Tag: 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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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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How GST will benefit you

Do you know how GST will benefit you ? Are you ready to accept the upcoming law in India. Read this post to know future benefits of GST ( Goods and service tax in India.) How GST will benefit you ? Good and Services Tax (‘GST’ for short) is the single most significant indirect tax reform since the introduction of the Sea Customs Act in the year 1878 by the then British regime. This is for the simple fact that the Victorian concept of seeking to tax multiple events in a commercial transaction is being replaced by taxation of...

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All about goods and service tax in India (GST)

Goods and service tax in India will be game changer for tax system. GST tax system will replace most of the indirect taxes. which taxes will be covered in gst? What will be advantages and disadvantages of GST?  What are the important points to know about GST ? Get answers by reading this post. What is goods and service tax ( GST) in India? Goods and service tax ( GST) is a comprehensive tax levy on manufacture, sale and consumption of goods and services at national level.GST is value added tax and covers indirect tax area. Goods and service...

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