Blogs

Background:  

The manufacturing industries ( larger and medium) nowadays stick to their core competencies and get most jobs done on job work basis from others. The alternative nomenclatures used are: sub contracting, loan licensing, processing or labour charges. At times the principal send tools needed as well as the part/ entire raw material required for the process free of cost. The material procured by principal may be sent directly to the job worker from the supplier. In...

Introduction:  

The Joint Committee has submitted its report on various business processes in April 2015 and it was made public in October 2015. The report on GST payment process deals with aspects like how the payment would be processed and accounted internally, in a comprehensive manner. It also provides some limited information on types of payment of GST with procedures. The objective appears to be to ensure transparency, responsiveness of the IT infrastructure and...

Goods and Service Tax (GST) upcoming in India is likely to result in widening the tax base substantially by covering large number of potential taxpayers who are hitherto not covered in the tax net either due to their activity not being in the nature of taxable or due to some exemption being claimed. It is talked that the present assessee base on Central side itself is expected to rise to approximately 60 lacs assessees from existing base of apprx. 15 lacs. One of major contributor in...