Goods and service Tax

No GST Audit & GST Changes in Budget 2021

RJA 07 Feb, 2021

No GST Audit and GST Changes in Budget 2021 On 1 February 2021, Finance Minister Nirmala Sitharaman delivered the 2021 paperless budget. FM also announced several improvements to the tax system on goods and services to target at helping small and medium businesses to overcome pandemic disruptions. Relevant GST changes carried out in ...

Goods and service Tax

Limitation on filing GSTR-1 along with no ITC claim for your Customers

RJA 04 Feb, 2021

As per the new regulations, not filing GSTR 3B on a regular basis would lead to a restriction in filing GSTR-1. Only after you have successfully filed GSTR 3B for the prior pending months then only you will be able to file GSTR-1. Being not able to file GSTR-1 on ...

Goods and service Tax

Input Tax Credit in GSTR-3B not to be exceed 105% of GSTR-2A

RJA 04 Feb, 2021

Claiming more than 105% of the ITC as shown in GSTR 2A may offer notice of revocation or cancellation of registration. If you assert the ITC in the GSTR 3B return for a sum that exceeds the specified limit as set out in Rule 36(4), we will inform you of the ...

Goods and service Tax

GST revenue has hit a record high of INR 1.20 lakh crore in January 2021. Budget Effect

RJA 03 Feb, 2021

In January, GST revenues hit a record of Rs 1.20 Lakh Crore: Great news on Budget Eve: Goods & Services Tax collections for January reached an all high of around Rs 1.20 lakh crore, the Finance Ministry said. According to the Finance Ministry, in line with the recovery trend in Goods & ...

Goods and service Tax

Choose the QRMP Scheme only after you identify its drawbacks.

RJA 31 Jan, 2021

Limitations/ drawbacks you should know before Choosing the QRMP Scheme. In order to benefit small taxpayers whose revenue is less than Rs.5 Cr, the Central Board of Indirect Taxes & Customs (CBIC) launched the Quarterly Return Filing and Monthly Payment of Taxes (QRMP) scheme as under Goods and Services Tax (...

Goods and service Tax

Allow NRIs to buy gold from foreigners to claim GST refund by filling Return

RJA 31 Jan, 2021

Allow NRIs to buy gold from foreigners to claim GST reimbursement on their return (Expectation from Budget 2021) The gem and jewelry sector is hoping for a positive result from the budget 2021. The gem and jewelry sector is making a major contribution to the overall economy of the country. And ...

Goods and service Tax

Not required to file GSTR-9C for Financial Year 2019-20 if Total Sale less than INR 5 Cr

RJA 10 Dec, 2020

GST Registered Person having total up to Rs 5 Cr, no needed to file GSTR-9C for Financial Year 2019-20 As per the Central Board of Indirect Taxes and Customs though this notification No. 79/2020-dated 15, Oct 2020 replaced, Subject to Rule 80(3) of the Central Goods and Services Tax Rules 2017 (CGST Rules), the ...

Goods and service Tax

GSTN: Features of Quarterly Return Filing & Monthly Payment of Taxes (QRMP) Scheme

RJA 09 Dec, 2020

GSTN: Features of Quarterly Return Filing & Monthly Payment of Taxes (QRMP) Scheme 1. Who could choose for the scheme: With effect from 1st Jan 2021, Below Registered Persons can opt to submit Qtrly GSTR Returns & Pay tax on a monthly basis: A Registered person’s required to file Form ...

Goods and service Tax

GST Rate @ 12% applies on Mixed Supply of Works Contract & Job Work: WB AAR

RJA 08 Dec, 2020

GST Rate @ 12% applies on Mixed Supply of Works Contract & Job Work: WB AAR West Bengal - Authority of Advance Ruling directed that 12 percent GST Rate be extended to a mixed supply of works and job work contracts. The applicant is the owner of M/s Vrinda Engineers Private Limited ...

Goods and service Tax

Prevent common errors when filing with GSTR-1

RJA 02 Dec, 2020

Avoid Common Errors/Mistakes when making GSTR-1 Filing When submitting GSTR-1, you need to ask yourself how to prevent silly mistakes. So we've mentioned most of the common mistakes that you'll avoid when submitting GSTR-1. Furnishing information under the incorrect GST head: Since the GSTR-1 type has different ...

