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Blog

  • 13 Jan 2017 Key Points In Creation Of HUF, Tax saving in HUF AND Format of Affidavit for HUF creation and for apply PAN of HUF - KEY POINTS IN CREATION OF HUF AND FORMAT OF DEED/AFFIDAVIT FOR CREATION OF HUF: ...
  • 11 Jan 2017 JOB WORK PROVISIONS UNDER GST- AT A GLANCE - GST will be new world of opportunity for all the chartered accountants as well a...
  • 24 Jun 2016 BREXIT: How Will It Affect India? - BREXIT: How Will It Affect India? The United Kingdom has held the referendum for...
  • 05 Jun 2016 BASICS OF HARYANA VAT - In era of competition every client is looking for complete solution under one ro...
  • 16 Mar 2016 Records/Registers maintained by a Registered Central Excise Manufacturer / Dealer - Records/Registers maintained by a Registered Central Excise Manufacturer/Dealer:...
  • 01 Feb 2016 Collaborations & Joint Development Agreement and Capital Gains Tax - Collaborations & Joint Development Agreement and Capital Gains Tax: A joint ...
  • 26 Jan 2016 Magic of Zero tax on Rs. 10 Lakhs salary Income - Magic of Zero tax on Rs. 10 Lakhs Income Item No. Nature Amount 1 Basic Tax Exem...
  • 17 Dec 2015 Rules regarding quoting of PAN for specified transactions amended effective from 1st January, 2016 - Rules regarding quoting of PAN for specified transactions amended The Government...
  • 13 Nov 2015 Clarifications on Swachh Bharat Cess - The Ministry of Finance, Government of India issued the much awaited clarificati...
  • 02 Nov 2015 Due date of HVAT return for the quarter ended 30th Sept’15 is extended - Due date of HVAT return for the quarter ended 30th Sept’15 is extended fro...
  • GST

    GST is intended to remove inefficiencies in the supply chain due to breakage of credit chain and cascading effect of taxes. It will subsume a plethora of indirect taxes presently levied at the central and state level in India. GST envisages a common national market for goods and services and removal of trade barriers. GST will have impact on supply chain, value additions and pricing of final outputs. Thus, businesses will have to examine transaction restructuring, supply chain optimization, business processes, training enterprise personnel, book keeping and making changes in the IT infrastructure so that they are GST ready.

    Goods and Services Tax would be levied and collected at each stage of sale or purchase of goods or services based on the input tax credit method. This method allows GST-registered businesses to claim tax credit to the value of GST they paid on purchase of goods or services as part of their normal commercial activity. Taxable goods and services are not distinguished from one another and are taxed at a single rate in a supply chain till the goods or services reach the consumer. Administrative responsibility would generally rest with a single authority to levy tax on goods and services. Exports would be zero-rated and imports would be levied the same taxes as domestic goods and services adhering to the destination principle.