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Government Schemes in 2017

Each year we look forward to the launch of government schemes that will bring benefits to the common man. Since the ascent of the NDA government, the launch of large-scale schemes such as the Pradhan Mantri Jan Dhan Yojna has brought much cheer each year. 2017 was relatively low key when compared to previous years and yet there were a number of schemes launched for the benefit of the people. Unlike the PMJDY, however, these [...]

November 7, 2017

After about 17 years in the planning stage and after months of deliberation and negotiation with state governments the NDA led central government finally implemented the Goods and Services Tax (GST) on 1 July, 2017. Many hailed it as the greatest tax reform of independent India. The GST is a consolidated tax that replaces the various taxes previously charged on various goods and services. The VAT (Value Added Tax), service tax, entertainment tax, central excise [...]


On July 1, the Goods and Services Tax was introduced by the government of India. Referred to by its short form GST, the tax has replaced the various taxes that are levied by the state as well as the central government. With GST, the process has been simplified as the consumers just have to pay one tax instead of many. In October, the Goods and Services Tax Council extended the deadline for filling the GSTR-2 [...]

New GST Rule

In order to replace innumerable Central and state taxes, the government of India introduced the Goods and Services Tax (GST) on 1 July 2017. The intricacy of GST following tedious compliance burden could not satisfy small businesses as well as exporters, and complaints, began pouring in. It has been three months since GST was rolled out and pertaining to its effects, the Goods and Services Council (GST Council), offered several reforms pertaining to GST. While [...]

Revised GST Rates

Goods and Services Tax (GST) Council has, following its 21st meeting, effected some changes to the present GST (goods and services tax) structure in India. The meeting was held on 9th September 2017 at Hyderabad. Incidentally this happened to be the second review meeting following the rollout of GST. It has upped the cess applicable for items such as motor vehicles. The cess on mid-sized cars has been increased by 2%, and for large cars [...]

roadblocks to gst

It has been more than two weeks since the goods and services tax (GST) has been rolled out and yet people from all sectors of the economy are facing teething problems day in and day out. Right now, confusion over customs norms has meant that exports that are worth millions of dollars are lying in the factories. The government has attempted to come forward and tried to resolve the issues. It has already issued some [...]

How to Register for GST?

The steps to get registered for GST (goods and services tax) are quite simple. First of all you need to log on to the online portal of GST – gstn.org – and create a log in ID over there. After that you need to fill the form GST-REG-01 or Part 1 of the registration form. Here you would need to fill out details such as PAN (permanent account number), e-mail address, and mobile number. Your [...]

E-way bill system in GST

With the rolling of Goods and Service Tax (GST) on 1 July 2017, the Government of India is now planning to launch the e-way bill system in GST. This will be implemented by October 2017, when the tax officials will be ready with all the registration and verification process through hand-held devices. There is a delay in the launch of the e-way bill system as the rules and forms are not yet ready. In the [...]

GST Impact on Pharmaceuticals

The Goods and Services Tax (GST) is all set to roll out from 1 July, 2017. While the GST at 12% is a single taxation system which will reduce the number of indirect taxes, the pharmaceutical industry had feared a substantial rise of at least 80 per cent in drug prices. However, the National Pharmaceutical Pricing Authority (NPPA) has stepped in, and allayed all fears by making certain that medicines remain affordable even after the [...]

gst impact on automobile industry

  The much-awaited Goods and Service Tax (GST) will get rolling from July 1, 2017.  GST will impact various sectors and industries of the country, some in a positive way and some others in a negative way. One sector which has the possibility of a having a very positive impact is the automobile sector primarily because of the efficiency and the removal of cascading associated with GST. Let us discuss in details how GST will impact [...]