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2017

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GST (Goods and Services Tax) is the most revolutionary and robust tax regime that has affected traders, manufacturers, and customers alike. It is due to the confusion and chaos created by GST, the government has to intervene time after time for spreading awareness, clearing doubts, and eliminating concerns of business persons and traders. That’s not all while resolving queries of the corporate world, the government has also taken care of the consumers who ultimately bear the pinch!

2017

How GST helped to improve Indias Ease of Doing Business Ranking

GST is capable of boosting India's GDP or Gross Domestic Product rate by 1.5-2 percent over the long term. This tax will deliver significant benefits by improved taxation efficiency and ease of doing business. The notion of ‘One Nation, One Tax’ converts India into a huge common market. The proposed system is more transparent, more paperless, but requires greater compliance as well. Prior to GST, indirect taxes in India have driven businesses to restructure and model their supply chain and systems owing to the multiplicity of taxes and costs involved. GST regime is going to be proved as business-friendly and pro-development tax reform in the long run.

2017

Impact of Recent GST Changes on Common Man

GST (Goods and Services Tax) has spread both confusion and chaos across the corporate sector in India. Apart from finance and account-related problems, many business persons are still in the state of confusion because of the lack of clarity in India’s biggest tax reform. The GST regime is here to stay and the government has started to consider the requests from various industry sectors.

2017

10 Reasons for Increasing Demand of Business Accounts in GST EraGST has brought a radical change in the way Corporate India pays taxes during the financial year. While implementing ‘One Nation, One Tax’ approach on July 1, 2017, the government has sent a clear message to the businesses that more transparency and openness in the business model must come with this biggest tax reform.

On one hand, GST has posed many challenges in front of Indian enterprises and on the other hand, it has opened the doors of opportunities for skilled business accountants. Yes, it’s true! An updated, tech-savvy, and experienced accountant can grab the opportunities offered by the GST regime.

2017

Top Five Challenges and Solutions of GST for AccountantsJuly 1, 2017 is a phenomenal date when India has made a history by implementing ‘One Nation, One Tax’ approach. Yes, GST (Goods and Services Tax) is indeed the biggest reform of our country that brings a few challenges and a lot of opportunities for our accountants. It is considered as a ‘Game Changer’ for Indian business as it will cause a long-lasting impact.

As we are passing through the transition phase from the traditional approach of many destination-based taxes to the one origin-based tax- GST regime, it is obvious that the accountants have to put extra efforts to grab the opportunities.

2017
Goods and Services Tax is a game changer tax reform in India. Though Government has tried to keep the tax structure simple, there are still many misconceptions prevailing amid consumers. Not just businesses or tax professionals, the common consumers must also keep them well informed about GST so that we can discourage the malpractices by traders post GST implementation.

Charging GST over and above MRP Value:

Some shop keepers are found charging GST over and above MRP of the products. This is especially true in rural areas where consumer awareness is lower regarding GST rules. Please make sure you only pay the MRP. If any shop keeper is found charging GST over and above MRP, refuse to pay the same. Also, inform about such incidences to National Consumer Forum on toll free number or online.

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