July 2024 was a month of significant developments in India’s tax landscape. The nation witnessed a flurry of GST updates, policy changes, and clarifications that have a direct impact on businesses and taxpayers. From crucial amendments introduced in the Union Budget to long-awaited relief measures...
Before GST was introduced, businesses with a turnover of over Rs. 5 lakhs had to pay VAT in most states across India. However, this limit varied from state to state. Additionally, service providers with a turnover of less than Rs. 10 lakhs were exempt from paying service tax. Under the...
The Goods and Services Tax (GST) in India was introduced by the Constitutional (One Hundred and First Amendment) Act of 2017. It is a unified tax system that replaced multiple indirect taxes levied by both the Central and State Governments. Under GST, the Central (CGST) and state government...
Blinkit introduced a GST invoicing feature aimed at helping businesses save up to 28% in taxes through Input Tax Credit (ITC).This feature allows businesses to easily generate GST invoices during checkout, simplifying compliance and optimizing tax savings. ...
Goods and Services Tax (GST) in India Goods and Services Tax is the tax levied by the Indian Government on the procurement of goods or services in the country. The tax was introduced in the year 2017. The tax has replaced all the other indirect taxes, like Value Added Tax (VAT), and...
1. Define GST in Simple Terms Simple definition of GST: GST, or Goods and Services Tax, is a single tax system in India that applies to the supply of goods and services. It was introduced to simplify the tax structure and make it easier for businesses and consumers. ...
In a federal structure, India's determination to much-needed fiscal reforms has been widely applauded at its face value when she relinquished her previ
Introduced in 2017, the Indian GST is a unified national tax system intended to create a one-market environment. The GST replaces several indirect taxes (apart from customs duties), such as the Value-Added Tax (VAT), excise duty, etc., and there is just one tax that is applied to ...
From 1st July 2017, the Goods and Services Tax (GST) tax was introduced in India. GST tax shall be paid by registered GST tax payers in compliance with the provisions ofGST Act, 2017. There are various types of returns under GST Law viz. GSTR-1, GSTR-2, GSTR-3, GSTR-3B, GSTR...
SIGN IN GST AssistHome / Services / GST AssistGST AssistGoods and Service Tax regime is unified taxation regime globally implemented to streamline businesses and services tax revenues. This taxation shortly abbreviated as GST was introduced in India on 01st July 2017 and since then has become Indi...