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...
Read moreThe much-discussed dual control and cross-empowerment issues between centre and state government sorted out recently. Introduction of new indirect tax structure in form of GST looks more certain from 1st July 2017. It has been agreed that the states would have the power to assess and administer 90% of tax payers with less than Rs.1.5 crore annual turnover while the remaining would be controlled by the centre. For tax payers with more than Rs.1.5 crore annual turnover, the states and the...
Read moreSection 166 of revised model GST law specifies that on the date of appointment, every person registered under the earlier laws with valid PAN would get provisional registration. For this purpose, the earlier laws include the following the laws:
After issue of...
Read moreThe GST article series was started with the basic concepts, now on definition. Next would be the transitional provisions (specified and left out) and ending up with some miscellaneous parts of GST not covered in the series.
Introduction
Under present customs law, import of goods means bringing into India from place outside India. Import starts when goods cross the customs barrier in a foreign country and ends when they cross customs barrier in the importing country,...
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