gst

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[…]

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[…]

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[…]

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 2

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,[…]

gst network

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[…]