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- Job Work-Analysis of provisions by comparing the Old Statute and GST Law Job Work Background The manufacturing industries (particularly larger ones) nowadays stick to their core competence and get most jobs done on job work basis from others. The industries which undertake job work should be aware of the possible provisions under GST...
- Audit Under GST Regime Ashok Batra B.Com (Hons), FCA, LL.B Introduction The introduction of the Goods and Services Tax in our country with effect from 01.07.2017 is a milestone transformation which will have major impact on almost all the sectors of the economy...
- GST Concept & Status (Updated as on 01st_April 2018) INTRODUCTION: The introduction of Goods and Services Tax on 1st July 2017 was a very significant step in the field of indirect tax reforms in India. By amalgamating a large number of Central and State taxes into a single tax, the aim was to mitigate cascading or double taxation in a major way and pave the way for a common national market...
- GST-Concept & Status (Updated as on 01st March 2018) INTRODUCTION: The introduction of Goods and Services Tax on 1st of July 2017 was a very significant step in the field of indirect tax reforms in India. By amalgamating a large number of Central and State taxes into a single tax, the aim was to mitigate cascading or double taxation in a major way and pave the way for a common national market...
- Awaited IGST relief in case of Indian Branch & Foreign Head Office transactions Under the Service tax regime, in terms of Section 66B of the Finance Act, 1994, Service tax was levied at the rate specified on the value of all services, other than services specified in the negative list, provided or agreed to be provided in the taxable territory by one person to another...
- Parliamentary Standing Committee Report-Slew of relief measures for exporters India’s export accounts for 20% of country’s GDP; however, India shares a minuscule 1.7% (near stagnant since 2011 onwards) of the world’s trade. Therefore, it become critical to ensure competitiveness of the India’s export considering the current account deficit that ensues through reduced foreign exchange earnings...
- Taxation of Extra Neutral Alcohol: An unresolved raw material for Alcoholic Beverages Industry Six months past the implementation of GST, the Alcoholic Beverages industry has been lobbying before the Central and State Government for various issues. One of the key issues being the taxability of Extra Neutral Alcohol, which is the basic raw material for the industry and which also represents one of the significant raw material costs...
- GST impact on restaurants-Complication continues and so do the changes! The industry body- National Restaurant Association of India (NRAI), in its report published in 2016, stated that the country's food services market is worth over INR 3.09 lakh crore and is estimated to reach close to INR 5 lakh crore by 2021...
- Anti-Profiteering-Challenges and way forward The recently introduced anti – profiteering measures in India have been met with skepticism by businesses. There has been consistent debate about the requirement as well as the objective behind introduction of anti-profiteering measures and the manner in which it is expected to be implemented across various levels of businesses...
- GST-Concept & Status (Updated as on 01st December 2017) INTRODUCTION: The introduction of Goods and Services Tax on 1st of July 2017 was a very significant step in the field of indirect tax reforms in India. By amalgamating a large number of Central and State taxes into a single tax, the aim was to mitigate cascading or double taxation in a major way and pave the way for a common national market...
- Impact of GST on sectors outside GST and its ripple effect on other sectors The Goods and Services Tax (GST) regime was introduced in India on July 1, 2017 with an objective to unify India as a single national market. It was expected that GST will enable improved access to goods and services, simplified supply chain, simplicity in compliances, reduction in overall tax costs, etc...
- GST-One Nation, One Tax, One Market Introduction ‘Nothing in this world is permanent’ is an ancient adage. In the context of Indirect Taxes, the aforesaid maxim hold true on 01.07.2017 when one of the most eagerly awaited tax reforms in the history of independent India namely Goods and Services Tax [GST in short] has come into effect...
- GST impact on common functions rendered by Head Office to Branch Office With the introduction of Goods & Services Tax (‘GST’) from 1st July 2017, India has witnessed one of the biggest tax reforms to achieve a faster economic growth. As expected there have been many teething issues of which the Government has been trying to resolve through various notifications and clarifications...
- Impact of GST on education and training indusrty Education and Training Industry in India is pragmatically aligned in the list of the Government priorities and per se is primarily allowed a tax relief. The Government’s aim has always been to incentivise the education industry which is well reflected through the various exemptions being notified vide Service tax and Value Added Tax law...
- Taxability of reimbursements by overseas head office to liaison office under India GST India has introduced the dual GST on July 01, 2017. The transition from the erstwhile tax regime to the new tax regime has been smoother than expected on an overall basis, but there are several transition issues impacting the industry...
- GST-Concept and Status Updated as on 01st September, 2017 Introduction: The introduction of Goods and Services Tax on the 1st of July 2017 was a very significant step in the field of indirect tax reforms in India. By amalgamating a large number of Central and State taxes into a single tax, the aim was to mitigate cascading or double taxation in a major way and pave the way for a common national market...
- Don't wait for the last date, file GSTR-1, 2 and 3 within the prescribed period Attention taxpayers! Don’t wait for the last date, file GSTR-1, 2 and 3 within the prescribed period VISIT www.gst.gov.in Kindly note that, the following are important points to be remembered in regards to filing of Form GSTR-1 I...
- Goods and Services Tax: what it means for the hospitality industry At the stroke of midnight on July 01, India’s tryst with the biggest indirect tax reform-Goods and Services Tax (‘GST’) began. On this momentous occasion, the tax reform was coined as a ‘good and simple tax’...
- Issues Relating to Transition and Input Tax Credits in the GST Regime On the first day of this month India took a giant leap and implemented the biggest ever tax reform in its history. Government stuck to the deadline of July 01, 2017 and introduced the much awaited Goods and Services Tax (‘GST’) as announced earlier...
- GST Rates & Impact The Goods and Services Tax (GST) Council has made the much-awaited announcements on tax rates for various categories of goods and services during the 14th and 15th GST Council meetings. There has been speculation on these rates for a while and now these rates are finally in the public domain...