Budget 2018- Highlights

Budget 2018 has been a major budget over the last three years of the existing government in power. This time the Honourable Finance Minister Mr Arun Jaitley has considerably taken care of each segment of the economy and fairly well budget was presented and proposed to the Nation. We will try to understand this Budget under various parts as given below: Budget 2018 Highlights:   Overview of Indian Economy (Major Considerations) Indian economy is now 2.5 trillion dollar economy in FY 2017-18. IMF has forecasted that India will grow at 7.4% next year. Exports are expected to grow at...

Read More

GST Composition Scheme in India

Goods and Service Tax (GST) is new tax regime introduced in India which has replaced major indirect taxes. After GST implementation approximately 17 indirect taxes regime will be substituted under one tax regime.This new tax regime is expected to bring a better control mechanism for tracking and payment of indirect taxes.GST will apply to almost every assesse in business, thereby boosting revenues for the government. Implementing GST in larger organizations in India is much simpler as they have the required resources and expertise that can facilitate the compliance procedures and undertake a smoother transition under GST regime. On the...

Read More

Why do lawyers need to be brought under GST compliance ambit

The complex nature of India’s GST – which has four tax brackets ranging from a 5% to 28% – is bound to attract thousands of lawsuits in a legal system already grappling with a backlog of more than 24 million cases. Even before the planned 1 July roll out, about 100,000 indirect tax appeals were clogging India’s judicial system at the end of March 2015, locking away some $23 billion in potential government revenue, according to a government report.   This article analyses the impact of new tax regime on the community which is critical for delivering justice from...

Read More

Invoicing under GST: Rules and Formats

From 1st July, 2017, GST has replaced most of the indirect taxes in india. There is slight difference between invoicing under GST and invoicing under old regime. Governement has notified rules for GST invoice and sample GST invoice format. Let’s understand this new era of GST in India.   Invoicing under GST: Invoicing under Old regime:  There were two types of invoices in old regime. Tax invoice and Retail invoice. Tax invoice has been issued to give input tax credit for tax paid. It was issued to registered person having tax number. The retail invoice was required to issue...

Read More

Search Tax Masala

Custom Search

Subscribe to Blog via Email

Join 3,312 other subscribers