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[…]

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[…]

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[…]

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[…]

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[…]

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 – 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[…]

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[…]

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[…]

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)[…]

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[…]