Transitioning under the GST is imperative for all businesses once the GST regime sets in. Every business must understand what category it falls under to ensure smooth transitioning from the erstwhile indirect tax regime into the GST regime. Review of accounting procedures, procurement and logistic decisions, and finally availing of Input Tax Credit (ITC) under…
Upon GST transition taking place all over the country, you need to be updated with the basics. This article is going to help you understand all you need to know with respect to your business and compliances that you need to undertake to undergo a smooth transition into the GST regime. For the purpose of…
Returning a good once sold is very common – even for business during the course of trading. Under the erstwhile indirect tax regime, once a good is returned it has a reducing effect on the total sales turnover of the business. Goods must be returned within a prescribed time, and in a time-bound manner (mostly…
The Goods and Services Tax, popularly known as the GST is a single unified tax system whose primary focus is to consolidate the several tax systems that have plagued India’s current tax regime. You may have heard of One Nation – One tax – this concept has become popular in an attempt to do away…
This article provides a focus on the key provisions and highlights of the highly anticipated GST Model Law, the draft of which was available to the public on November 26, 2016. We have simplified the understanding of the same by dividing it into three essential categories of highlighting the changes proposed, segregating additions to the…
Since independence, GST is one of the biggest tax reforms to hit India – in a very positive way. The Goods and Services Tax Bill, popularly known as GST was unanimously passed on August 3, 2016, by way of the Constitutional Bill in the Rajya Sabha, to come into force with effect from April 1,…
As the GST has been rolled out, a lot of speculation has gone into understanding the changes that the tax has brought and effects it has had on various businesses from both the supply as well as the customer’s end. Considering this, you must be ridden with questions ranging from what to ask your tax…
Under the GST, the Composition scheme has been rolled out which provides a much easier and simpler method of compliance for small dealers. The GST Composition Levy Scheme is considered to be highly convenient for small dealers as they are equipped to pay taxes only at a certain percentage of the turnover, file quarterly returns…