Registration under GST

Introduction: GST Model Law was released by the GST Council Secretariat in the month of November’ 2016. The GST now looks a reality. We have been continuously trying to update you with respect to latest developments with regard to GST. Let us today discuss the Registration under GST Law….. Chapter VI deals with Registration and[…]

Breakthrough on dual control – expect GST from July’17

It was at the recently concluded ninth GST council meeting where the long debated and contentious issue of cross empowerment was finally resolved. Earlier the dual control matter was being discussed in the GST council meetings and was getting postponed as neither the States nor the Centre was agreeing to let go the control on[…]

Drafts GST, IGST and the Compensation law

Despite the demonetization drive going on in the country, the government is pushing for the passage of the GST laws in the winter session of the Parliament which is currently on. The opposition is up in arms against demonetization and is creating scenes on the floor of the Parliament leading to the adjournment of the[…]

GST return filing: GSTR-5, 6, 7 & 8

The last four forms in the series of the Returns filing process are as follows: GSTR 5: RETURN FOR NON RESIDENT TAXPAYERS (FOREIGNERS) GSTR 6: RETURN FOR INPUT SERVICE DISTRIBUTOR (ISD) GSTR 7: RETURN FOR THE TAX DEDUCTED AT SOURCE GSTR 8: ANNUAL RETURN GSTR-5 has been designed to take care of the non-resident foreign taxpayers. The[…]

GST return filing: GSTR-3

People filing the tax returns are normally used to quarterly returns. The GSTR-3 aims to modify the habit to monthly returns. The monthly return format gets auto-populated from the sale register (GSTR-1) and purchase registers (GSTR-2) and indicates the gross sales and purchase information. The monthly return does not carry the invoice details. The purpose[…]

GST Council – Decisions taken till now

With the President’s seal of approval on the 122nd Constitutional amendment bill, the GST council was promulgated. It comprised of the union finance minister as its head, the union minister of state for finance, and state finance ministers as the prominent members. The GST council is expected to take decisions on a number of critical[…]

GST Council : Setting of the turnover threshold limit of 20 lakhs

After we have ridden a bullock cart to reach the GST destination we suddenly found the bullet train on the way. So far we have been used to the slow pace where we could get down, go back, relax and get back to the GST vehicle. We find ourselves entrapped in the superfast machine that[…]

GST Council – to thrash out the GST rate

GST Council in place: After the President of India Mr Pranab Mukherjee approved the 122nd constitutional amendment bill on the 8th of September; the 101st Constitution Act 2016 was notified. The Article 279A of the amended constitution required the GST council to be formulated by the President within 60 days. The Article 279A was made[…]

Businessmen to get ready for GST compliance

The requirement of a minimum of 16 states ratifying the 122nd Constitutional amendment bill has been completed in advance with Odisha coming in at number 16. The other states are Bihar, Nagaland, Delhi, Gujarat, Chattisgarh, Madhya Pradesh, Himachal Pradesh, Jharkhand, Haryana and Maharashtra etc. The act was achieved in 23 days against the stipulated time[…]

Impact of GST on Online Retail Sector

Reaction from online players as GST date approaches

As the mega tax reform in the form of the 122nd amendment to the Constitution of India is gathering pace the online players suddenly seem to have developed cold feet. While the government machinery is scaling up to achieve the GST implementation deadline of 1st April 2017, the online companies are coming out with excuses[…]

The challenges ahead for the GST

Everyone seems contented with the progress on the GST bill which is in the process of ratification by the states. The proceedings are being watched closely but we must understand that the legislation is likely to take its own course before it can become a constitutional amendment. We should have faith in the government machinery[…]

Assam takes the lead in ratifying the GST bill

After the recent state elections in which BJP came into power in the state of Assam, the new Assam Chief Minister Sarbananda Sonwal made sure that Assam becomes the first state in the country to pass the GST bill. As we are aware, the 122nd constitutional amendment bill was recently passed by both the houses[…]

