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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 [...]

gst set for rollout

On 19 May, the tax rates for the ensuing Goods and Services Tax (GST) tax regime were decided by the GST Council. The new rates are supposed to come into effect from 1 July 2017. A meeting was held in this regard at Srinagar. It has been stated that education and healthcare would be exempted from GST. Hasmukh Adhia, the Union Revenue Secretary of India, has also revealed that expenses such as metro travel, local [...]

states start passing gst bill

The Goods and Services Tax (GST) Bill was passed in the Lok Sabha a few days back. It is expected that GST – the biggest tax reform ever in India – is expected to come into effect very soon. Experts are saying that this tax reform would bring down the cost of business transaction by creating a single market around the country and that too in a seamless manner. It is also expected that GST [...]

Under GST Bill Ratings To Taxpayers Will be Assigned

As per the new goods and services tax (GST) regime, taxpayers who have registered to be part of the same will now be rated on the basis of how compliant they are with said taxation structure. The regime is set to come into action from July 1. The ratings are expected to be assigned on the basis of factors such as how quickly they are uploading the invoices, filing returns, and paying taxes. The ratings [...]

GST Council Fixes 4 Slab Tax Structure

After months of deliberation and overcoming a number of hurdles, the Goods and Services Tax (GST) has finally reached a stage where rate slabs applicable for different items have been settled. The implementation of a unified GST that subsumes the numerous taxes applicable currently, such as the VAT (Value Added Tax), entertainment tax, service tax, and central excise duty has been an uphill task for the central government. Getting the states to agree on a [...]