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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[…]

RNR

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[…]

Impact of GST on Infrastructure Sector

Impact of GST on hotel and tourism industry

After getting the Presidential approval, the 122nd constitutional amendment bill is now entering the final phase. The final drafting of the CGST and IGST law is being done at the centre, while the states are concentrating on the SGST law. All the three laws are to be tabled in the winter session of the Parliament[…]

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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[…]

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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,[…]

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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[…]

import and export

Import and Export under Proposed GST

IMPORT DUTY: Current State:  Central Government levy taxes when an article or thing is brought into its territorial limits. The duty is called Basic Custom Duty. It is the tax charged on imports. Along with Basic Custom duty, Countervailing Duties u/s 3(1) and 3(5) are also charged to compensate for the losses of Excise Duties[…]

Renewal Energy

Impact of GST on Renewable energy

Proposed GST Regime shatters the growth prospects of Energy Sector, forcing the policy makers to reconsider their decision Renewable energy is referred to as the energy that depends on resources that can be naturally replenished like sunlight, wind, water and geothermal energy. With ever increasing demand of power by the growing economies, a need for[…]

supply chain

GST Impact on Supply Chain

Supply chain is one the important factor in determining GDP for India. It represents about 13% of the GDP which is double of that for the U.S.A. and few of other robust economies. According to World Bank survey 2014, India stands on 54th position in Logistics performance Index, which has fallen down from previous year[…]

mode of payment

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[…]

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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[…]

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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[…]

Payment

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[…]

tax-refund

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[…]

REGISTRARION

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[…]

Payment

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[…]

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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[…]

gst network

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[…]

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[…]

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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[…]

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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[…]

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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[…]