Goods and service Tax

GSTN has notified supply of identified 49 items contains a 8 digits of HSN in Tax Invoice

RJA 02 Dec, 2020

The GSTN has issued Notified through 90/2020- dated 01.12.2020 whereby the supply of specified 49 products requires mention of 8 digit HSN in Tax Invoice. Currently, companies mention up to a 4-digit tariff code when issuing invoices. The registered person shall indicate in a tax invoice given by him 8 digits of the Harmonized ...

Goods and service Tax

E-invoices details are auto-populated in the Respective GSTR-1 tables.

RJA 01 Dec, 2020

E-invoices details are auto-populated in the Respective GSTR-1 tables. Some identified taxpayers have been planning and issuing invoices (i.e. for companies with revenue above Rs. 500 crore and Rs. 100 crores as of 01.01.2021) by receiving the Invoice Reference Number (IRN) from the Invoice Registration Portal (IRP) (popularly referred to as e-invoices'). ...

Goods and service Tax

GST: Upcoming Major Changes under GST Regime may take place in 2021

RJA 29 Nov, 2020

GST: Upcoming Major Changes under GST Regime may take place in 2021 GST Changes w.e.f. 01st January 2021 1. Pre-filled GST returns to become the norm from 1st January 2020: GSTR - 3B: Sales Crossing Rs. Five Crore in Last Financial Year needs to file GSTR-3B on a regular monthly basis ...

Goods and service Tax

GSTN notify SOPs for verification of Taxpayers who have granted Deemed Registration

RJA 29 Nov, 2020

GSTN notify SOPs for verification of Taxpayers who have granted Deemed Registration A Standard Operating Procedure (SOP) has been introduced by the CBIC for the verification of taxpayers deemed to be registered. As of August 21, 2020, rule 9 of the 2017 CGST Rules provides that in cases where the applicant has either not ...

Goods and service Tax

Delayed in payment of GST then Intt to be paid on net GST liability from Sep 1, 2020.

RJA 23 Nov, 2020

September 2020 as the date of the entry into force of the provisions of Section 10 of the Delhi Goods and Services Tax (Amendment) Act, 2019 (Delhi Act 06 of 2019)" The Government has admitted that interest on late payment of goods and services tax (GST) will be charged on net tax liability with ...

Goods and service Tax

Complete Overview about GST on OIDAR

RJA 05 Nov, 2020

ONLINE INFORMATION DATABASE ACCESS OR RETRIEVAL (OIDAR) Businesses are not restricted by geographical borders in today's Scenario. One of the means of delivering services from abroad in India is through the use of the internet. There are several mechanisms in which service users are delivered these services. For instance, ...

Goods and service Tax

WHAT TO BE DO WHEN ISSUE OF SUMMONS TO A PERSON UNDER GST

RJA 01 Nov, 2020

POWER TO SUMMON PERSONS TO GIVE EVIDENCE AND PRODUCE DOCUMENTS IN GST Provision of the CGST Act, 2017 under Section 70 mentioned hereunder: Power to summon persons to give evidence and produce documents. The proper officer under this Act shall have the power to summon any person whose ...

Goods and service Tax

Custom Law Services as per Custom Tariff Act 1975

RJA 22 Sep, 2020

Custom duty is the tax which is imposed on export and import of the goods by the state in or outside the country. Custom duty is levied on an individual in accordance with the scheduled provisions under the Custom Tariff Act 1975. In case of failure in payment of the custom ...

Goods and service Tax

Big Relief for SMEs Business in India:- annual revenue of up to Rs 40 lakhs is now exempt from GST

RJA 25 Aug, 2020

On 24 August 2020, the Union Ministry of Finance announced that companies with an annual turnover of up to Rs 40 lakh will now be excluded from GST. The Ministry added that those with up to Rs 1.5 crore turnover will apply for the Composition Scheme and pay just 1 percent tax. Now firms with ...

