Know The GST Rates For Supply Of Goods & Services

-The mentioned GST rates were approved on the 14th GST Council Meeting. GST shall come into effect from 1st July 2017 without any further delay. The Goods and Services Tax (GST) Council has finally zeroed down on GST rates for the majority of goods and services. Broadly the rates are…

This Is How GST Will Affect Your Pockets!

The new GST law happens to be one of India’s biggest tax reforms, an initiative that is expected to improve the compliance levels, thus increasing the government revenue and creating a common base for the businesses by amalgamating the central and local taxes into a single levy. The GST law…

Everything About GST Returns And Its Procedure!

Registered taxpayers must file returns for Goods and Services Tax (GST) every month, a ‘return’ is stated as the paperwork that a taxpayer is required to file in accordance with the tax authorities. It is a record of all the taxes collected from the customers. Every individual registered under the…

Everything You Need To Know About Input Tax Credit

The most important aspect of the Goods and Services Tax (GST) is the inclusion of a new input credit system. When you purchase goods or services from a registered dealer you pay taxes on the purchase and while making sales, the tax is collected and the same is adjusted periodically…

The Difference Between CGST, SGST & IGST!

The Centre and the States both have been designated the powers to levy and collect taxes and as per the Constitution, they have different responsibilities to perform. The dual system of GST will, therefore, be keeping with the Constitutional requirement of fiscal federalism. The Centre and States will simultaneously levy…

Taxes Subsumed Under The GST Regime

The main objective of GST is the eradication of multiplicity of taxes thereby reducing the complexity and removing the cascading effect of taxes. Present taxes levied on the sale of goods or services by either Central or State Government will be subsumed under the GST Regime. The subsumption of all…