The union government which is under tremendous pressure from the recent failures of “demonetisation” and GST, has slashed the prescribed rates on certain consumer items and services. The move which comes in the wake of Gujarat elections is supposed to rejuvenate the failing industries and encourage consumer confidence. The 23rd GST Council meeting, held in…
Amidst the entire economic crisis across the globe, India is demonstrating hope with determined growth targets, supported by a slew of important projects like “Make in India”, “Digital India”, etc. The biggest tax reform since Independence, the Goods and Service Tax (GST), is all set to transform the Indian tax system.
The Goods and Services Tax (GST) is expected to act as the much-needed catalyst for economic growth in India and is expected to alter the indirect taxes levied on goods and services within the economy and also eliminate the cascading effect of the tax system. GST has created high anticipation not only in India but also among all the neighboring and developed economies of the world. India will be playing a vital role in the global economy in the coming years because of GST implementation. Among all the rumours about the negative impact of this bill on the SME sector, would the pros outweigh all the cons?
As the country inches closer to the final rollout of GST, economists, financial experts and entire industries are preparing themselves for the potential impact GST would have on the various sectors. GST, touted as one of the most revolutionary bills to ever be implemented, is expected to benefit the common man and make a positive impact on most industries barring a few. Let’s take a quick look at the tax rates and tax slabs recently announced by the GST Council.
With GST right around the corner, it’s probably time you get your small business registered under it. The government of India recently extended the last date of GST registration for businesses to 30th April 2017. Here is a step-by-step guide on how to go about this enrollment process.
On 19 December 2014, the Goods and Service Tax (GST) Bill was introduced in the Parliament for the first time. GST promised a unified market and an unparalleled economic growth that India had never witnessed before. But amidst all that, the idea of GST in the years since it was first introduced, underwent multiple changes at the hands of bureaucratic committees. It is common for reforms of this magnitude to be debated over and continuously evolve, but will the decision to introduce six different tax rates instead of a single tax rate dilute the effect of GST?
Post GST into effect, SMBs in India will not use multiple points and application software for accounting, but rather upload invoices on the GST Network (GSTN). GST will completely restructure the way India does business. As the name suggests, GSTN is a network for Indian Businesses to upload their invoices for Tax processing and availing tax benefit.