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4 search results for "goods and services tax"

Impact of Goods and Services Tax (GST) on the Indian Economy

The nation was trapped in the net of indirect taxes as well as the archaic taxation system and the economy needed a push for a simple, flat tax structure that would simplify the complicated tax policy. As the new taxation reform GST was introduced with the slogan of one tax one nation, economists hoped that it would iron out the wrinkles in the existing tax system. While on one, the rollout of new...

Procedural Concerns in Focus as GST Completed Two Years Successfully

As the Goods and Services Tax enters its third year, tax consultants and industry groups point to the extreme need to ease the complexity surrounding procedures, especially with regard to registration and return filing, in order to build on the gains of the past two years. According to Mr. Mahendra Singhi, the president of the Cement Manufacturers Association, “In the third year of the GST regime,...

A Complete Guide on Tax Payments under GST

The birth of GST in India has completely wiped out the complications of different taxes at different stages and has played a pivotal role in the removal of cases like tax-evasion, bribery and other forms of corruption. Implementing its unique slogan ‘One Nation – One Tax – One Market’ it has successfully covered a long distance in this way too. Consequently, it has had a tremendous impact on the w...

Scope of Supply in the regime of Goods and Services Tax – Test of Profit Motive

In the previous indirect tax regime, there was nothing like this new concept of Supply. The stage at which indirect taxes were levied varied under different tax heads and laws. Excise duty, Service tax, VAT were some of the taxes in the previous indirect-tax regime. However, the emergence of GST has subsumed almost 17 types of similar taxes. And consequently, some new terms, such as, ‘Scope of Sup...