List and Classification of Services under GST : SAC CODE for GST

Central Government has issued the scheme of classification of services under GST i.e Services Accounting code, Services SAC code under GST has been issued on 28th June 2018 by the Ministry of Finance, Department of Revenue through Notification No. 11/2017. For Goods government has issued HSN code under GST and for services Services Accounting code (SAC) is required for classification. HSN… Read More »

How to Get New GST Registration and Process of GST Registration : How to Get New GST Registration and Process of Getting GST Registration

Goods and Services Tax will be implemented from 1st July 2017 and anyone can get new GST Registration from 25th July 2017 under Goods and Services Tax. In this article we are going to list the documents required for new GST registration and what will be process of getting GST registration. GST is basically as… Read More »

Action Plan For Goods & Service Tax: Get Ready

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 »

Household budget affected due to implementation of GST

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. After implementation of GST on July 1, the country’s economy will look quite discrete as body and bones. The biggest reform in the history of tax structure of… Read More »

Category: GST

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 »