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Impact of GST on Working Capital for SMEs

Working capital is the lifeline of a business to carry out day-to-day operations. Managing working capital efficiently is a problem that plagues both small and large businesses. Inability to manage working capital may have adverse effects, including premature closure of businesses. GST, a comprehensive indirect tax system, is a few months away from rollout. Businesses [...]

By |April 11th, 2017|GST|0 Comments

Assessment of Tax Liability in GST

  Assessment of tax means determination of the tax liability of a person. The tax liability of a person is the amount of tax to be paid by a person during a tax period. The types of assessment of tax under GST remain similar to those in the current regime. Broadly, there are 2 types [...]

By |April 10th, 2017|GST|0 Comments

Consequences of Non-compliance under GST

Various measures have been laid down to check non-compliance under GST. These vary based on the severity of the offence. Penalties have been made stricter for tax evaders under GST, when compared to the current regime. In the current regime, tax authorities can arrest a taxable person if the amount of tax evaded exceeds Rs [...]

By |April 8th, 2017|GST|0 Comments

What are the Accounts and other Records you should Maintain under GST

Accounts and records are the primary source of data for any organization’s financial reporting. Every law of Direct and Indirect Tax in our country also mandates that information in a prescribed manner has to be captured and preserved for a certain period of time. These accounts and records form the basis for returns filed by [...]

By |April 7th, 2017|GST|0 Comments

How to Claim Tax Refund under GST

A Tax Refund refers to any amount that is due or returnable to the tax payer from the tax department. There are specific scenarios in which refund is allowed and dealers can claim tax refund only in these scenarios, such as excess payment of taxes, unutilized input tax credit on account of output supplies being [...]

By |April 6th, 2017|GST|0 Comments

Moving to GST: Composition Dealer Switching to Regular Dealer

  All registered taxable persons under the existing indirect tax regime will be automatically transitioned to GST and will be given a provisional registration ID. After validation of the details submitted during enrolment, final registration IDs will be issued. Similarly, those traders, who have opted for composition levy, will be auto transitioned to GST. Under [...]

By |April 5th, 2017|GST|0 Comments

What is Time of Supply for Goods on Reverse Charge

In our previous blog post What is Time of Supply for Goods on Forward Charge we discussed time of supply for goods on Forward Charge. In this blog, we will discuss time of supply of goods on reverse charge. In order to ensure that the tax is collected on the sale of goods or services from [...]

By |March 31st, 2017|GST|0 Comments

What is Time of Supply for Services on Forward Charge

In our previous blog post What is Time of Supply for Goods on Forward Charge we discussed time of supply for goods. In this blog, we will discuss the Time of Supply on Forward Charge for Services. Under Current Regime Under the current indirect tax regime, on rendering taxable services, service tax is applicable. The point [...]

By |March 30th, 2017|GST|0 Comments

What is Time of Supply for Goods on Forward Charge

 Point of Taxation (POT) refers to the point in time when tax is required to be paid. This is a mechanism which is used to determine the point in time when the tax liability will arise. Under the current indirect tax regime, the point of taxation is different for each of the tax type. Scenario [...]

By |March 29th, 2017|GST|0 Comments

Impact of GST on Stock Transfer between Branches

   Our Nation is on the brink of GST, a single unified indirect tax system. This is the largest taxation reform in the indirect taxation regime and it subsumes a host of indirect taxes. GST introduces the concept of seamless flow of input tax credit across the supply chain (from manufacture till it reaches the [...]

By |March 27th, 2017|GST|0 Comments