Search Results for: Goods and Services Tax

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

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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)

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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

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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?

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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

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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)

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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 )

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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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Know 12 New Functionalities made available for Taxpayers on GST Portal

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The Goods and Service Tax Networks (GSTN) has made available new functionalities pertaining to registration, returns, audit, front office, and Webinars Conducted for Taxpayers on GST Portal. 1. Assignment of new applications of registration, in certain cases, with same PAN and in same State/ UT New registration applications of the applicants, whose previous application for registration were either rejected by Tax Officer or whose GSTIN was cancelled (either suo-moto or if surrendered by the taxpayer), will now be assigned to…

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GST technical glitches behind input tax credit frauds: CAG report

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The Comptroller and Auditor General (CAG) of India has found that the goods and services tax (GST) system is prone to input tax credit (ITC) frauds due to complexity in the compliance system. “The originally envisaged system-validated ITC through ‘invoice matching’ had not been implemented. The complexity of return mechanism and technical glitches had resulted in roll-back of key GST returns, rendering the system prone to ITC frauds,” CAG said in its report submitted in Parliament on Wednesday. The GST…

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Taxpayers can use ITC to discharge GST dues for March

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The Finance Ministry on Saturday said GST taxpayers can utilise the Input Tax Credit available in their credit ledger to discharge their GST dues for the month of March. “Taxpayers are free to utilise the Input Tax Credit available in their credit ledger, as permissible in law, to discharge their GST dues for the month of March, 2021 – the last month of this financial year,” the Central Board of Indirect Taxes and Customs (CBIC) said in a statement. Goods…

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