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 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[…]

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[…]

Impact of GST on Online Retail Sector

Impact of GST on Online Retail or B2B Segment

Recently a fresh turmoil has been created in the GST arena with the states pitching in with a fresh requirement. They have sought the right to tax B2B or business to business transactions. They seem to be carried away by the boom in the digital economy and the heavy influx of online start-ups in the[…]

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[…]

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[…]

IMPACT OF GST ON PHARMACEUTICALS

Impact of GST on Pharmaceuticals

Indian pharmaceutical Industry stands out globally as the fourth largest producer of pharma products preceded by USA, Europe, Japan and China. The absolute advantage of IPI (Indian pharmaceutical Industry) is the cost cutting labor intensive production that brings down the overall cost of production ( Ex- Almost  half  the cost incurred by pharma Industry in[…]

Impact of GST on Import and Export

Impact of GST on Import and Export

India is the seventh largest economy in the world. It is the world’s fastest growing economy preceding the major economy of China. The basic tool to evaluate the growth of any country is Balance of Payment (BOP), which comprises the transactions in the Capital account, Current account and the reserves. Trade is considered as an[…]

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[…]

Impact of GST on Infrastructure Sector

The infrastructure sector is of national importance and a barometer for the growth of the economy. The infrastructure projects are often given a fillip by a host of concessions and exemptions on the goods and services.  It has the railways, road, port, power and mining industry under its ambit. These industries are huge in themselves[…]

Impact of GST in Logistics Sector

Impact of GST in Logistics Sector

The transportation and logistics sector is likely to experience far reaching consequences as a result of the GST reform in India. It is likely to open up an entire gamut of opportunities to rationalize and reengineer transportation and logistics networks in India. The GST bill is going to give impetus to the development of logistics[…]

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 – Impact on Indian Economy

There is a lot of expectation from the Indian government with regard to the introduction of the Goods and Services Tax, or GST. Currently we have the Value Added Tax applicable only on the goods, and Service Tax that is imposed on select services. GST is an attempt to combine them under a common head.[…]

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,[…]

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[…]