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GST – Transitional Provisions

GST-Transitional-Provisions

As the GST is few months away from its much awaited implementation, the transitional provisions assume special importance for all the concerned stakeholders. Transitional provisions, in general terms, are those rules, methods or procedures that will enable the stakeholders to switch over from the current Indirect Tax regime to the GST regime. A detailed analysis of certain … Read moreGST – Transitional Provisions

GST Composition Scheme – Boon or Bane?

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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.

Input Tax Credit under 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.

GST: A Real Impact on Real Estate!

Impact-of-GST-on-real-estate

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.

A Quick Guide to Goods & Services Tax (GST)

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.

Tax Automation

With GST, tax automation will become critical in meeting regulatory requirements. GST regime mandates a high level of synchronization between tax payer’s system and GST system, which without automation will be an impossible task. Item level detail in invoices, with reconciliation of sales register and auto-populated purchase register, on a minimum three monthly returns, other events such as auto reversals demands automation of tax compliance process within any tax entity.

Nishank Goyal, CEO MIPL

Time, Place and Value of Supply

One of the significant changes under the GST regime after subsuming all the indirect taxes is the presentation of the concept of supply under GST. In the old indirect tax regime, taxes were charged on various points and occasions, for instance on account of goods taxes were charged at the time of production, transport, supplying, … Read moreTime, Place and Value of Supply