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Read All About GST News & Updates

A place where you get to read the latest GST news, GST rate changes & more. Become a well-informed smart Vyapari :) Take your business to the next level with the help of the right information.

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GST on Restaurants: Uniform 5% tax rate on food bills in both AC and non-AC eat outs.

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GST council on Friday has decided to fix the GST on Restaurants reducing tax brackets and hence the burden.

Here’s why eating out could become cheaper:

5% GST on…

  1. All independent restaurant Ac or non-AC.(which previously was 12% and 18% respectively)
  2. Takeaway food.
  3. Restaurants in hotels with room charge less than Rs 7500.

[No input tax credit for these Restaurants]

18% GST on…

Read More »GST on Restaurants: Uniform 5% tax rate on food bills in both AC and non-AC eat outs.

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Latest Updates on GST Rate Changes

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Summary of 23rd GST Council

The GST Council has reviewed the tax rates, returns filing cycle, Late filing fees and much more on 10th Nov 2017, bringing in some relaxation to businessmen, traders, and consumers.

All things considered, tax rates on 177 items are brought down to 18% from 28% to provide relief to consumers and businesses.

  • Many of the items and services which were earlier taxed at 28% now attracts the tax of 18% only. The list includes wire and cables, Furniture, mattress trunk, suitcase, detergents, shampoos, hair cream, hair dyes, makeup, fans, lamp, rubber tubes and microscope. Chewing gum, chocolates, coffee, custard powder, marble and granite, dental hygiene products, polishes and creams, sanitary ware, leather clothing, artificial fur, wigs, cookers, stoves, after-shave, deodorant, detergent and washing powder, razors and blades, cutlery, storage water heater, batteries, goggles, wrist watches.

Read More »Latest Updates on GST Rate Changes

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Reverse Charge under GST – Buying and Selling between Registered and Unregistered Dealers.

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Reverse Charge is a system where the receiver of the goods and/or services is liable to pay GST instead of the supplier. Sounds simple? But it isn’t! Here’s a break down of its cause and effects.

Reverse Charge provision states as:

The central tax in respect of the supply of taxable goods or services or both by a supplier, who is not registered, to a registered person shall be paid by such person on reverse charge basis as the recipient and all the provisions of this Act shall apply to such recipient as if he is the person liable for paying the tax in relation to the supply of such goods or services or both.

Read More »Reverse Charge under GST – Buying and Selling between Registered and Unregistered Dealers.

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Watch out! GST for SME’s can help as well as hurt

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GST for SME’s had been introduced to make indirect tax administration much more hassle-free. But, instead, it seems to have caused much chaos in the country. In fact, there have been many GST misconceptions running in traders minds, causing confusion & fear among them.

Well if you’re a trader or planning to become one, Consider reading these to feel like being on top of the world:Read More »Watch out! GST for SME’s can help as well as hurt

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What every business owner should know about the GST India

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GST India – Goods and Service Tax

What is GST India??

  1. GST is a combined tax replacing all the indirect tax levied by State and Central government of India.
  2. Basically, GST = Central Sales Tax + State Sales Tax + Excise duty + Service Tax + CST + Surcharge + CESS + Luxury Tax + Entry Tax + Purchase duty + Vat + Entertainment Tax and many more…

Read More »What every business owner should know about the GST India

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Vyapar is now GST ready.

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It is often seen when a disruption in the market is initiated, a large segment of the businesses are inconvenienced. GST is touted to be the biggest disruption in the Indian Economy. It has affected businesses of all sizes in some or the other way. Are you suffering due to its complexity? Intimidated by the reports of fines imposed for non-compliance to GST? Worried that you do not have the requisite tools and systems to update your account books?Read More »Vyapar is now GST ready.

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Post GST implementation effects for Small Businesses in India

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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.Read More »Post GST implementation effects for Small Businesses in India

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GST Invoice Facts

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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 important facts about GST provisions relating to invoice are highlighted for information of all stakeholders.” Touted as the biggest reform since Independence, the incoming indirect tax regime is aimed at creation of a common market, preventing ‘tax-on-tax’ and making goods and services cheaper.Read More »GST Invoice Facts

Disadvantages of GST for SME’s

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With all the GST information circulating around, we at Vyapar  were wondering how this would affect the daily running of the SME ( small & medium entrepreneur ) Sector. Especially since this sector already follows established norms and ways of running their businesses. Is the GST going to solve all their taxation issues ? Is the ‘ One nation, One… Read More »Disadvantages of GST for SME’s