India biggest reform, Goods & Services Tax scheme implementation is a little bit closer, Combine a number of central and state indirect taxes into a single levy. The finalisation of rate structures for goods and services, although subject to formal approval…
What is GST bill in India? GST stands for Goods and Service Tax. The indirect tax on production, sale and consumption of goods and services at national and state level. It is introduced to replace many indirect taxes and services…
One of the most comprehensive tax reforms of the country has ever seen, the GST bill has been on the trend of every economist and individual, who is likely to be affected by it. The GST bill is been looking…
Indian retail sector is made up of organised and unorganised retail i.e. sale through traditional family or small stores or shops. The share of organised retail in India is still less than 20 per cent and majority contribution is of…
The GST is a taxation scheme where there is a single tax within the economy for goods and services. This taxation system is meant to create a single taxation system in the entire country for all goods and services. What are…
What is Goods and Service Tax GST is a Target-based tax, as against the current principle of origin based taxation. The new tax scheme follows a multi-stage collection mechanism wherein tax is collected at each stage and therefore the credit…
What are the components of GST? GST is a combined scheme of making central and state taxes together. there are three types of taxes – Central GST and State GST and IGST (Integrated GST) for interstate transactions. Since every the…
Introduction A tax may be defined as a “Business burden laid upon individuals or property owners to support the Government, a payment exacted by legislative authority”. A tax “is not a voluntary payment or donation, but an enforced contribution, exacted…
The Goods and Services Tax is a valid step towards indirect tax reforms, that will combine a large number of Central and State taxes into one tax and prevent double taxation to pave the way for common national market. GST…
Goods and Services Tax applied on the acquisition of goods and services can be set off against that payable on the supply of goods or services. The producer or wholesaler or retailer will pay the applicable Goods and Services Tax rate but will claim back…