"02 July 2017" Archive

2nd Day after roll-out of GST passed without any major problems

2nd Day after roll-out of GST passed without any major problems; Dhabas and big Restaurants as well as from Kirana shops to Departmental Stores have started getting acclimatized to the new tax system;....

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7 Myths / Misconception about GST and Reality

The Revenue Secretary, Government of India, Dr. Hasmukh Adhia busts seven misconceptions about newly implemented law relating to Goods and Services Tax (GST). Myth 1: I need to generate all invoices on computer/ internet only Reality 1: invoices can be generated manually also. Myth 2: I need internet all the time to do business under [&he...

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GST : Great Instrument to Help Poor Move up the Ladder

In his inspirational speech at mid-night of June 30, minutes before the roll out, Prime Minister, referred to GST as a life changing instrument for the poor particularly in eastern Uttar Pradesh, other eastern states and the North East. Even as they are blessed with rich natural resources, these states have not been able to fully exploit...

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Why GST in India -Main advantages of GST

The Current Indirect tax regime is quite complex. Central and State Governments levy a large number of taxes such as Central Excise duty, Service Tax, VAT, Purchase Tax, Central Sales Tax, Entry Tax, Local Body Taxes, Octroi, Luxury Tax, etc....

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Who is Liable to pay GST ?

As you would know, GST is a dual levy with the Centre and States simultaneously levying tax on a common tax base. GST levied by the Centre on intra-State supply of goods or services would be called the Central Tax, while GST levied by the States and Union Territories would be called the State Tax/UT Tax respectively....

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4 FAQS related to GST Migration / Registration

1. I have applied for registration and have not received ARN. What shall I do? Please complete your application procedure, ARN will be generated. 2. I have not received ARN or have received ARN but not GSTIN. How do l supply goods or services or both? You can supply goods or services or both on […]...

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GST- Taxation on Second Hand Goods- Marginal Scheme

As we all welcome GST there are many things left unsaid that needs to be clarified and creating lot of trouble and confusion in the minds of the traders. Government is coming up with various notifications for the smooth working of this new tax regime and one of such important notification...

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Major Relief to Small Taxpayer’s in GST

The Central Government has issued Exemption Notification No. 8/2017-CT(Rate) dated 28-06-2017 giving relaxation to Registered Persons under GST from major (and draconian) compliance required under section 9(4) of the CGST Act, 2017....

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Red-carpet entry of GST from July 1, 2017 and gist of various GST Notifications

Recently, the Government has released various Notifications under CGST, UTGST and IGST for giving kick start to the mammoth indirect tax reform in India. Various Notifications issued by the Government are as under:...

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Invoice & other Payment / Transaction Documents under GST

With historic lunch of GST, India’s biggest tax reform since independence that will be lunched at midnight on 30th June, 2017 signals new era for Indian Business. As a fall out of this w.e.f. 1st July for all transactions new series of Invoice is need to be issued. An invoice is a document sent by a supplier to a recipient that specifi...

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