Goods and service Tax

GST compliance deadlines and Compliance Due date 2020

RJA 01 Aug, 2020

GST compliance deadlines end 31st August 2020 Due to COVID 19 Situation and after Hon'ble FM Ms. Nirmala Sitharaman Ji "Corona is an act of God" and business loss now is the time to avoid late Fee, Interest, and Penalties. Deadlines are as under: ·Refund Application FY 2017-18: ...

Goods and service Tax

Basic Impact after implication of GST on the Personal Loan

RJA 28 Jul, 2020

Basic Impact after the implication of GST on the Personal Loan The impact of GST on personal loans has been remarkable reforms in the new tax regime under One Nation, One Tax, One Market concept under GST. Basically the aim of tax structure impacted in every sector of the ...

Goods and service Tax

GST Latest Notifications: Review of CBIC,Â GST Extension Notifications

RJA 24 Jun, 2020

GST Latest Notifications: Review of CBIC, GST Extension Notifications CBIC released various notifications for enforcing the recommendations of the 40th meeting of the GST Council as follows: CBIC notifications signed on 24.06.2020 concerning interest waiver and late fees. The CBIC issued several GST notices on 24 June 2020. There is a ...

Goods and service Tax

Is GST registration necessary for a charitable-based pharmacy store operated by NGO?

RJA 22 Jun, 2020

Is GST registration necessary for a charitable-based pharmacy store operated by non-profit organizations? THE AUTHORITY FOR ADVANCE RULING The following: Concerns and supreme court decisions 1. When is the client to be a licensed, non-profit drug store operated by the Charitable Trust? 2. That any specific action taken by the ...

Goods and service Tax

Late fee Exemption for GST Return filing those are not been able to file GST Return.

RJA 19 Jun, 2020

Late fee Exemption for GST Return filing those are not been able to file GST Return. Great effect on tax revenues due to lock-out of coronavirus A relief of late interest and fees will be given to small taxpayers with a minimum turnover of up to 5 crores if they ...

Goods and service Tax

NAA disputes DGAP 's view that Barbeque Nation Hospitality Ltd alleges corruption.

RJA 06 Jun, 2020

NAA disputes DGAP 's view that Barbeque Nation Hospitality Ltd alleges corruption. After a complaint filed against them by Mrs. Chitra Kumar for profit-making under the GST, the Barbeque Nation refused to provide invoice details in the official inquiry. NAA directed DGAP to guide Barbeque Nation to supply its invoice ...

Goods and service Tax

NAA Allowed by Court to visit the offices of Saphire Foods for collection of documents, Information

RJA 27 May, 2020

The National Anti-profiteering Authority (NAA) has obtained clearance from the High Court of Bombay for a visit to the offices of Saphire Foods Pvt. Ltd. to gather documents and information during the locking process. In this writ petition, it was brought to the court's notice that the ...

Goods and service Tax

Government may not understand calls to lower GST

RJA 20 May, 2020

The exemption would block input-tax credit that would have a negative effect on companies and would not have a direct impact on customers, two finance ministry officials said on Tuesday. The Cabinet does not approve proposals from industry to substantially reduce the Goods and Services Tax (GST) for a period ...

Goods and service Tax

Relevant points to be considered for GST PMT 09 under the GST Regime

RJA 07 May, 2020

Relevant points to be considered for GST PMT 09 under the GST Regime Form PMT-09 can be found on the GST page. The taxpayer will also move the cash balance available under one heading to another head of tax, i.e. from CGST to SGST or interest or fine, or ...

Goods and service Tax

Levy of Integrated Goods and Services Tax on Ocean Freight under RCM is Unconstitutional

RJA 23 Apr, 2020

Levy of Integrated Goods and Services Tax on Ocean Freight under RCM is Unconstitutional The GST levy on Ocean Freight levied on services rendered by a person located in non-taxable territory by means of transport of goods by a vessel from a place outside India to a customs clearance ...

Goods and service Tax

GST applicability on Bitcoin in India

RJA 31 Mar, 2020

GST applicability on Bitcoin in India GST on Bitcoin – Is Bitcoin trading taxable? There are a lot of situations in which GST tax could be levied on Bitcoin trading and other cryptocurrencies. Let's find out if there's a GST on bitcoin. Authorized Person of India’...

