Blogs

This paper has been written purely as a good and honorable citizen of India wanting us to reach the pride of place in the world tomorrow.  

The GST is said to be the biggest tax reforms in indirect taxation. The merger of 11 taxes; reduction in 200 + rates to less than a dozen; lesser compliance burden to the traders, manufacturers and some service sectors; the start of breaking down the barriers between the States- one unified market; reduction in costs – making goods competitive...

Mechanism of availing Cenvat credit in case of manufacturers or service providers having both taxable and non-taxable activities has been subject to litigation. Lot of developments have happened in Rule 6 of Cenvat credit Rules 2004 in specifying the mechanism for availing the credits. The latest was in the year 2016. The scope of exempted services was enhanced with amendment of ‘exempted services’ meaning. Assesses would have opted for proportionate credit reversals for FY 2016-17...

The manufacturing sector has been given prime importance by the present Central Government and ‘Make in India’ program is one such initiative. It is hoped that such schemes along with GST could bring India on the world map as hub for manufacturing. India is among the top ten manufacturing countries in the world and presently this sector contributes 10% of GDP. The new proposed GST law which could replace the present indirect tax laws from 1st April 2017 would have huge positive impact on...

Background:

The textiles and apparel industry in India accounts for about 10% of manufacture or production and 2% of India's Gross Domestic Product (GDP) and constitutes about 13% of country's export earnings. The industry is currently estimated at around $ 108 billion and is expected to reach $ 223 billion by 2021. Textile industry has been enjoying various tax exemptions, benefits and concessions under indirect taxes. Introduction of GST could have a considerable impact on textile...

In the first article we discussed briefly on term ‘business’ and its scope in current tax regime vs proposed GST. 

The Goods and Service Tax is a levy on supply. All intra-states supplies attract Central and State GST whereas all the inter states supplies attract IGST. Hence, Supply is at the root of GST. This is our second article in the series wherein we discuss on the term supply and its relevance in current tax structure. 

 The term ‘Supply’ 

In common parlance...

In the previous article, we had briefed on the term supply and its scope in GST. As discussed, the definition of supply is inclusive in nature. That means, in addition to what we normally understand as supply, it shall include those activities specified or deemed as supply in the definition of supply.  

Once an activity is considered as supply, the next question would be whether such supply is of goods or services to decide on the place and time of supply. Though in most of the cases...

GST would become a reality and the nation could witness changes in the traditional ways of doing business. Businesses right now have the option to proactively embrace this reform, understand its intricacies and take a business advantage out of this change by acting immediately.    

Since the tax system is in the transitional phase, hence, this is the right time for businesses to understand the immediate action points for smooth implementation of the GST. This article provides a broad...