Search Results for: Goods and Services Tax

Impact of Goods and Services Tax (GST) on Union Budget 2018-19

Budget 2018-19 is the first Union Budget after the implementation of GST in July 2017. After the implementation most provisions of the Goods and Services Tax (GST) were tweaked and tax rates of numerous products were reduced in subsequent GST council meets which resulted in a sharp decline in government’s tax collection figures.GST replaced more than a dozen indirect taxes; these indirect taxes together formed a bulk of the government’s earnings. Service tax alone accounted for more than 14% of…

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Types of Invoices under Goods and Services Tax (GST)

Arjuna (Fictional Character): Krishna, in GST, every tax payer will have to prepare different types of invoices. So, tell the details of invoices in GST, how to make invoices and when to make invoices? Krishna (Fictional Character): Arjuna, many traders prepare invoices manually. Also the information in everyone’s invoice is more or less different. But in GST information must be mentioned in invoice as per law. Because every month information is required to be submitted to the government. As per…

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Seven major benefits of Goods and Services Tax

Goods and Services Tax (GST) aims to make India a common market with common tax rates and procedures and remove the economic barriers, thus paving the way for an integrated economy at the national level. By subsuming most of the Central and State taxes into a single tax and by allowing a set-off of prior-stage taxes for the transactions across the entire value chain, it would mitigate the ill effects of cascading, improve competitiveness and improve liquidity of the businesses….

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Is your ERP ready for Goods and Services Tax?

While it’s still gloomy whether Goods and Services Tax is going to get implemented from 1st July 2017, Large enterprises have already geared up for the changes to be made in their existing Enterprise Resource Planning (ERP) systems. Major ERP player such as SAP, Oracle etc have also confirmed to incorporate the GST compliance requirements within their system for existing and new customers. Data migration is one big task which affect both master data and transaction data and requires extensive…

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Benefits of GST (Goods and Services Tax) For Industry and Consumer

There is much hype about the GST (Goods and Services Tax). The governments have struggled a lot for this. Let us understand The benefit of GST. We should know whether it is beneficial for consumer or not? What benefit would industry get? How will it affect the small businessman? Let us know about the classes which would be affected by the GST. Following these classes which would be affected by the GST. Corporates –Because it pays the excise duty. The…

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Frequently Asked Questions (FAQs) on Goods and Services Tax (GST)

The Goods and Services Tax (GST) has been passed by Rajya Sabha and Lok Sabha. The new tax bill will bring enhanced efficiency and transparency. Moreover, the whole country will have a uniform tax structure, which will benefit not only manufacturers but also consumers. In this series of article, we present to you frequently asked questions about the Goods and Services Tax. What is GST? GST is the only one indirect tax for the whole nation, which will make India…

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Top 10 Advantage of Goods And Services Tax ( GST )

One Nation One Tax:- The one of the major advantage about GST in India that it is going to replace many indirect taxes like Central Excise Duty Additional Excise Duties The Excise Duty levied under the Medicinal and Toiletries Preparation Act Service Tax Additional Customs Duty, commonly known as Countervailing Duty (CVD) Special Additional Duty of Customs – 4% (SAD) Surcharges, and Cesses The following State taxes and levies would be, to begin with, subsumed under GST: VAT / Sales tax Entertainment…

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Tax arrears of Gujarat industrial units at Rs 30,000 crore

The combined tax arrears of over 48,000 industrial units in Gujarat stood at Rs 30,000 crore as on June 30, 2019. Official sources in the state finance department said the taxes that remained unpaid include sales tax and value added tax (VAT) for the period before the introduction of the goods and services tax (GST) in 2017. Of these units, there are nearly 6,400 units with tax bills of more than Rs 10 lakh. The figure includes long-pending dues, says…

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Sitharaman says tax targets achievable, GST collections could rise: Report

India has given itself achievable targets for its tax collections, Finance Minister Nirmala Sitharaman said in an interview to news daily Hindustan Times, adding that goods and services tax (GST) collections could “absolutely” move higher. India expects to rake in Rs 24.6 trillion ($358.97 billion) in gross tax revenue in 2019/20. Sitharaman, in her maiden budget last week, raised taxes on the super rich and gold imports in a bid to revive sagging growth. GST collections fell below Rs 1…

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Budget 2019: Amnesty scheme to resolve legacy tax issues

The government has unveiled an amnesty scheme to resolve excise and service tax disputes pertaining to the period before the introduction of the goods and services tax to clear the backlog of cases and improve the ease of doing business. Even two years after the indirect tax regime was replaced by GST, the litigation doesn’t seem to die down and there is a huge pendency, tax experts said. “The announcement relates to the legacy dispute resolution scheme, which intends to reduce the pending service tax…

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