Blogs

Advantages and Dis-advantages of GST

Implementation of Goods and Services Tax (GST) was one of the long awaited fiscal reform and due to various reasons it was only hanging around and could not circumvent the obstacles for substantially long period of time so much so that people started saying that the reform may not see a light of the day. However, all that is history now and we are lucky to witness the eventual implementation of this tax reform and today we stand at a timeline of 200...

Change in rate of tax for manufacturers under the composition scheme.  

The rate of tax applicable to the traders and manufacturers under the composition scheme was different whereby, the traders were paying @ of 1% and the manufacturers were paying @ of 2%, of the turnover in the State. Thereby, a composition taxable person was required to pay GST on the value of exempt supplies as well.    

However, in the 23rd GST Council meet held during Nov ’17, it was decided that a...