Prime Minister Narendra Modi billed GST as a ‘good and simple tax’ that will end harassment of small businesses. However, the reality remains quite different. Hailed by experts and economists that GST will be beneficial in the long run, small businessmen are still unclear about the nuts and bolts of the new tax regime.
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In its bid to allay concerns of traders on invoice generation post-GST, the CBEC, under the Department of Revenue, said: “There are some apprehensions in the trade circles that GST invoice have to be issued as per prescribed format and that issuing GST invoice is going to be burdensome process. This is not correct. Some…
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Traders and retailers can file declarations within 90 days claiming tax credit for transition stock after the GST rolls out from July 1. The draft transition rules for the Goods and Services Tax (GST) regime had pegged the time at 60 days.
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There can be no gain without pain and that may be especially true when it comes to GST. As about 160 countries overhauled their indirect tax systems, they confronted numerous challenges. Latecomer India is unlikely to escape some havoc.
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Invoicing under GST is going to go through some changes. It forms a crucial function when it comes to the execution of a transaction. On every sale/purchase an invoice is issued by the supplier i.e person making the sale. The invoice contains S.No, details of product such as product name, description, quantity, etc along…
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GST tax rates, 2017 and why they matter The much awaited GST tax rates (Goods and Services Tax) are about to be fixed. The GST council will decide the rates on all the goods (from salt to luxury cars) and services(phone calls to dining out) has begun its meetings and the first set of GST tax…
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What is the GST bill ? The Indian parliament decided to Introduce the Goods & services Tax (GST Bill). It was introduced as The Constitution (One Hundred and First Amendment) Act 2016, following the passage of Constitution 122nd Amendment Bill.
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