Imports to India jumped 33.09 percent year-on-year to USD 37.86 billion in May of 2017, boosted by a 236.69 percent increase in gold imports and a 29.54 percent rise in oil. Imports in India averaged 7090.77 USD Million from 1957 until 2017, reaching an all-time high of 45281.90 USD Million in May of 2011 and a record low of 117.40 USD Million in August of 1958. Having such huge volume of trade, it may be most interesting to analyze the impact of GST on Imports. Let us now study how Imports are effected by implementation of GST. In this article we shall confine the discussions to Import of Goods only
Working capital is a common measure of a company’s liquidity, efficiency, and overall health. It is the cash available for day-to-day operations of an organization. There are some apprehensions that in GST regime, the working capital requirements will increase. Let us check the truth with some practical transactions like stock transfer, import under Advance Authorization, Advance payments, supplies to Government & its agencies – TDS, Samples on Approval basis – Returnable / Non- Returnable, Inverted Duty Structure etc.
E- Commerce (electronic commerce or EC) is an online interface business model linking the buyer and seller of goods and services, or the transmitting of funds or data, over an electronic network, internet or online social networks.
The concept of Job Work is very much integral to most of industrial activities that constitute outsourcing of some or all the activities to a third party. Thus job work means any person who undertakes any activity or carried on any process on goods belonging to another person (principal).
Let us discuss in this paper how GST enables better tax compliance, willingness of taxpayers to comply with a tax system and make the country move towards tax compliant society.
