Category: GST

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

13 Highly concerned GST issues and their solutions

Goods and service tax is a very ambitious tax scheme which will be subsuming almost every indirect taxes currently prevailing in India. The Indian government and presumably all the business sectors are ready to implement GST into their structure. The apex governing body of this new tax scheme i.e. GST council has finalised almost all the tax rates and laws concerned but there is still some bone of contention and shortcomings into the pipeline. There are a number of GST issues for which Government is facing stiff opposition from the business class.Let’s understand the GST issues regarding the returns,...

Read More

GST Rate chart applicable from 1st July, 2017

Do you know what will be GST rate for products/ services you sell? No worries. We have given here GST rate chart covering most of the goods, services with HSN and SAC code. Following points are covered in this article: What is GST in India? GST rate for goods and services with HSN code what is composition scheme and GST rate under the scheme? Reverse charge under gst and GST rate under the same GST Compensation Cess Rate How to charge CGST, IGST, SGST while issuing invoices? GST benefits GST credits What is Good Service Tax (GST)?: GST is...

Read More

Search Tax Masala

Custom Search

Subscribe to Blog via Email

Join 3,315 other subscribers