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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Present Tax Struture in Real Estate Sector:   Under present tax regime The Real Estate sector is exposed to multiple indirect taxes such as custom duty, excise duty, VAT, Service tax and also subject to Stamp Duty. Generally, whatever indirect taxes the real estate business bears, it collects those taxes from its prospective customers. But […]

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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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