Goods and service Tax

REQUIREMENT OF GST REGISTRATION

RJA 04 Sep, 2018

Registration required in case of liability under RCM, even if no taxable supplies effected In the case of the Joint Plant Committee [2018], the Authority of Advance Ruling held that if Assessee is engaged in providing exempt goods or services only then they not liable to apply for registration under the ...

Goods and service Tax

NO GST ON INTEREST ON LOAN BY DEL-CREDERE AGENT

RJA 03 Sep, 2018

NO GST ON INTEREST ON LOAN BY DEL-CREDERE AGENT Act as a guarantor of credit extended to the buyer. A Del credere agent can act as a combination of a salesperson and an insurance firm. A Del credere agent becomes liable to pay the principal if the buyer made ...

Goods and service Tax

INPUT TAX CREDIT OF GOODS AND SERVICES TAX

RJA 01 Sep, 2018

INPUT TAX CREDIT GST is the indirect tax that imposed on the services and goods on the base of the primary of the value addition. Hence, the imposing of the tax is totally based on the value addition at the single stage of the chain of supply until the finished ...

Goods and service Tax

How to do GST registration for the branches and business verticals?

RJA 28 Aug, 2018

According to the CGST Act, registration is important for suppliers of the taxable goods and services under the GST in the union territory, from the payable supply of the services and good, is created. In addition, provisions have been given in the GST Registration Rules for getting GST registration ...

Goods and service Tax

Cancellation and revocation of Registration under GST

RJA 03 Aug, 2018

Cancellation and revocation of Registration under GST You want to cancel your GST (Goods and Services Tax) registration because GST does not apply to you or because you are closing your business or profession. Or there is some other valid reason due to which you want to cancel your GST ...

Goods and service Tax

HSN & SAC CODES ALONGWITH GST RATE

RJA 03 Aug, 2018

What is HSN codes? HSN stands for Harmonized System of nomenclature. This coding system is developed by World Customs Organization (WCO). This is a Global standard of Nomenclature of trading goods in international trade. The HSN is the codification of all tradable commodities into 20 broad sections with each chapter containing ...

Goods and service Tax

DIFFERENT MEANING OF TURNOVER IN INCOME TAX ACT ,COMPANIES ACT & GST

RJA 30 Jul, 2018

DIFFERENT MEANING OF TURNOVER IN INCOME-TAX ACT, COMPANIES ACT & GST As per companies act,2013: - "turnover" means the gross amount of revenue recognized in the profit and loss account from the sale, supply, or distribution of goods or on account of services rendered, or both, by a ...

Goods and service Tax

HIGHLIGHTS OF GST COUNCIL MEETING HELD

RJA 26 Jul, 2018

HIGHLIGHTS OF GST COUNCIL MEETING HELD The GST Council in its 28th meeting held today at New Delhi has recommended certain amendments in the CGST Act, IGST Act, UTGST Act, and the GST (Compensation to States) Act. The major recommendations are as detailed below: The upper limit of turnover for ...

Goods and service Tax

All About TDS under GST â€“ Applicability, Rate, penalties Provisions

RJA 25 Jul, 2018

Complete Guidance on TDS applicable on Goods and services GST TDS is the system through which a certain percentage of tax is collected at the source of the income. Certain Government Department, Local Authorities, Agencies, and Public Sector Undertaking are required to deduct GST TDS. GST TDS is a ...

Goods and service Tax

OVERVIEW OF GOODS AND SERVICES REGISTRATION

RJA 24 Jul, 2018

GST REGISTRATION FOR SERVICE PROVIDERS: - like any other category of business, service providers would be required to obtain GST registration, if the entity has an aggregate annual turnover of more than Rs.20 lakhs per annum in most states and Rs.10 lakhs in Special Category States(The GST Council in ...

