Introduction:
GST tax system will replace most of the indirect taxes in India from July 1st 2017. This will have a lot of benefits like easy to understand tax regimes, less paperwork, less cascade effect etc. But GST will be the largest change in the tax regimes in history of India, this is why it will comes with some severe challenges as well. The challenges due to GST on business operations are:-
Various challenges due to GST:
Various changes needed in business processes -The GST is not merely a tax change but a business reform that will affect the entire spectrum of business acti...
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GST
9 steps towards hassle-free GST implementation
Here are the top 9 steps for GST implementation that every business should follow:-
Step-1 Registration :-
Every business carrying out a taxable supply of goods or services under GST regime and whose turnover exceeds the threshold limit which can be known in GST guidelines, if you are applicable you will be required to register as a normal taxable person. This process is of registration is referred as GST registration.
Now that we know who needs to register, the question arises that are there any benefits for registration? GST registration is critical because it will enable you...
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Getting Ready for GST: Read these points
What is GST?
Basically “GST is one indirect tax for the whole nation, which will make India one unified common market.” GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer. Credits of input taxes paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage. The final consumer will thus bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages.
At the Central level, the following taxes are being...
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