The GST is about to bring the Indian marketplace into the foray of a single unified tax system – the largest tax reform that the nation has witnessed since independence. The aim of the GST is to subsume all the existing taxes into a single tax for bringing about ease of credit flow across the nation…
An Assocham-Forrester study suggests that India has become a huge e-commerce hub with total projected revenue growth of INR 12,000 crores in 2020. This sector is said to have a 51% annual growth rate – something the world can look at in awe. In the recent past, steps taken by the Indian government such as…
The manufacturing industry in India has been facing a mammoth task of serving almost 14 million retail points and the end customer – in both the rural and the urban markets. The fast-moving consumer goods sector and durable goods sector has some of the highest demands that manufacturers are required to meet. Furthermore, almost 92%…
This article is the first part of the GST Impact on Manufacturers. As a manufacturing hub, India has received a huge boost pursuant to the Make in India campaign as its position on the world map has gone higher – Deloitte experts state that India is set to be part of the world’s top five…
The point of taxation mechanism is used to ascertain the exact point in time when a tax liability arises on a good or service, and the point therefore when the tax liability is required to be paid, either by the buyer or the supplier of the good or the service. This depends on whether there…
Previously, we have discussed time of supply for goods regards the forward charge mechanism; here we place focus on the reverse charge mechanism to determine the time of supply of goods. Firstly, it is imperative to understand that service tax is collected when goods or services are sold to ensure revenue collection from even the…
Service tax is currently applicable under the current indirect tax regime upon the provision of taxable services. The point of taxation helps in ascertaining when the service tax is actually payable to the central government by the recipient or the supplier. As per the point of taxation mechanism, on forwarding charge, the impacts of liability…
Under the reverse charge mechanism, the time of supply for services is determined by payment of tax credit of the government from the recipient of the services or the buyer of the services – this is different from forward charge where the tax payment is done to the government from the supplier itself. Before we…