Post implementation of the Goods and Service Tax (GST), organised retailers are expected to get a level-playing field, edging out unorganised players in the medium-term, a report on retail industry has said. While the tax on branded apparels (textiles) is not known, a revenue neutral rate for apparel industry would be 12-15 per cent, the […]

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The GST Council has set up 18 sectoral groups to interact with the sectors like telecom, banking and export and sort out their issues in a time-bound manner for a smooth transition to the new indirect tax regime. These sectoral working groups consist of senior officers from the Centre and states and they will interact […]

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Implementation of Goods and Services Tax (GST), scheduled to take place beginning July 1, 2017, is going to require a collective effort of the all the stakeholders: central and state governments, Central Board of Excise and Custom (CBEC) and state tax departments, taxpayers along with their tax and software consultants, Reserve Bank of India (RBI) […]

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Once it is settled that tax(GST) is to be paid, and what time it is to paid and which tax (IGST or CGST/SGST) is to be paid the next question that arises is at which value the tax is to be paid. Normally GST is to be paid on the ‘Transaction Value’ that is the […]

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When Goods and Services Tax is implemented, there will be 3 kinds of applicable Goods and Services Taxes:   CGST: where the revenue will be collected by the central government SGST: where the revenue will be collected by the state governments for intra-state sales IGST: where the revenue will be collected by the central government […]

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Under Goods and Services Tax (GST) regime, every taxpayer would be assigned a compliance rating based on the compliance record of the assessee. As per Section 149 of the CGST Bill passed by Parliament, “Every registered person may be assigned a goods and services tax compliance rating score by the Government based on his record […]

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