Impact of GST on inter-state trade

The Goods and Service Tax (GST) Bill got passed in Rajya Sabha on Wednesday, 3rd August 2016. It is one of the most important and the biggest economic reform that ever occurred in the history of India. With the air of having “One Nation, One Tax,” the GST is all set to effect each one[…]

Sectors having positive Impact of GST

If you actively trade in the stock markets you would have already seen the decent run up that some of the stocks are having as the positive news on the GST is pouring in. These stocks actually belong to the sectors which are going to benefit with the GST becoming a reality in the near[…]

Moving towards GST – constitutional amendment a vital step

The Modi government had got a thumping majority and came into power in May 2014. Since then it has been on a relentless pursuit to bring reforms and take India on course to growth and development. One of the major reforms that it tabled in the parliament was the 122nd constitutional amendment bill or the[…]

Impact of GST on Online Retail Sector

Will the GST help the cause of e-commerce taxation?

The growth of the e-commerce industry has been very significant in the past few years. The younger generation has caught on to the idea of online purchases rather than picking up the goods physically from the market. The benefits associated with the online purchase of goods and services like a wide choice, easy refund policy,[…]

GST Input Tax Credit- shifting of onus for Tax Deposit

It is widely believed that GST will streamline the taxation system and do away with the multiple types of taxes. The approach by the government agency is truly in that direction with an emphasis on avoidance of double taxation and facilitating seamless flow of credit. In today’s situation, the variety of tax variations like Octroi,[…]

Revolutionary Step with Model GST Law

By now, most of the people are clear on the Goods and Service Tax concept and the proposed components of GST. We all understand that the GST will have the Centre (CGST), the state (SGST) and interstate (IGST) transaction forms. These three components will subsume most of the taxes that are charged by the centre[…]

GST implementation: moving one step at a time

Implementation of GST regime and ensuring a smooth transition from the current regime is indeed a mammoth task for the Indian government. Nonetheless, the government is leaving no stone unturned. Instead of taking one giant leap and imposing everything at one go, the government is trying to take small steps towards their ultimate goal. In[…]

Ecosystem workshop to connect startups with GST

As the GST era is approaching, the government has started its preparations to help the country adapt to new policies. The training and transition are two of the major concerns with GST regime. To overcome them and to help businesses adapt to new regime, the government has taken an initiative to link the start-ups to[…]

GST Registration – All you wanted to know

Registration of a business with the tax authorities implies obtaining a unique identification code from the concerned tax authorities so that all the operations of and data relating to the business can be agglomerated and correlated. In any tax system this is the most fundamental requirement for identification of the business for tax purposes or[…]

New Tax Credit Policy to give a boost to “Make in India” initiative

In order to encourage foreign as well as domestic companies to manufacture their goods in India, the Indian government had launched the “Make in India’ initiative in 2015. The programme is expected to create more job opportunities and give a boost to Indian economy by attracting foreign investments. Moving a step ahead to strengthen this[…]

Implementation of GST in India

The BJP government at the centre had targeted the implementation of GST from April 2016. However, there has been a delay in the passing of the GST bill in the Parliament. The chances of getting the bill passed in the Winter-session of the Parliament are also looking bleak. This delay will cause the GST implementation[…]

Subramanian panel report recommends RNR for GST at 15~15.5%

Contrary to the rumours of a high GST revenue neutral rate, the recommendations from the committee headed by Chief Economic Advisor Arvind Subramanian are very reasonable. The 15~15.5 % revenue neutral rate recommendation means that at this level the tax revenue would be in line with what the government is earning at present.  The government[…]

Expectations from this winter session of Parliament

The winter session of the Parliament which began on the 26th of November will have 20 sittings spread across 28 days. There are 38 legislative items including seven new bills to be discussed and passed during the winter session which ends on 23rd of December. Out of the 38 agenda items, 24 are on the[…]

Primary and preferred mode of GST Payment

With the spread of the online internet and electronic communication, payment of Goods and Service Tax (GST) by using internet banking, credit and debit cards has emerged as the primary and preferred method of payment in the recommendations of the Joint Committee. The Committee had finalized the report on payment process under GST in the[…]

