April 21, 2017
GST rates for Services

GST Council may consider a two-tiered Service Tax structure

Some services could get cheaper, while some others costlier with the Goods and Services Tax (GST) Council likely to examine the option of placing services under two tax slabs—12 and 18 percent. The move will likely even out the overall price impact on consumers who now pay tax of 15 […]
April 19, 2017
E-Waybill Guide

CBEC suggests e-waybill for moving goods over ₹50,000

Moving goods worth more than Rs 50,000 under GST will require prior online registration of the consignment and securing an ‘e-way bill’ that tax officials can inspect anytime during the transit to check tax evasion. The Central Board of Excise and Customs (CBEC) has issued draft rules on Electronic Way […]
April 19, 2017
Are you GST ready

Most of India’s SMEs not yet prepared for GST

About 70% of the country’s small and mid-sized firms are yet to begin preparations to get synced with the goods and services tax (GST) structure even as the country prepares to roll out the biggest indirect tax reform from July 1. Federation of Small Medium Enterprises (FISME) said that while […]
April 11, 2017
GST Compliance Rating

Taxpayers compliance rating under GST

Taxpayers registered under the goods and services tax (GST) regime will be assigned a rating, based on how promptly they upload invoices, pay taxes and file returns.   Taxpayers registered under the new goods and services tax (GST) regime that is set to be implemented from 1 July will be […]
April 4, 2017
GST Bill Changes in Loksabha

10 Changes to GST Bill in Lok Sabha

Loksabha has made the following changes to the GST bill, most of which are welcome and beneficial to MSME’s 1.    Non-Applicability of GST Law in the State of Jammu and Kashmir: Earlier the GST Law was proposed to be applicable to J&K as well.However, in the Bill, the applicability of GST […]
March 23, 2017
GST Classifications

GST prone to classification disputes

A rose by any other name, smells just as sweet. Unfortunately, this doesn’t apply in the sphere of indirect taxation, where the applicable excise tax rate depends on its classification. Litigation abounds on which category or class a product falls in. According to tax experts, given the multi-tier GST structure, cess […]