Input Tax Credit ( GST Credit ) under GST India : The easiest guide

A very important concept for calculating and making GST payment is “Input Tax credit” ( GST Credit). In simple terms, Input credit means the adjustment of GST tax payable on sales of goods or services against GST tax receivable on purchase. Input Tax Credit in GST: ( GST Credit ) Goods and Service Tax (GST) is new tax regime introduced in India which has replaced major indirect taxes. This new tax regime is expected to bring a better control mechanism for tracking and payment of indirect taxes.Under this new system, most of the indirect taxes levied by Central and...

Read More

GST Registration : Conditions and Procedures

Should I get GST registration for my business ? This question is asked by business owners to all tax practitioner.  I said No to 60% of my clients. Read the article to know the reasons. 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...

Read More

Long term capital gain changes in budget 2018

Honourable Finance Minister Arun Jaitley has proposed the few amendments in the Taxability of Long Term Capital Gain Taxes in case of Transfer of Shares or Units through the recently announced Financed Budget 2018. The long term capital gain changes are being proposed and suggested to rationalise the taxation of long term capital gains in all the classes of assets. Amid falling in the stock market index, top finance ministry official said that currently there were two concessions available to the investors reporting gains from investment exchange traded equity shares. Therefore, the government had decided to tap into the...

Read More

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