Two drastic and dramatic decision of the current govt. have taken a great initiative to really boosted the Indian economy. One is the surprise demonetization in the last year November and the other one is the GST implementation on July 1. GST impact stronger along with demonetization to Indian financial sector. This is the game changer move to make the whole India a single market with a single tax GST – “One Nation One Tax”.
While demonetization has acted as […]
Goods And Service Tax came in to act on 1st July. It was not easy to make such a drastic tax reform, but finally, GST replaced all the cascading existing tax structure of the nation.
The complete scenario is a bit confusing and tensed for small as well as large scale business and industries. And it is very obvious that when a completely new taxation system GST – One nation one tax, it will take the time for the people […]
GST effect on business and common public
How much awareness is there among the common businessman about the GST effect is a matter of big question. Post GST, in India maximum of the common businessman, has no concrete answer about their tax filing. Everyone was relying on their Chartered Accountant. Today this has posed a huge challenge as most of the chartered accountants themselves are not aware of the journey ahead. Small businesses have no idea about the treatment of […]
The Goods and Services Tax or GST has been launched on the 1st of July, and it is set to revolutionize the way we do our taxes.It will play such a significant role in transforming the current tax structure, and therefore, the economy. Every business carrying out a taxable supply of goods or services under GST regime and whose turnover exceeds the threshold limit of Rs. 20 lakh/ (10 Lakh for few specific states like the North Eastern States,Uttarakhand, […]
India is a place of versatile business and services. It is one of the fastest growing economies. To make it a better place for business the current Govt. is implementing GST – One Nation One Tax. Post independence GST is the biggest tax reform. Removing the existing cascading taxation system and introducing completely Central Govt. control will surely make India a very attractive place for business. As per the Govt. rule for GST Registration, any business or services with […]
The Finance Minister Arun Jaitley have mentioned in his press meet that the rates have been revised after getting feedback from the various industry owners and management teams. By taking recommendations into account and reconsidering it, the GST Council has revised GST rates and reduced the tax level in 66 out of 133 items proposed by the industry representatives.
These GST rates revised, were based on two major principle-
1) Maintaining equivalence
2) The changes in the utilization behavior.
Packaged food, including […]
GST council meeting today at the national capital led by Union Finance Minister Arun Jaitley on 11th June 2017. This is the 16th meeting of GST Council. GST ready to roll-out by July 1 and probably this is the last meeting before it. Before te roll out the India’s biggest tax reform after the independence, there is a sense of urgency.
Let’s Look at some of the major developments in this week to make India GST ready
1) All the major […]
The Finance Minister is all set for the GST Council’s 15th Meeting. It is expected that the meeting is likely to be attended by the Finance Ministers of different states and union territories along with the tax department senior officers.
This meeting is important because it is likely to finalize the rates of tax on gold, textile, footwear, biscuits, and beedi which was left out in the 14th GST Council meeting. Not only this, the council also about to finalize […]