All posts in "GST"
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Revenue Department prepares draft recommendations for GST rates: Report

9 months ago

Revenue Department prepares draft recommendations for GST rates: Report The Revenue Department has prepared draft recommendations for GST rates on services. According to the draft, GST on telecom, banking, financial services, aviation is proposed to be pegged at 18%, according to a report.    The Revenue Department has prepared draft recommendations for GST rates on services. […]

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Scenarios where you cannot Avail Input Tax Credit

9 months ago

Scenarios where you cannot Avail Input Tax Credit In our previous blog we learned about the conditions for availing GST input tax credit and the scenarios in which input tax credit (ITC) can be avail. In this blog, we will discuss the scenarios where you cannot avail Input Tax Credit. 1-Registration not applied for within […]

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Is GST on Track? What we can infer from the budget speech

9 months ago

  In his Budget Speech,our Finance Minister, Mr. Arun Jaitley did not elaborately discuss the road map of GST. However, he only indicate that the passage of the Constitutional amendment bill for GST and progress of its implementation is a “Tectonic Policy Initiative”.   While briefing the house on the benefits of GST, he said, […]

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Supply of Goods and Services

9 months ago

Supply of Goods and Services: What does it Mean?   Under the current indirect tax structure, the taxable event differs for each type of tax. The taxable events under the current indirect tax structure are captured below:   Supply is going to be altogether a new concept in the indirect taxation, far away from manufacture […]

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Your Checklist for Availing GST Input Tax Credit

9 months ago

  Your Checklist for Availing Input Tax Credit(ITC) In the current tax regime, various conditions are applicable for availing input tax credit(ITC). A brief overview is given below:   This, of course, is subject to certain conditions. The conditions which need to be satisfied to avail input credit under GST are the following: Under the GST […]

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Fundamentals of GST And Tax Structure

9 months ago

GST One Nation One Tax Structure GST One Nation One Tax  Structure regime known as the biggest tax reform since India’s independence.  GST a dual concept tax structure is currently known as the hot topic in India.  Right now from a mid-size to a large business owner is raising various questions regarding GST like What does […]

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GST rollout uncertainty hits Budget 2017 calculations

10 months ago

GST rollout uncertainty hits Budget 2017 calculations NEW DELHI: Uncertainty over the date of the goods and sevices tax (GST) rollout is posing a dilemma for finance mandarins as they finalise this year’s budget. The original expectation was that the budget would not touch upon excise duties and service tax as they would be rolled […]

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PAN must for excise,service taxpayers for GST registration

10 months ago

PAN must for excise, service taxpayers for GST registration – NEW DELHI: The tax department has made it mandatory for central excise duty and service taxpayers to obtain a valid PAN number before they can be migrated to the new goods and services tax  set-up. Despite the political impasse putting a question mark on the […]

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How is the Value of Goods & Services Determined under GST?

11 months ago

How is the Value of Goods & Services Determined under GST? The value of all the goods and services consumed in an economy is arrived at based on certain metrics. In the current tax regime in India, this value is calculated in different ways. An overview provides in the table below: Tax Value of goods/services Excise […]

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GST– What you Need to Know as a Trader

11 months ago

As we gear up for the final move – to GST – it becomes important for all of us to be prepared. Moving to GST is inevitable – whether you are a manufacturer, a trader or a service provider. As a trader, today you are liable for registration under State VAT, if your turnover exceeds […]

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