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Long pending GST law has been implemented in India from 1st July 2017. Though it was introduced in hurry with lot of confusions and lack of clarity in many areas, we have to get used to it and move on. GST may not be actually ‘Good and Simple Tax’ as described by honorable prime minister Narendra Modi ji. However, this new law has lot of advantages for a businessman especially the manufacturer or trader located in multiple States. One such advantage is seamless credit of tax paid on...

The benefits to professionals in learning and providing service in GST as soon as possible could among many more be as under:  

1. Retain existing clients by providing the initial services to transit and comply with GST.  
2. Get many new clients shifting from those consultants who are not updated with GST.  
3. Increased/ wider basket of services- expand the firm capability.  
4. Increased fees due to increased work & time requirement especially in regular compliance and...

Introduction:  

GST is expected to be implemented from July 2017 as of now. Postponement if any would only be announced in last week of June. GST was supposed to reduce the disputes. In Central Excise classification disputes which were numerous in 1990s disappeared when majority of products in one category were taxed equally and rates were reduced. Now with some categories having nil, 5, 12,18 & 28 it is expected that the parallel economy would find many reasons to continue and not...

Countries which are developing are economically sustained in a major way by the manufacturing sector of the particular country. India presently is a way behind in this sector but catching up. The topographical and the demographical position of India are promising but the country has not been able to take advantage of this benefits. The manufacturing sector in India has been beleaguered by the multifaceted tax structure, insufficient infrastructure and administration though it has the...

Background:  

The implementation of GST would be a milestone for the Indian economy that is expected to cause overall growth in the long run, subject to few temporary adverse impact on portion of the industry say those who are currently enjoying the tax exemption benefits or service industries whose cost is expected to raise due to increase in rate of tax etc.   

The industry has already initiated the cost benefit analysis that may result from GST implementation. At the same time,...