Blogs

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,...

Dear Finance Minister,  

Sub: Some Amendments in GST Act & Rules to Ensure GST is a Success 

1. Forms to be Notified  

• For Rules Notified: The rules notified earlier have provided formats which are in the process of revision esp GST Return Related Rules. A period of 3 months from the date of finalizing formats be provided to design/ configure the ERP/ Accounting systems.  
• For Rules Not Notified: The new rules have been notified without the formats- these formats...