August 6, 2017
20th GST Council Meeting Summary

20th GST Council Meeting : 5 Key Decisions

In its 20th meeting on 5th August, the GST Council decided to implement the e-way bill system, discussed the anti-profiteering provision and cuts rates for 19 items. Here are the 5 key decisions 1.GST rate on all textile jobworks reduced to 5% from 18% 5% rate will be applicable to […]
June 19, 2017
GST Returns Relaxed

17th GST Council meeting : 10 Key Decisions

Rollout set for July 1; deadline for filing returns for first two months relaxed GST, the biggest tax reform in history of independent India, will require companies to file three online returns each month. Some industry bodies had earlier urged for GST rollout to be delayed further from July 1 to allow […]
June 13, 2017
GST Anti profit clause

GST regime: CEA suggests 9-month sunset period for anti-profit clause

There was a fear of return of a raid raj, spirit of the provision was primarily to help in the transition to the new regime With industry flagging concerns regarding the anti-profiteering provision proposed under the Goods and Services Tax (GST) regime, Chief Economic Adviser Arvind Subramanian has moved a […]
June 12, 2017
GST rate cut

GST Council reduces rates of 66 products, eases rules for small businesses

Given the demands from several industrial segments, small traders and producers and keeping the interests of relatively low-income consumers in mind, the Goods and Services Tax (GST) Council on Sunday decided to lower the tax burdens on several items in the upcoming GST regime.   The Goods and Services Tax […]
May 19, 2017
GST Rates India 2017

A quick guide to India GST rates

With the conclusion of the first day of the 14th round of the GST Council’s meet, GST is heading closer to timely implementation across the country. At least five state finance ministers Mint spoke to confirmed the July 1 date, a significant step ahead after several missed deadlines for the […]
April 21, 2017
Records to be maintained under GST

Detailed Records should be maintained under GST

Record of goods lost, stolen, gifts to be maintained in GST A record of goods lost, stolen or destroyed as well as those given as free sample and gifts will have to be maintained under the new goods and services tax regime, which kicks in from July 1. Also, each […]
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 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 […]