Tax evasion in a vast country like India has always been a point of concern, and the same reflects in the recent GST (Goods and Services Tax) evasion case of Rs 30,000 crores. While the Goods and Services Authority has diligently worked on unearthing such tax evasion frauds, but we as a country have a …
Since the dawn of GST (Goods and Services Tax) in India, Input Tax Credit has been a concern of extensive debate. Seldom do we see a topic that generates as much discussion as ITC (Input Tax Credit). The main concerns revolve around the availment of ITC in GST is whether it is a fundamental or …
When we talk about a paradigm shift in the history of indirect tax admission, India’s e-invoice under GST mandate definitely makes the cut. It transformed the way Indian businesses and various industries operated. This positive operational revamp took a lot of work to adapt to in 2020 when mandatory e-invoicing was introduced. It surely will …
50th GST Council Meeting took place today at Vigyan Sabha in the capital city Delhi chaired by Union Finance Minister, Smt. Nirmala Sitharaman. There were some interesting highlights from the GST council meeting as it crossed the “half-century mark.” The 50th GST Council has, inter-alia, made the following recommendations relating to online gaming, enhancing input …
The 50th meeting of the Goods and Services Tax (GST) Council is scheduled to take place in July 2023, with Union Finance Minister Nirmala Sitharaman leading the proceedings. The primary focus of the meeting will be on taxation issues, according to available information. Sources indicate that the council meeting will be held on July 11th, …
Introduction The Goods and Services Tax (GST) has brought significant changes to India’s tax system since it was introduced on July 1, 2017. It replaced multiple indirect taxes imposed by the central and state governments, making taxation simpler and promoting economic integration. Looking ahead, GST 2.0 is the next phase of this transformative tax system. …
E-invoicing was introduced under the Goods and Services Tax (GST) to simplify the process, maintain regular records, avoid tax evasion, and ensure all registered taxpayers comply with the rules of the GST. E-invoicing was introduced in 5 phases until now. But recently, on 10th May 2023 GST department came up with a notification 10/2023 introducing …
Tax Structure before GST: Before GST was implemented, the tax system in India had multiple indirect taxes at various stages of the supply chain. These included taxes like Central Excise Duty on manufacturing, Service Tax on services, Value Added Tax (VAT) on intra-state sales, Central Sales Tax (CST) on inter-state sales, Entry Tax on goods …
The Indian startup ecosystem is experiencing remarkable growth, with significant funding pouring in from various sources, fostering the development of a thriving entrepreneurial landscape. This growth of startups, often targeting to be unicorns, has opened up new opportunities for aspiring entrepreneurs and businesses in India. While this growth is generally seen as positive for the …
