Goods and Services Tax (GST), referred to in some countries as Value Added Tax (VAT), is a consumption tax imposed on the sale of goods and services at each stage of production and distribution. This tax, ultimately borne by the final consumer, distinguishes itself from other tax structures. It is crucial not to conflate GST … Continue reading Which Countries in the World have GST?
Category: GST Opinion
GST turns 7 today—Lets reflect
The Goods and Services Tax (GST), now a seven-year-old tax regime in India, has reached a notable level of stability, as evidenced by the consistent rise in collections over its journey. From an average monthly collection of Rs. 90,000 crore during its initial year in 2017-18, GST collections have surged to Rs. 1.68 trillion in … Continue reading GST turns 7 today—Lets reflect
GST turned Seven—A Turning Point in Indian Economic Reforms
Seven years after its historic implementation, the Goods and Services Tax (GST) stands as a cornerstone of India’s economic framework, heralding transformative change and solidifying its role as a pivotal fiscal reform. Let’s delve into the remarkable trajectory of GST and its far-reaching impact. As of June 1, 2024, the GST ecosystem comprises 1.46 crore … Continue reading GST turned Seven—A Turning Point in Indian Economic Reforms
Analyzing the Current State of G-Sec Yields and Systemic Liquidity
The financial landscape is witnessing some notable changes, particularly in G-sec yields and liquidity conditions. Let’s explore these dynamics in detail. G-Sec Yields and RBI’s Rate Decisions G-sec yields are anticipated to ease further, as the Reserve Bank of India (RBI) is expected to maintain the current interest rates in its upcoming June review. This … Continue reading Analyzing the Current State of G-Sec Yields and Systemic Liquidity
Tipping Point—Analyzing GST Revenues and Reform Imperatives
In a historic milestone, India’s Goods and Services Tax (GST) revenues surpassed ₹2 lakh crore for the first time in April. Typically, April sees the highest GST collections, driven by the fiscal year-end activities in March, when taxpayers finalize their books, hasten to meet tax deadlines, and rectify discrepancies as required by the revenue authorities. … Continue reading Tipping Point—Analyzing GST Revenues and Reform Imperatives
Is the supply under SAC 998351 to be classified as an exempt supply or considered as a nil-rated supply?
Is it deemed that SAC 998351, pertaining to veterinary services, qualifies as an exempt supply or a supply that is subject to nil-rated taxation? Answer — Nill Rated Views: 0
Seizing the Opportunity — The Rise in GST Revenues
GST revenues have shown a noteworthy 11.3% increase in the first five months of the fiscal year 2023-24, boasting an average monthly collection of ₹1.66 lakh crore, up from approximately ₹1.5 lakh crore in the previous year. This growth was fueled by the exceptional ₹1.87 lakh crore amassed in April, marking an even higher 11.5% … Continue reading Seizing the Opportunity — The Rise in GST Revenues
GST For Freelancers In India
Are you engaged in freelancing? Are you wondering about the necessity of GST registration for freelancers? Worry not, for we are here to provide assistance. In this article, we will delve into the key aspects of GST registration, its benefits, and the payment conditions relevant to freelancers. Who is required to undergo GST registration in … Continue reading GST For Freelancers In India
Detecting Counterfeit GST Invoices — A Practical Guide
In 2017, the Goods and Services Tax (GST) system was introduced with the explicit intention of simplifying taxation processes, supplanting numerous indirect taxes like VAT and service tax. For any business operating under the GST framework, the issuance of invoices is mandatory. These invoices must include a legitimate GSTIN, detailing the segmentation of Integrated GST, … Continue reading Detecting Counterfeit GST Invoices — A Practical Guide
MVIRDC Seeks Clarity on ITC for Capital Goods and GST Treatment of ESOPs
The industry body has recently submitted a policy memorandum to the government, outlining a comprehensive set of 12 recommendations aimed at enhancing the efficiency of the indirect tax system, primarily through improvements to the GST portal. This move comes as a response to the prevailing challenges that taxpayers are currently grappling with. Despite strides made … Continue reading MVIRDC Seeks Clarity on ITC for Capital Goods and GST Treatment of ESOPs