window.adsbygoogle || []).push({}); After implementation of GST on July 1, the country’s economy will look quite discrete as body and bones. The biggest reform in the… Read More »
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 »
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 »
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 »
Goods & Service Tax (GST) will be levied on goods and services as CGST, SGST & IGST. It will replace all the various taxes and bring them comprised in to make compliance easier. It will replace the following taxes: Taxes currently levied and collected by the Centre: Taxes currently levied and collected by the State:… Read More »
Poetic as it may have been, a “ One Nation, One Tax ” was never possible in a diverse and complex federal polity, such as India. But there is much consternation among policy analysts and economists over multiple GST rates rather than just one tax rate for all goods and services. The historic Goods and… Read More »
Now new facility has been activated on GST portal for checking GST registration status and in current scenario checking the GST migration status from VAT, Service Tax and Excise. So all the existing dealers can check their GST migration status using registration number, Provisional ID or PAN Number of the firm. Please note that PAN… Read More »
As per the GOODS AND SERVICES TAX RULES, 2017, i.e. GST Rules 2017, following person can enroll and act as GST Practitioner under GST Act & rules. Three Documents are Compulsory PAN, AADHAR, Graduation or Professional Degree and once we submit the application enrollment certificate will be issued Form GST PCT-02 to GSTP Who can apply for GST Practitioner… Read More »
GST Council in its 14th Meeting in Srinagar has finalized the list of services which are exempted from GST Act. Intention of the government is give benefits to exemption to lower income persons like Medical Services & Education are exempted from GST or Services relating to cultivation of plants and rearing of all life forms… Read More »