On July 1st this year, India introduced its new Goods and Services Tax (GST), a landmark tax reform which has been touted as the 'largest single tax reform since independence'. The GST will replace over a dozen central and state taxes on... N+S Group - 《Nitrogen + Syngas》 被引量...
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...
Q.7 – In which countries (other than India) e-invoicing system is practised? Q.8 – How does an e-Invoice appear to businesses? Q.9 – How is e-invoicing system beneficial for businesses as well as tax authorities? Q.10 – What are the features of newly introduced e-invoicing softwa...
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...
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...
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. ...
As we step into the monsoon season, July also brings important updates and deadlines, marking the commencement of the second half of the financial year 2024. Recently, on June 22, the GST Council held the 53rd GST council meeting, and introduced a conditional waiver of interest and penalties...
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...
In recent decades, India has emerged as a significant exporter, which has helped the Indian economy soar to new heights. OverallIndia's exports in November 2023 were estimated at USD 62.58 billion- a 1.23% increase from the previous year. ...
The Goods and Services Tax laws (GST) introduced in 2017, also brought with itself, a concept of Reverse Charge Mechanism (RCM). GST is a tax on supply, however, under the concept of RCM, the liability to pay tax is on the recipient of supply of goods and services instead of the sup...