Category: GST

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...

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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...

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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,...

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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...

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GST Transitional Provisions as per Model GST Law

GST Transitional provisions play critical role while moving from service tax/vat tax to GST ( gOODS and service tax.Here, we cover following important points: Administration of GST Registration under GST regime Input tax credit rules under Goods and Service tax Penalty and litigation Revision of return Six month rule Goods and Services Tax -GST Transitional provisions: With Goods and Services Tax (‘GST’) looming, it is vital that all stakeholders understand as to how the GST model law is framed to handle transition from the current laws to the new one. This article aims to explain in brief all the...

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