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 »
GST – one nation one tax – a myth or a reality: (adsbygoogle = window.adsbygoogle || []).push({}); The era of Goods & Services Tax is finally expected to kick-off from July 1. What will be the extent of impact, only time will tell. But here are a few pointers to how things might pan out.… Read More »
Finance minister Arun Jaitley said, “The goods and services tax (GST) will be rolled out from June 30 midnight.” Adding, “The economy will have to face short-term challenges in implementing the biggest tax reforms since Independence.” The GST was proposed by the previous Congress-led government of Dr Manmohan Singh, but it was stalled by political… Read More »
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: 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 »
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 »
“The rumours about GST implementation being delayed are false. Please do not be misled by it.” -said by Revenue Secretary of Ministry of Finance Dr. Hasmukh Adhia. A currently circulating story of delay in implementing GST is dismissed now by a tweet. Dr. Hasmukh Adhia put out a tweet amidst rumors that GST will not… Read More »
An E-way bill talks about the seamless movement of good and services. Moving of goods worth Rs. 50,000 under GST, you will need prior online registration of the consignment and secure an ‘E-way bill’ that tax officials can inspect anytime during the transit to check tax evasion. Goods can’t move otherwise in simple words. Some… Read More »
The draft goods and services tax (GST) law has proposed an anti-profiteering mechanism to ensure benefit of lower taxes is shared with consumers, and indicates no tax on securities and subsidies provided by the government as also free of cost supplies. In order to prevent any rise in price of commodities after goods and service… Read More »
Government of India has given the facility of updating the AADHAAR CARD using UIDAI Portal. Any person can update his or her aadhaar details using online facility for free. Given the fact that an Aadhar Card is a single document. So individual can present it as proof of ID or address. Furthermore, it includes individual’s retina… Read More »