Goods and service Tax

OVERVIEW OF ASSESSMENT UNDER GST

RJA 19 Jul, 2018

ASSESSMENT UNDER GST GST Assessment means determination of tax liability under GST law. It includes self-assessment, re-assessment, provisional assessment, summary assessment and best judgment assessment. Normally, persons having GST registration file GST returns and pay GST every month based on self-assessment of GST liability. However, the Government at all times ...

Goods and service Tax

AUDIT UNDER GOODS AND SERVICES TAX

RJA 05 Jun, 2018

AUDIT UNDER GOODS AND SERVICES TAX Audit under GST is the process of examination of records, returns and other documents As per sub-section (13) of section 2 of CGST Act 2017, Audit means an examination of records, returns, and other documents maintained or furnished by the registered person under this Act or ...

Goods and service Tax

AUDIT UNDER GOODS AND SERVICES ACT 2017

RJA 22 Feb, 2018

AUDIT UNDER GST ACT 2017 Under GST Audit would be done in Two Ways: Section 65 (compulsory audit by tax authorities) Section 66 (special audit by chartered accountant or cost accountant) What is an Audit? As per Section 2(13) of CGST Act, 2017’audit’ means the examination of records and other documents maintained ...

Goods and service Tax

Analysis of Changes in Service Tax and GST through Finance Bill, 2018 and GST Council 25th Meeting

RJA 05 Feb, 2018

Analysis of Changes in Service Tax and GST through Finance Bill, 2018 and GST Council 25th Meeting Finance Bill 2018 has been presented by the honble Finance Minister on 1st February 2018 which has put forward some changes in indirect taxation regime. Also, in recent days, several modifications have been made under GST ...

Goods and service Tax

Key Takeaways E-Way Bill under GST

RJA 31 Jan, 2018

Latest update of E–Way Bill, Registration Requirement & Process E -way Bill An E-way bill is an electronic waybill for the movement of goods that can be generated on the GSTN portal. The E-way bill contains the details of transported goods besides the name of the consignor ...

Goods and service Tax

Resident Welfare Association/ Housing Society under GST

RJA 19 Jan, 2018

Registration requirement If the aggregate turnover of such RWA is upto Rs.20 Lakh in a financial year, then such supplies would be exempted from GST even if charges per member are more than Rs. 7500 Exemption Limit RWA shall be required to pay GST on monthly subscription/contribution charged from its ...

Goods and service Tax

Everything You Need to Know About Continuous Supply of Goods Under GST

RJA 11 Jan, 2018

When certain goods are being supplied on a recurrent basis, it comes under a continuous supply of goods scheme which can be under a contract of three months or more. Certain types of supplies can be mentioned by the Government to be continuous. The GST invoices therefore for such services ...

Goods and service Tax

How GST registration works for service providers

RJA 10 Jan, 2018

Registration of GST has been made easier for service providers by implementing modified rules in the 23rd GST Council Meeting. Turn Over limit remains same for service providers as well Service providers to register for GST must have a turnover of Rs.20 lakhs or more per annum in all states ...

Goods and service Tax

TAX INVOICE IN GOODS AND SERVICE TAX

RJA 07 Jan, 2018

TAX INVOICE IN GOODS AND SERVICE TAX An invoice is a commercial instrument issued by a seller to a buyer. It identifies both the trading parties and lists, describes, and quantifies the items sold, shows the date of shipment and mode of transport, prices and discounts, if any, and delivery ...

Goods and service Tax

Goods and Services Tax Registration Made Easier

RJA 06 Jan, 2018

GST or General Sales Tax takes care of all intermediate taxes like service tax, sales tax, excise duty and so on into a composite whole tax so that paying taxes at each level can be avoided. GST registration is mandatory for all whose annual sales are more ...

Goods and service Tax

E-COMMERCE PLATFORMS UNDER GST

RJA 06 Jan, 2018

E-commerce (electronic commerce) is the buying and selling of goods and services, or the transmitting of funds or data, over an electronic network, internet or online social networks. MEANING OF E-COMMERCE IN GST The Chapter defines an ‘electronic commerce operator’ to mean a person who owns, operates or ...

