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The Government of India along with the States have moved very fast in last couple of months to roll out GST law from 01.04.2017. Latest being forming of GST council,  rules, FAQs etcetera could certainly make the GST introduction reality. The business community along with professionals have to analyse the GST impact on pricing policies, various business functions such as sales, procurement, cash flow, its internal control system and IT systems. In this article, we analyse the impact on...

The Customs Act has been put in place to ensure that the import and export of goods into and from India is regulated. Certain products cannot be imported or exported, while certain others require a license to import. The vast majority are however freely importable.

It is also a tool to protect the local industry from dumping [normally done by China and many East European Countries]. The various preferential trade agreements with countries that India wishes to have deeper ties are also...

COVID19 has applied sudden break to halt all industries except few. Pharma is one of the exceptional industries wherein some activities are happening being essential in the current crisis. Though pharma industries are allowed to function during the lockdown, many challenges like, transportation of employees, movement of active pharmaceutical ingredients (API), movement of finished goods and sourcing of required bulk drugs have slowed down the production and supply. Substantial amount of APIs...

Many Companies in India have branches outside India. It is a common practice for such Companies to provide services to its branches outside India. However, such companies should be aware of the GST impact on the services provided to the overseas branches.

In this article the author has analyzed the impact of GST on such transactions with overseas branches.

Supply of services to overseas branches for the period 01.07.2017 to 25.07.2018:

Whether supply of services to overseas branches...

Introduction:

Logistics industry has a critical role to play in the manufacturing industry and trading activities. It is considered as backbone of the economy. In simple words logistics can be considered as movement of goods from point of origin to point of consumption. After raw materials cost, transportation cost is major one to play critical role in fixing the price. Logistics activities involves loading, unloading, packing, storage, warehousing and transportation. The new tax reform...

The recent article in the economic times reporting that the remuneration paid by the Company to its director would attract GST under reverse charge mechanism under RCM has created lot of confusion and unrest among the corporates, this article aims at giving an insight on this subject.

The levy of GST is governed by Section 9 of the Central Goods and Service Tax Act, 2017 (for brevity hereinafter referred to as ‘CGST Act’) and the respective Sate and Union Territory GST Acts on...

Hotel industry is one of the major impacted industries due to Corona virus (Covid 19) Pandemic. It is high time for the industry to reduce their costs and ensure that they are not hit with GST non-compliance notices. Since, the substantial business of the industry would be B2C (business to customer), any future demands by GST authorities would become cost.

Considering the vast experience in the hotel industry, the author wishes to explain the GST related burning issues faced by the hotel...

The concept of Input Service Distributor (hereinafter in this article referred as “ISD”) is not new in Goods and Service Tax law. It carries the legacy from the Service Tax law.

The Concept

The need for ISD arose for providing a chance to the businesses who have multiple units in different locations to receive common invoice for the services attributable to different units at centralised location, in doing so the input credit is accumulated at the centralised unit. The ISD...

It is now more than 1000 days of GST in India. The accepted fact by many was that the new law would have lot of challenges and uncertainty in the first two years, which would require numerous changes and amendments. Many issues have been resolved, some aspects have been deferred and some have been left in the balance. One issue which has been left in the balance, is the issue of taxability of Extra Neutral Alcohol (‘ENA’) under GST.

There is no dispute on the levy of GST on...