Accounting Training

Blog

Archive


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.

2017
  • After much preparation, debates, and anticipation; GST was rolled out in India on the midnight of 30th June, i.e. on July 1, 2017. The One Nation One Tax formula is being hailed as a positive measure for India by international agencies like Moody’s and the World Bank. However, as soon as and even before the new GST regime came into force, there has been a lot of skepticism around it. Messages and pictures are doing rounds of WhatsApp and Facebook, demonstrating what a huge menace GST is. So, are these messages about GST myths or do they hold some truth?
  • We are here to make everything crystal clear for you. Read on to know whether these popular myths about GST have some credibility to them or not.

1. Eating out is more expensive now

Not necessarily. Earlier there was a service tax of 6 % on the total bill amount (for AC restaurants) and a VAT which varied from one state to another. VAT rates differ from one state to another and therefore pre GST and post GST bill amounts may be higher or lower, depending on the earlier VAT rate in a particular state. Further, as the benefits of input tax credit start seeping in, eating out is likely to be cheaper in the long run, and not dearer.

Financial Management