Goods and service Tax

Applicability of GST on Hotels Industry - GST Rate, ITC & GST Return

RJA 04 Jan, 2018

Applicability of GST on Hotels Industry - GST Rate, ITC & GST Return Goods and Service Tax (GST) is a destination-based consumption tax which is a levy of tax on all goods and services with the objective of expanding the tax base through a wide coverage of economic activities, ...

Goods and service Tax

QUICK REVIEW ON GST E-WAY BILL

RJA 03 Jan, 2018

QUICK REVIEW ON GST E-WAY BILL What is the E -waybill system? The E-way bill is an electronic waybill for the movement of goods that can be generated on the GSTN portal. The E-way bill contains the details of transported goods besides the name of the consignor and ...

Goods and service Tax

REGISTRATION OF GST MADE EASIER FOR SERVICE PROVIDERS

RJA 01 Jan, 2018

GST Registration for Service Providers Registration of GST has been made easier for service providers by implementing modified rules in the 23rd GST Council Meeting. Turn Over limit remains the same for service providers as well Service providers to register for GST must have a turnover of Rs.20 lakhs ...

Goods and service Tax

THRESHOLDS AND ELIGIBILITY CRITERIA OF MONTHLY GST RETURN IS TURNOVER EXCEEDED 1.5 CR

RJA 12 Dec, 2017

THRESHOLDS AND ELIGIBILITY CRITERIA OF MONTHLY GST RETURN IS TURNOVER EXCEEDED 1.5 CR The thresholds and eligibility criteria mentioned by the India Government is to boost up and benefit small and medium enterprises (SME’S). These SME’S will contribute to the country’s GDP and will ...

Goods and service Tax

SAC CODES FOR LEGAL AND ACCOUNTING SERVICES

RJA 27 Jul, 2017

Heading no. 9982 Legal and accounting services Group 99821 Legal services 998212 Legal advisory and representation services concerning other fields of law. 998213 Legal documentation and certification services concerning patents, copyrights and other intellectual property rights. 998214 Legal documentation and certification services concerning other documents. 998215 ...

Goods and service Tax

GOODS AND SERVICES TAX IMPACT ON REAL ESTATE

RJA 07 Jul, 2017

GST IMPACT ON REAL ESTATE The new Goods and Services Tax regime charges under-construction properties at 12% with reduce logistic costs. It also provides for a simplified tax structure for buyers and input tax credits that allow builders to increase profit margins as well as transfer benefits of the same to ...

Goods and service Tax

SALIENT FEATURES OF NEW GST SYSTEM IN INDIA

RJA 22 May, 2017

SALIENT FEATURES OF NEW PROPOSED GST SYSTEM IN INDIA : In keeping with the federal structure of India, it is proposed that the GST will be levied concurrently by the central government (CGST) and the state government (SGST). It is expected that the base and other essential design features would be ...

Goods and service Tax

LATEST NEWS FROM THE GST COUNCIL â€“ FINAL GST RATES STRUCTURE IN INDIA

RJA 22 May, 2017

LATEST NEWS FROM THE GST COUNCIL – FINAL GST RATES STRUCTURE IN INDIA We already know that the GST slabs are pegged at 5%, 12%, 18% & 28%. According to the latest news from the GST council, the tax structure for common-use goods is as under. GST Rates Structure Tax Rates Products 5% Edible ...

Goods and service Tax

GST : Value of supply under GST Act

RJA 09 Apr, 2017

VALUATION OF SUPPLY UNDER G.S.T Calculation of Value of Supply under GST Supply value is an important concept in the sense of GST as it specifies the GST payable in a transaction. Pursuant to the GST Act, the value of the supply of products or services is the ...

Goods and service Tax

Overall Impacts of GOods and Service Tax

RJA 28 Dec, 2016

One of the most emerging taxes of the future that is added on consumption goods and value-added basis is the Goods and Services Tax (GST). From now one cannot distinguish between the ‘Dual GST’ that is going to be imposed on goods and services. The tax will be ...

Goods and service Tax

GOODS AND SERVICES TAX Impact on Tea industry

RJA 27 Dec, 2016

The two tea associations i.e. the Indian Tea Association (ITA) and the United Planters’ Association of Southern India (UPASI) are worried about the GST rates. They believe that if the GST rates, which will be announced soon, are higher than the present VAT rates which are between 5-6 ...

