The compliances for Goods and Services Tax (GST) are filled with abbreviations and terms that make up for its nomenclature. Usually these terms are used without their explanations. Thus, to completely comply with GST, it becomes important to have adequate knowledge of its nomenclature. Full-forms The most commonly used abbreviations are given below with their…
It has been more than a year since the launch of Goods and Services Tax (GST) in India. GST is now implemented everywhere in the nation, and taxpayers have begun to understand it and comply with it to a great extent. India has surpassed the stage of inception for GST and it is the right…
What is SEZ in India? Special economic zone (SEZ) is the area which is deemed as a foreign territory within the country border and is also a duty free region for the purpose of trade and tariff. In India, SEZ policy was first heralded in April 2000 and the SEZ Act was formed in the…
GST was implemented in India with the slogan and motive of “One nation one tax”, although this was the biggest reform in the Indian economy the impact of it was pretty much different on the various industries such as manufacturing, distribution, service providers etc. Let us throw some light on the impact on various industries….
What is GST? GST is Goods and services tax introduced by the government of India to subsume all the indirect taxes. Introduction of GST is the biggest tax reform as the name advise GST includes both Goods and services under one roof. GST was bought in by the government with a motive of “One Nation…
For any taxpayer calculating GST payable for the GST Return filing is not less than a rocket science. The taxpayer has to take everything into consideration while calculating GST such as inter and intrastate supplies, exempted supplies and reverse charge including eligibility of the ITC. Because if a taxpayer pay-off less amount of GST payable…
To automate the process and make life easier for the end users and the officials, Customs Department has introduced the Electronic Data Interchange (EDI) system, which is commonly called assICEGATE. What is the full form of ICEGATE? ICEGATE refers to Indian Customs Electronic Commerce/ Electronic Data Interchange (EC/ EDI) Gateway. It is the interface of…
Transportation of goods in an economy is a very crucial element as it helps maintain the logistics industry. It can make or break businesses, which can further affect the whole economy. It thus becomes important to focus on the transportations system and help improve it so that it doesn’t bring down the potential of a…