Goods And Services Tax, whether you like it or not, is a structured approach in detailing the transactions that happen in India and further, reporting them on a line item basis. There are supposedly 8.4 million assessees registered with GST, 6.2 million are already registered in the GST portal. These assessees are expected to file…
There comes a time when humans err in making an entry or a transaction. These cases often lead to anomalies and a further reconciliation is required between the interacting parties to make correct, such anomalies. This can happen due to a machine malfunction as well. Such an erroneous situation leads to the creation of what…
GST has rolled out and paved the way for a uniform and systematic reporting system that is seldom found anywhere else. This transaction-wise, destination-based reporting system provides for a much effective credit flow, removes chances of corruption and illegal transactions. To achieve this, the government has come up with an effective form-based reporting system that…
GST is almost here and you must be wondering about lot of things, like – how this is going to impact my business, which vouchers will change, what are the minimum things I need to do in order to comply with GST and so on. We know this is going to be confusing and…
Goods and Service tax, popularly known, as GST is the new tax regime that has replaced many of the current indirect taxes and has remove the complexities of it. In India, earlier we had the tax system which was origin-based, and now under GST it is destination-based tax system. It will replace a total of…
The World has been thriving ever since International Trade and Commerce came into picture. There are thousands of products being transacted around the World, some specific to a country and some relating to most of the countries. It has thus become imperative to have a common understanding of the goods being traded and countries speaking…
GST is all about a smooth flow of funds and compliances till the end. To facilitate such a smooth flow, it is imperative for the Government to provide for a hassle-free refund process. The current tax structure is cumbersome, and it takes months and sometimes years to get refunds from the Governments kitty. GST provides…
Being a destination-based, transaction-wise tax, Goods and Services Tax or GST, ropes in strict compliance procedures for all taxpayers. Since every transaction is recorded and tracked between the source and destination, the taxpayers must maintain and declare information with utmost accuracy. To have a crystal clear movement of goods intra-state or locally, reduce corruption, and…
GST is all set to float its wings across India, and it is a high time that we start adapting to its rules and provisions. Under GST, special attention is given to the reporting structure of all transactions, irrespective of the fact that it is of goods or for services. There are three types of…
Goods and Service Tax is a game changer because, with its implementation, there is a tremendous outflow of benefits. Earlier in India, there were numerous taxes such as Service Tax, VAT, Excise and many others that were ultimately borne by consumers leading to double taxation or having cascading effect. Post GST, around 17 taxes are subsumed…