Goods and service Tax

Impact of Goods and service Tax on Pharmaceutical Sector

RJA 26 Dec, 2016

The current tax structure of our country contains many complications because of the multiplicity of taxes, tax surging, and a large number of necessary responsibilities. In order to create a more uncomplicated tax structure, various Indirect taxes have been incorporated in the GST. In the GST act, there has been ...

Goods and service Tax

Impact of GST on Textile Industry

RJA 24 Dec, 2016

Impact of GST on Textile Industry The textile industry and especially the cotton value chain are going to be affected negatively by the changing GST rates. Although the GST rates are not announced yet it is likely to bring a great change. Dr. Arvind Subramanian Committee has recommended putting down ...

Goods and service Tax

Impact of GST on telecommunication industry

RJA 23 Dec, 2016

With the model draft of GST law the industry has been transformed in a great way. This has changed the new industry due to ease of registration, smooth credit flows and a single tax approach. The business and the State government must be directly involved.This is a basic requirement ...

Goods and service Tax

Effect of GST on the Real Estate Sector

RJA 22 Dec, 2016

The indirect taxes which are received from the Real Estate Sector are to be soon combined together under the GST regime. There are several reasons as to why the Real estate Sector is to be made a part of the tax base for the GST rates. They are as follows: 1: ...

Goods and service Tax

GST Impact On Traveling Business

RJA 21 Dec, 2016

The effect of GST will certainly initially affect the hospitality sector, which is a significant part of the tourism industry. Nevertheless, it can prove to be of long-term value to the industry. Within the GST system, the incentives are required to be pursued, R&D cessation would be reduced ...

Goods and service Tax

Impact of Goods and Service Tax on the Power Sector

RJA 20 Dec, 2016

India staged a decision to implement GST (unified Good and Services Tax), which was proposed almost 30 years ago, after obtaining nod from both the upper and lower houses. The uniform tax is helpful for the tax payers across the nation. The new tax law considering including Countervailing duty, VAT, ...

Goods and service Tax

Goods and service Tax effect on manufacturing sector

RJA 19 Dec, 2016

Countries that are emerging are largely supported economically by the country's manufacturing sector. But when all other emerging economies are seeing a increase in manufacturing sector growth , India is a way behind. The topographical and the demographical position of India are promising but the country has not been ...

Goods and service Tax

GST effect on Logistics Industry

RJA 18 Dec, 2016

As soon as the parliament gave a green light to the Goods and Services Tax bill, the Indian companies had a moment of ecstasy. The implementation of the GST was intended to ensure that a uniform tax structure existed in the country by removing the multi-layer taxation system in both ...

Goods and service Tax

Goods and Service Tax Impact On Automobile Sector

RJA 17 Dec, 2016

Due to the multiplicity of taxes, elaborate compliance obligations, and cascading of taxes, there is a complex system of taxes existing in our country. A number of complex systems occur in the automotive industry. It may be the longer investment period, vendor / part maker growth, significantly outsourced processes, specific business ...

Goods and service Tax

Effects of Goods and Services Tax on the Energy Sector

RJA 16 Dec, 2016

If the economy continues to expand then the energy market is one of its key engines, but it is currently plagued by political instability and regulatory hurdles. The biggest problem of indirect taxes cutting into this sector 's income has also unfortunately persisted into the Goods and Services Tax (GST). ...

Goods and service Tax

Goods and Services Tax Impact On E-Commerce Sector

RJA 15 Dec, 2016

The most important and painful point of the e-commerce industry is the provision relating to tax collection at the source. The e-commerce in India is hindered with the host of taxes such as the VAT, CST, and service tax, TDS with one or more taxes applicable for the single transaction. ...

Goods and service Tax

GST Impact on Importers and Exporters

RJA 12 Dec, 2016

The implementation of the General Sales tax bill has been delayed by our Finance Minister. Due to this, there is a constant amount of anxiety that is prevailing among the people running the export-import business in India. With the help of this article we can get a clear picture of ...

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