As the pan-India wave of GST is about to hit us this July, the entire nation is gearing up to embrace the colossal tide. Even as the corporate Tycoons and Moguls are restructuring and redefining their business processes in tune with the GST mould, the micro, small and medium organizations are putting on their best efforts to swim in the sea of rules and regulations of this new legislation. The buzz-worthy question – is there any relief to the small sectors of our economy from the morass of complicated compliances of GST.
The term “Input Tax Credit” assumes significant importance in the arena of indirect taxation. Let us zero in on our analysis on this topic under GST regime. “Input tax” means the GST Taxes (CGST, SGST, IGST) charged on any supply of goods or services or both made to a registered person in the course or furtherance of his business and includes such tax payable on reverse charge basis— but excludes tax paid under composition levy.
Aryan, gasping and panting, stumbled inside the office of his friend, Kushal. “Hey, Aryan! What a surprise – ” Kushal – a CA by profession –began to greet, but stopped short at the harried and hassled look on his friend’s face. “Is everything fine, Aaryan?” “Nothing’s fine!” Aaryan sounded agitated as he plonked himself down on the chair, “The word ‘fine’ doesn’t fit aptly for us businessmen! But yes, if we talk about punishable “Fines”, they are made for us!” he finished with sarcasm.
One nation – one tax, is surely a game changer. As the Indian taxation scenario revamps, a singular tax regime promises to eradicate complexities, stemming from a bunch of indirect taxes and manual filing. To give you a ready reckoner, here’s an exclusively crafted, quick guide to the Goods and Services Act, commonly known as GST.
Nishank Goyal’s company, Masters India Private Ltd, did business in aluminium products. But, the Delhi-based entrepreneur realised a while ago that there would be huge potential in the implementation of Goods and Services Tax in July. Read More
DQ Channels: Masters India is geared to make its foray as the leading GST Suvidha Provider (GSP) in India. The Goods and Services Tax Network (GSTN) which is building the technological infrastructure for the implementation of GST, has selected 34 organizations
Businessworld: GST regime necessitates a high level of synchronization between tax payer’s application, i.e. an ERP, an accounting or an invoicing software, and the GST system, which without automation would be a difficult task …
Firstpost: Before GST pushes Indian economy towards record growth, businesses must be prepared for the transitional hurdles. Challenges for taxpayers begin with understanding transitional provisions and extends to redesigning supply chain and distribution strategy,