While the ultimate burden of an indirect tax is to be borne by the consumer, the responsibility to collect and deposit in such cases rests with the supplier. Thus Supplier as defined in Section 2(105) means the person supplying the goods or services or both in relation to any goods or services or both and … Read moreWho shall be Liable to pay GST?
The Goods and Services Tax, 2017 became effective in India from 1st July 2017. The biggest tax reform had apart from other mind boggling questions, raised a yet another and confusing question especially to the retailers that “what would be the impact of GST on MRP in India”. They apprehend that whether the GST will … Read moreImpact of GST on MRP in India
Here are the steps to file NIL GSTR-1. After login with username and password, select Return Dashboard. Select Financial Year 2017-18 and suitable return filing period i.e. July. Click Search and Select GSTR-1. In case we will file the NIL GST Return without feeding any data and submitting it directly then it will show system … Read moreStep by step guide on how to file NIL GSTR 1
The Indian economy in the last three months [since the launch of GST from 1st July’17] has seen the most revolutionary and mammoth taxation migration exercise since independence, leading to several challenges, confusions and erroneous actions and decisions – all for the good though and with seemingly fair intentions. The old habits of tax evasion, … Read moreHow does GST Impact your Company’s Working Capital
At an informal business meet, our senior addressed to a group of businessmen – “You all are well aware that GST comprises of IGST, CGST and SGST taxes. A simple question: Can anyone tell when or at what moment will you have to pay the taxes?” As many floundered for words, few of them gave hazy, even humorous, replies – After sale of goods, after providing a service, at the end of the month, at the start of the quarter, within so-and-so days of the next month!
As the GST is just a 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 … Read moreGST – Transitional Provisions
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.
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.