The rumors and myths regarding the extension of GST implementation schedule do not hold good at this stage as the government is all set to roll out the new indirect tax regime from 1-July-2017. The 17th GST Council Meeting that concluded on 18-June-2017 came out with a number of major decisions. A welcome decision taken
Starting from roots – History History always plays an important role in shaping the present. At the time of implementation of VAT in India, there was a situation where the industries parked gains accrued to them on account of implementation of VAT and maintained a high price of goods. A system that was implemented with
Any person should take a Registration, within thirty days from the date on which he becomes liable to registration, in such manner and subject to such conditions as may be prescribed. Every person who makes a taxable supply of goods or services or both and whose aggregate turnover exceeds the threshold limit of Rs. 20
The D-day in the history of Indian indirect tax regime is less than a week away now and ahead of it, all the business players have started giving mega discounts to clear off their inventory before starting their new innings with GST. Not only the retailers at the physical market but even the e-commerce traders
Every coin has two sides and so is with GST. There are both positives and negatives of the new GST system that will turn around the indirect tax system in India. India is a latecomer in the league of GST system as the Goods and Service Tax is already prevalent in 150 countries across the
Introduction: An important query related to the transitional provisions under GST is regarding the treatment of VAT and CENVAT credit, in respect of stock held on 30 June 2017. The treatment will depend on the nature of registration of the organization under the present laws. Transitional Provisions for Input Tax Credit (ITC): Every registered person
Introduction: The GST Council will consist of: the Union Finance Minister (as Chairman), the Union Minister of State in charge of Revenue or Finance, and the Minister in charge of Finance or Taxation or any other Minister, nominated by each state government. All decisions of the GST Council will be made by the three-fourth majority
Introduction: Invoice is a document, which records the terms of an underlying arrangement between parties. An invoice does not bring into existence an agreement but merely records the terms of a preexisting agreement. GST requires that an invoice – tax invoice or bill of supply – to be issued on the occurrence of a certain
Introduction: Registration is the first step that enables a business to work under GST. Chapter VI of the CGST Act, 2017 and the rules made thereunder provide all about registration under the GST regime. There are about 80 lakh excise, service tax and VAT assessees at present, that are to be migrated to GST and
Customer is a king and they should always keep firmly in your focus. “Did you know totally satisfied customers have a repurchase rate that is 3-10 times higher than that of a somehow satisfied customer. This indicates that once you start delighting your current customers they are more likely to stay connect with your business
