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Upcoming Reduction in Tax Rates under GST

The GST regime has brought a significant drop in its tax rates on various items since its implementation. The list of items with reduced tax rates has only been increasing over time. As if to add a cherry on top, Prime Minister Narendra Modi recently hinted that there will be a drop in the tax … Read moreUpcoming Reduction in Tax Rates under GST

Saving on Household Expenditure after GST

The Goods and Services Tax (GST) came in 2017 as a consumer based unified system for indirect taxes all over India. Varying slab rates were set for different goods and services which may have saved chunks of taxpayers’ income since GST was launched. A source in the finance ministry has revealed that according to an … Read moreSaving on Household Expenditure after GST

Fines Waved on Late Submission of GSTR-3B for August and September

A recent statement of Arun Jaitley gave a sigh of relief to lakhs of tax payers, who missed their GSTR-3B filing deadline for August and September’17, when he tweeted about waving the fine for late filing of GSTR-3B. Finance Minister Sh. Arun Jaitley tweeted “To facilitate taxpayers, late fee on filing of GSTR-3B for August … Read moreFines Waved on Late Submission of GSTR-3B for August and September

92000 Crores of GST Collected in September-17

The score cards for the collection of GST for September 2017 are out now. The finance ministry in its announcement made on 24th October’17, declared that, about 42.91 lakh tax payees have deposited around Rs. 92,150 crores as GST for Sep’17. It stated “The total revenue of GST paid under different heads (up to October … Read more92000 Crores of GST Collected in September-17

Composition Scheme May Stretch to Inter-State Businesses

The five member GoM [Group of Ministers], led by the Assam Finance Minister, Mr. Himanta Biswa Sarma, who have been tasked to fine tune and make the composition scheme more lucrative and easy to adopt is meeting on 29th October’17 with the industry reps to deeply discuss about the composition scheme, tax slabs for the … Read moreComposition Scheme May Stretch to Inter-State Businesses

Transfer pricing issues darting up from the valuation rules in GST

As GST widens its reach each day, the taxation complexities arising of such a mammoth revolution does not seem to cease. The new complexity slowly popping up, which could have future tax repercussions is the impact of ‘transfer pricing’. Transfer pricing is an intra-charge made by one entity of an organization to another of the … Read moreTransfer pricing issues darting up from the valuation rules in GST

GST Invoicing Norms Relaxed

The stringent norms and elaborated format of invoicing under GST, aimed to capture the minutest of the detail in a transaction were a nightmare and ate lot of precious time for the B2C businesses, which issue bulk invoices. Feeling the honest pinch and to make the proceedings smoother and fast, the GST Council has consented … Read moreGST Invoicing Norms Relaxed

A refresh is round the corner for GST Rates

One nation – one tax, the revolutionary and mammoth game changer was always expected to have its share of fluctuations, tantrums and teething issues. Since its inception from the midnight of 30th June’17, it has undergone various amendments in terms of taxation rates, processes and policies by the supreme decision making body of GST – … Read moreA refresh is round the corner for GST Rates