Although it has been two years since Goods and Service Tax (GST) was implemented in India, there are many aspects that are vague even now. Taxpayers are still struggling to understand the concept in its entirety and the bearing it has on business. In a bid to boost accuracy and clarity and address some of… Continue reading Challenges of the new GST return filing system
If we analyse the roadmap of Goods and Services Tax (GST), it has enormously benefited the Indian Economy. Within a short span of time, the GST created a huge momentum for businesses and reducing the tax burden for the common man. The newly implemented indirect tax regime ultimately helped every sector from manufacture to buyers… Continue reading The impact of Goods and Services Tax (GST) on India’s Economy
GSTR-1 is a monthly or quarterly return that is supposed to be filed by every registered dealer, registered under GST. GSTR-1 contains the details of outward supplies or Sales. All in all, this return has 13 sections.What is the due date to file GSTR-1? The due dates to file GSTR-1 varies depending on the turnover… Continue reading Detailed Information about GSTR-1
Recently, a scheme was launched by the Government of India, in order to waive the late fees for the delayed filing of the GST Return. It is a one-time scheme, that is launched for the filing of GSTR-1, GSTR-3B and GSTR-4 for the period of July 2017 to September 2018, that is, for the period… Continue reading Late fees for GST Return Waived
As we cross into March, another financial year is drawing to a close. If you are a salaried individual you will have noticed the bustle around the office accounts department as they prepare to close their books. Your financial obligations to the government are due as long as you do not learn how to e-file… Continue reading Learn How to E-file your Income Tax Return in 2018
Tax compliance platforms can provide with a very accurate record of accounts. This is necessary to correctly assess yourself for income tax on capital gains.
The Indian Logistics sector obtained a vastly improved rank of 35 among 160 countries in the World Bank sponsored Logistics Performance Index last year and could potentially be a huge contributor to the new GST tax regime. According to an IMAP estimate, India’s logistics market is valued at USD 260 billion and has consistently seen double… Continue reading How GST Affects my Logistics Business?
Prior to the 2000s, being an entrepreneur in India was demeaning and met with mockery from the society. However, time has brought changes and now saying that you are the founder of a startup does actually sound appealing. The startup culture is booming in India so much that even the Indian government has decided to… Continue reading How the Implementation of GST has Impacted Start-ups in India
Under the GST regime, a “dual GST” model has been introduced keeping in mind the federal structure of India. Instead of levying different type of taxes by both the center and the state, GST will be levied on every supply of goods and services which take place within the boundary of the state. GST has two components: Central tax (CGST) which is levied… Continue reading IGST Act in India
The new provisions provided in the GST Law aims at streamlining and standardizing the refund procedures.