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What is Composition Scheme Under GST Act 2017?

by Sanjeev Archak Sanjeev Archak No Comments

Composition Scheme under GST Act is a provision where a registered taxable person, whose aggregate turnover in the preceding financial year does not exceed Rs. 50 lakh, to pay, in lieu of the tax payable by him, an amount calculated at such rate as may be prescribed, but not more than 2.5% in the case of a manufacturer and 1% in any other case, of the turnover in a State during the year.

This provision of the Composition Scheme under GST was introduced keeping the best interests of small businesses in mind. These businesses often face challenges of maintaining a timely compliance with the statutory bodies of the country.

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GST Impact on Indian Sectors – Who are the Winners & Losers?

by Sanjeev Archak Sanjeev Archak No Comments

Previously we wrote about the complete list of GST rates for Goods and Services that was finalized by the GST council last week in Srinagar. The Council has broadly approved the GST rates for goods and services at nil rate, 5%, 12%, 18% and 28%. Today we will dive deep into the GST impact on the Indian sectors while mentioning the list of winners and losers, as a result, of these tax rates.

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Return Filing Compliances Under GST Law

by Sanjeev Archak Sanjeev Archak No Comments

Timely action and fulfillment of the various compliances under GST law is one of the most critical activity for businesses. A thorough knowledge of the several aspects of the return filing compliances under GST law is needed. Before we get down to talk about the specific return forms that need to be filed and the deadlines associated with them, it’s important to know what return means under the GST law.

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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.

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Tax Implication on Imports and Exports Under GST

by Sanjeev Archak Sanjeev Archak No Comments

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.

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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.

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Attention Startups! The MCA Now Wants To Know How You Handled Cash During Demonetization

by Sanjeev Archak Sanjeev Archak No Comments

The financial year 2016 – 2017 would go down in the economic history of India for one primary reason. The ‘Demonetization’ scheme introduced by our Prime Minister Shri Narendra Modi and his government. This scheme took the entire nation by storm on November 8, 2016. The advantages and disadvantages of enforcing this scheme is a topic of huge debate for every Indian, and it would continue to be so for years to come.

The Government of India vide their Notification no. 2652 dated November 8, 2016, decided to cancel the legal tender character of the high denomination bank notes of Rs. 500 and Rs. 1000 denominations (hereafter referred to as Specified Bank Notes) issued by the RBI. The scheme was necessitated to tackle counterfeiting Indian banknotes, to effectively nullify black money hoarded in cash and curb funding of terrorism with fake notes. 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