Transport performance up through 30% way to GST: Narendra Modi

Transport performance up through 30% way to GST: Narendra Modi

The Goods & Services Tax (GST), which was rolled out in India on July 1, and its beneficial impact on the transportation sector has, for the second time, found mention in prime minister Narendra Modi’s nation-wide comments.   Following up on the subject first addressed in the ‘Man Ki Baat’ radio programme on July 30, the prime minister spoke about the considerable reduction of time and costs following GST within barely 45 days of the implementation of the reformative tax….

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What is GSTIN (Goods & Services Tax Identification Number)? How to identify it?

What is GSTIN (Goods & Services Tax Identification Number)? How to identify it?

What is GSTIN? Prior, at whatever point you get a few administrations or products, at that point, the dealer used to give you the bill. In that charge, you, for the most part, discover the TIN (Taxpayer Identification Number). This was one of a kind 11 digit number designated to every business element which registers with the business impose division. This TIN enrollment was required for all Manufacturer/Traders/Exporters/Dealer. Presently, after the passage of GST administration, this TIN is currently supplanted with 15…

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Understanding HSN Codes and SAC Under GST

Understanding HSN Codes and SAC Under GST

What is HSN Code in GST? HSN stands for Harmonized System of Nomenclature. It is the codification of all the exchanging products into different segments with every section containing warez of comparable nature. Every product or merchandise exchanged over the world are known by various names indialect contrasts. So also in IT-empowered multinational exchange, a special code is given to each class of tradable ware in view of its inclination and utilization. This arrangement and codification are known as HSN code that you will require to petition for…

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Types of GST Return Forms, Format and their Due Dates

Types of GST Return Forms, Format and their Due Dates

As per the Goods and service tax regime, every registered taxpayer is required to file three returns in a month and one annual return.  Every taxpayer including the traders, manufacturers, resellers are required to file the returns. The Government has made an attempt to get rid of the tax evasion practices that existed in the previous taxation regime. Every return will be filed electronically and details of the returns filed by the supplier of goods and services and the recipient…

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GST Return Filing

GST Return Filing

  Under GST, a standard citizen needs to outfit month to month returns and one year return. There are separate returns for citizens under the arrangement conspire, non-inhabitant citizen, citizen enlisted as an “information benefit merchant”, a man obligated to deduct or gather the assessment (TDS/TCS) and a man allowed Unique Identification Number. So citizens are required to document returns contingent upon the exercises they embrace. Not with standing, for the initial two months, the arrival recording process has been improved by…

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Calculation of GST

Calculation of GST

GST Tax Calculation Formula All one needs to do is input the net amount of a good or service and the applicable GST rate (5%, 12%, 18% or 28%) into the tool. Click on the ‘Calculate’ button and instantly get the gross price of the good or service. GST calculation is represented by the below example: A goods or service is sold at the rate of Rs.500. GST rate is 18%. Gross amount of the goods or service = 500…

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Impact of GST on Indian Healthcare and Pharma Sector

Impact of GST on Indian Healthcare and Pharma Sector

In India many types of tax systems were prevailing in the past, and during British period, there were significant changes in the taxation system. There after many changes took place time to time. To make the Indian Tax system more uniform, Goods and Services Tax has been introduced in India from 1st July 2017. Goods and Services Tax is hailed as the biggest tax reform since independence. Parties on both sides of the political divide say it is a good…

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Benefits of GST (Goods & Services Tax)

Benefits of GST (Goods & Services Tax)

The GST (Goods & Services Tax)  is relied upon to give following advantages:-   Elimination of Multiple Taxes  The greatest advantage of the Goods & Services Tax is a disposal of various aberrant expenses. All expenses that as of now exist won’t be in the picture. This implies current assessments like extract, octroi, deals charge, CENVAT, Service imposes, turnover charge and so on won’t be relevant and all that will fall under a basic expense called as GST.   Saving More Money For a typical man,…

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What is CGST, SGST and IGST ?

What is CGST, SGST and IGST ?

There are three components of GST tax law Named CGST, SGST and IGST. CGST and SGST are applicable within the state while IGST is applicable in the course of interstate trading. CGST & SGST- Since GST subsumed both circuitous assessments of focal government (extract obligation, benefit charges, customary obligation, and so on) and state governments (VAT, Luxury impose, and so forth.),  both the administration now rely upon GST for their backhanded expense income. Accordingly the GST rate is made out of two rates, one…

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Types of GST in India

Types of GST in India

The Goods and Service Tax is meant to be a unified indirect tax across the country on products and services. In the current system, the tax is levied at each stage separately by the Union government and the States at varying rates, on the full value of the goods. But under the GST system, the tax will be levied only on the value added at each stage. It is a single tax (collected at multiple points) with a full set-off for…

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