NEFT/RTGS option under GST

Another payment option for GST Payment will be NEFT (National Electronic Funds Transfer) /RTGS (Real Time Gross Settlement) from the taxpayer’s bank account, which may or may not be the authorized bank under the GST regime. All the provisions are same as the second option, which is Over the Counter Payment (OTC) with the additional[…]

Payment Option for Small Tax Payer under GST

In order to facilitate the small tax payers, who do not have access to internet banking facilities, the option of Over the Counter (OTC) payment has also been proposed under the GST regime. However, a limit of maximum tax payment of Rupees 10,000 has been fixed on the challan. This has been done to limit[…]

Stakeholders of GST Payment Process

The Joint committee set up for the formulation of the GST payment process has come out with its report which identifies six important stake holders. The report which has been finalized in mid-2015 clearly defines and stipulates the responsibility of each stake holder in the GST payment process. Here is a brief account of the[…]

GST Refund Process

The joint committee on business processes for GST which was formulated in early 2014 finalized the reports on the various processes under GST, including the refund process. The sub-committee had held discussions on the refund process report and was concluded with changes on 22nd& 23rd July, 2015 by the Joint committee. To establish an efficient[…]

GST Registration Process

A joint committee under the co-conveners hip of the Additional Secretary (Revenue) and member Secretary, empowered committee of state Finance Ministers was formulated in April 2014 to make suitable recommendations for the registration process under the GST. A number of meetings were held during the year and the report of the Joint committee on business[…]

GST Payment Process

A joint committee was formulated to study and submit its report on the business process for GST payment in early 2014. Almost one year later the empowered committee under the co-ownership of the Additional Secretary (Revenue) submitted its report, highlighting the key objectives of the report. The report brings out the key issues in tax[…]

Indian GST and OECD guidelines

The Organization for Economic Co-operation and Development (OECD) was founded in the year 1961 to help stimulate world trade and spur economic progress. It has 34 countries in its fold, with many more seeking accessions. The prominent among the member countries are the US, UK, Germany, Canada, France, Italy, Spain, Australia and New Zealand. In[…]

Changing stance of Congress on GST

There is a strong feeling emerging in the political arena that the Congress is softening its stand on the GST issue. There seems to a change from the outright violation of proceedings of the house in the Parliament to a stance of a proper discussion on the issue. The Congress is now coming out with[…]

GST Network and IT infrastructure

It was in March 2013 that the GSTN was incorporated as a no-profit, non-government, private limited entity. The major chunk or 51% of the equity holding is with the non-government financial institutions. The central government together with the states and including Puducherry and Delhi hold 24.5% stake. The remaining 24.5% share is with the empowered[…]

Implement GST at the Centre followed by States

GST was thought up and conceived for the Indian economy by the NDA regime. The UPA was only working on the drafting on the legislation. The work was so lethargic that the bill was introduced in the LokSabha in 2011, a full seven years after the UPA assumed power. It was referred to the standing[…]

The path ahead with the GST bill

GST – initiatives by CBEC and GSTN

Despite the political setback to the GST bill and likelihood of delay has not caused much concern to the Central Board of Excise and Customs (CBEC). The government body continues in its endeavour to gear up for the implementation of GST. It has taken up an initiative to set up an exclusive directorate for the[…]

GST – Current Taxes to be Subsumed

GST – Current Taxes to be Subsumed

With the aim of  harmonizing the common national market and removing cascading effect of indirect taxes, Goods and Services Tax (GST) is proposed to be implemented from April 2016. To that effect, Constitutional Amendment Bill also introduced in last winter session of the Parliament. The said bill proposed to sub-summed more than a dozen type[…]

gst mechanism & structure

GST MECHANISM & STRUCTURE

The dual governance structure in India makes the current taxation system very complicated in States as well as in  Central. This tax cascading effect at different levels compels the taxpayer to pay tax after tax. Government has tried and brought few changes in the system since long , but failed to minimize the complexity and[…]

Way Forward for GST implementation

The deadline for GST implementation has been set for April 2016 by the Government. It is a good leadership aspect to keep the target in sight. However achieving the target requires the government to run and win the GST hurdle race. The roadblocks are becoming clearer by the day. To sail over them smoothly there[…]

Who should take GST responsibility – Centre or States?

