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Impact of GST on Tourism industry

Impact of GST on Tourism industry

Tourism represents world’s third largest export avenue in terms of global earnings after fuel and chemicals. Modern tourism is closely linked to socio- economic development. Tourism is responsible for one out of 11 jobs and 10% of the world’s economic output. Apart from providing employment, income and foreign exchange for the country, the trade in the tourism sector has an economically positive…

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Impact of GST on Indian Economy

Impact of GST on Indian Economy

Impact of GST on Indian Economy, Impact of GST in India. Amidst economic crisis across the globe, India has posed as a beacon of hope with ambitious growth targets, supported by slew of strategic missions like ‘Make in India’, ‘Digital India’, etc. Goods and Services Tax (GST) is expected to provide the much needed stimulant for economic growth in India by transforming the existing basis of…

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Exemption under GST

The GST Council in its meeting on 19th May 2017 broadly approved the list of services exempted from levy of Goods and Services Tax (GST). In principle, existing (under service tax law) list of exempt services (by mega exemption notification or specific exemption) coupled with negative list of services as per Section 66D of Finance Act, 1994 forms ingredient to exemption list of services under…

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Impact of GST on Wholesalers and Retailers

Impact of GST on Wholesalers and Retailers

Under the current law, wholesalers and retailers escape the tax liability as there is no mechanism to trace it, but this will change under GST. Industry Getting Ready For GST Implementation Goods and Services Tax bill has reached its final stage of implementation and has already been passed by the Lok Sabha. The government has received industry specific requests to address some of the issues as…

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impact of Gst on banking industry

impact of Gst on banking industry

The introduction of GST in India is a substantial shift from the current tax regime. It is expected that service sectors will have major impact of GST than the manufacturing or trading sector. Among the services provided by Banks and NBFCs, financial services such as fund based, fee-based and insurance services will see major shifts from the current scenario. Owing to the nature and volume of…

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GREAT RELIEF TO SMALL TRADERS AND RESTAURANTS IN GST

GREAT RELIEF TO SMALL TRADERS AND RESTAURANTS IN GST

Under the Goods and Services Tax (GST), traders, manufacturers and restaurants or Dhabas, who are doing business up to Rs 75 lakh per annum, can avoid flat GSTs by making flat GST of 1 to 5 percent and offering long-range returns and books. In the 16th meeting of the GST Council , the scope of composition scheme has been increased from 50 lakh to 75 lakh rupees for such businessmen. At present,…

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How GST will help Startups

How GST will help Startups

We have been surrounded with a buzz on GST and its impact on various industries. Most of the discussions are happening around how GST will turn around the way India does business, how various industries are going to benefit from the shift in tax regime and how this will optimize the GDP of India. Analysts are of the opinion that if GST is implemented correctly, India will gain a higher position…

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Impact of GST on Textile Industry

Impact of GST on Textile Industry

It is expected that the tax rate under GST would be higher than the current tax rate for the textile industry. Natural fibers (cotton, wool) which are currently exempt from tax, would be taxed under GST. Despite this, the textile industry as a whole would benefit from the introduction of GST due to following changes-: Break in input credit chain A significant portion of the textile industry in…

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Offences and Penalties under GST

Offences and Penalties under GST

Goods and service tax GST will bring in “One nation one tax “to unite indirect taxes under one umbrella and facilitate Indian businesses to be globally competitive. The Indian GST is structured for efficient tax collection, reduction in corruption, easy inter-state movement of goods etc. To prevent tax evasion and corruption, the GST Law lists the offences and penalties. There are  21 offences…

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Any person (individual or entity) that fulfils any of the following conditions needs to get GST Registration compulsorily:    Having an annual aggregate turnover from operations in a state which is above the threshold limit of Rs. 20 Lakhs (Rs. 10 Lakhs for North Eastern States). Currently registered under any of the existing indirect tax regimes (VAT, Excise Laws, Service Tax Laws) irrespective…

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GST 2017: 10 Benefits of GST in India

GST 2017: 10 Benefits of GST in India

Benefits of Goods Service Tax (GST) Elimination of Multiple Taxes The biggest benefit of GST is an elimination of multiple indirect taxes. All taxes that currently exist will not be in picture. This means current taxes like excise, octroi, sales tax, CENVAT, Service tax, turnover tax etc will not be applicable and all that will fall under common tax called as GST. Saving more Money For a common…

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GST benefit to the small entrepreneurs and small traders

GST benefit to the small entrepreneurs and small traders

What is GST – Salient Features GST is destination-based consumption tax levied at multiple stages of production and distribution of goods and services. It combines various other taxes such as state and local tax, entertainment tax, excise duty, surcharges, octroi and others. The tax is applicable on transaction value which includes packaging, commission and other expenses incurred during sales.…

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Impact of GST IN INDIA

Impact of GST IN INDIA

The Lok Sabha has finally Passed the Goods and Services Tax Bill and it is expected to have a significant impact on every industry and every consumer. Apart from filling the loopholes of the current system, it is also aimed at boosting the Indian economy. This will be done by simplifying and unifying the indirect taxes for all states throughout India. Let us have a look a few things that will be…

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Types of GST Returns and their Due Dates

Types of GST Returns and their Due Dates

A return is a document that a taxpayer is required to file as per the law with the tax administrative authorities. Under the GST law, a normal taxpayer will be required to furnish three returns monthly and one annual return. Similarly, there are separate returns for a taxpayer registered under the composition scheme, taxpayer registered as an Input Service Distributor, a person liable to deduct…

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GST Rates In India 2017

GST Rates In India 2017

The Rates of GST is different for Goods and Services. All GST Rates in India can be categorized into Five. One of the most famous category is the Zero Rate GST (Also called as GST Exemption Goods) which includes farm produce etc. 18%. GST Rates List Item Wise India 2017 0% GST Rate – Milk, Meat, Sindoor etc. 18% GST Rate – Paneer, Stent, Vegetables etc. 12% GST Rate – Agarbatti, Bhutia, Animal…

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GST rollout may only be possible by June-July, 2017

GST rollout may only be possible by June-July, 2017

  2016 has been the GST year. Inspite of the heavy efforts from the Govt, rollout of the GST regime may not be possible by April, 2017 . Experts are predicting a roll-out only by June-July. “Rollout will definitely not be in April. If GST can be passed in the Budget session of Parliament, then June or July could be possible,” Kerala Finance Minsiter Thomas Isaac told reporters here at the end of…

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What does Indian Union Budget 2017 mean for foreign investors?

What does Indian Union Budget 2017 mean for foreign investors?

India’s Union Budget, 2017 was presented today by the Finance Minister. What we saw was a balanced approach with a focus towards strengthening the core of the country. A lesser amount of promises and some real strong amendments were proposed. The global economy is ablaze recently. Courtesy – Trump’s policy making in US, Brexit in UK and India’s own controversial tax treaties with Singapore &…