fbpx

Goods and Services Tax

GST Rates in India 2017 – All You Need to Know

by Sanjeev Archak Sanjeev Archak No Comments

The Goods and Services Tax has taken the entire nation by storm. It’s been the government’s most ambitious attempt at reforming the indirect tax policies into one universal taxation.

This national tax is projected to create a common market for 1.3 billion people.

The 14th GST Council meeting was held yesterday at Srinagar, Jammu & Kashmir, chaired by the Union finance minister Arun Jaitley along with several members that included the representatives of the 32 states and Union territories.

Read more

Tax Implication on Imports and Exports Under GST

by Sanjeev Archak Sanjeev Archak 1 Comment

In the present tax scenario, laws on VAT, Service Tax, Customs duty and Excise duty are the ones that lay down the respective tax treatment of imports and exports. However, under the GST regime, the VAT, Service Tax, Excise, and Customs would all be comprehended within GST and the duties on Customs would still continue to be imposed separately.

Before we do a detailed understanding of the impact of imports and exports under GST, let us first understand the basic meaning of import and export of goods and services under the GST laws.

Read more

All You Need to Know About the Impact of GST in India

by Sanjeev Archak Sanjeev Archak No Comments

Touted as the biggest tax reform since Independence, the GST bill is India’s solution towards stimulating the economy of the country by changing and transforming the existing indirect tax reforms into one universal tax. This would uniform the ease of doing business in the country by enabling a free flow of goods and services from one place to another and also eliminate the cascading effect of multiple indirect taxations.

Previously we spoke about GST in general and how it would affect your startup, today we do an in-depth analysis of the GST’s impact on the economy and the various sectors of the country.

Read more

6 Things About the GST Bill and How It Affects Your Startup

by Sanjeev Archak Sanjeev Archak No Comments

India’s biggest tax reform known as The Goods and Services Tax(GST bill) has been making headlines since the day it was first introduced. It is touted to be the biggest revolution in the history of the Indian Tax System since Independence.

On April 13th, 2017 the President of India, Shri Pranab Mukherjee signed four enabling bills related to the GST. Thus making it into law and bringing the country a few steps closer to its dream of ‘One nation, one tax’ reform.

The four legislative bills passed were the Central GST Act, 2017, the Union Territory GST Act, 2017, the Integrated GST Act, 2017 and the GST (Compensation to States) Act, 2017. Everyone is now looking forward towards the State governments to pass the State GST bill at their respective assemblies. Read more