The states of the Indian economy have a legacy of being hand held by the Centre. They look to the centre for financial support whenever a calamity strikes or there is a drought in the state. The thought is no different in case of the GST reform. The states are of the view that GST[…]

The path ahead with the GST bill

The path ahead with the GST bill

Given the present circumstances the constitutional amendment for the introduction of GST is likely to take time. The government has set a deadline for launching it by April 2016 and is making every effort to get the activities closed in time. However, with a bill of this magnitude and wide ranging impact on the Indian[…]

Salient Features of GST

The Goods and Services Tax (GST) is a Value Added Tax (VAT) to be implemented in India, from April 2016.GST stands for “Goods and Services Tax”, and is proposed to be a comprehensive indirect tax levy on manufacture, sale and consumption of goods as well as services at the national level. While there is so much[…]

GST in the political veil

Rahul Gandhi is supposedly learning from the practical experience that being decent in the Parliament does not help in any way. The Congress party had supported the Insurance bill in the budget session of the parliament earlier this year. They were following the path of least resistance and found that they were not in any[…]

Recent Political Drama on GST bill

The Indian government led by Prime Minister Narendra Modi made a number of efforts during the recently concluded parliament session to bring the opposition Congress party on the discussion table for the GST Bill. But it seems that the Congress was bent upon shouting in the well of the house and staging walkouts and not[…]

Challenges for GST implementation

The Goods and Services Tax (GST) will subsume all indirect taxes and would ensure seamless flow of goods and services across the country. As the name suggest, GST will be levied on both Goods (Manufacturing and Trading) and Services. GST will replace more than a dozen type of taxes including service tax, central excise duty,[…]

Goods and Services Tax Network (GSTN)

Introduction of Goods and Services Tax (GST) in India is perceived to be the most ambitious initiative in the arena of indirect tax reform. It would change the Indian tax structure and pave the way for modernization of tax administration. For reason of simplicity for the taxpayer and ease of administration, it becomes necessary to[…]

GST Select Committee

SELECT COMMITTEE ON GST BILL – AN UPDATE During a debate in the Lok Sabha, the Finance Minister Shri Arun Jaitley earlier rejected opposition demand for sending the GST Constitutional Amendment Bill to Standing Committee on grounds that the move would unduly delay the GST rollout scheduled on April 1, 2016. The Constitution (122nd Amendment)[…]

GST Counsel

The Modi Government has introduced the 122nd Constitutional Amendment Bill to the Table of the Parliament in last winter session held December 2014. This bill will paved the way for implementation of national level GST. Union Finance Minister Arun Jaitley had earlier expressed the hope that the 122nd Constitutional Amendment Bill on the Goods and[…]

Comparision of Current Tax System with Proposed GST

The Government has announced in the Budget 2015 that GST will put in place a state-of-the-art indirect tax system by 1st April, 2016. GST is expected to play a transformative role in the way economy functions and it will add buoyancy to growth by developing a common Indian market and reducing the cascading effect on[…]

Global GST Rate and Structure

Currently, around 160 countries have adopted the GST or similar taxation system. It is interesting to note that there are over 40 models of GST currently in force, each with its own peculiarities. The best GST systems across the world use a single GST while India has opted for a dual-GST model. Dual GST is a type of GST in which both center[…]

What is GST

The Goods and Service Tax (GST) is a Value Added Tax (VAT) to be implemented in India, from April 2016.GST stands for “Goods and Services Tax”, and is proposed to be a comprehensive indirect tax levy on manufacture, sale and consumption of goods as well as services at the national level. Some of the highlights of[…]

GST Milestones

​Year 2000· Vajpayee Government started discussion on GST by setting up an empowered committee. The committee was headed by Mr. Asim Dasgupta, (Finance Minister, Government of West Bengal). It was given the task of designing the GOODS and SERVICES TAX (GST) model and overseeing the IT back-end preparedness for its rollout. Year 2007· An announcement[…]