This blog post has been updated on 6th June 2017. GST (Goods & Services Tax), a single unified tax system aims at uniting India’s complex taxation structure to a ‘One Nation- One Tax’ regime. It is the biggest tax reform since [...]
In the current regime of indirect tax system, the chain of input credit, at a certain point, is broken. Let’s say Central Sales Tax (CST) applicable on interstate trade is non-creditable, leading to a break in the input credit [...]
The value of all the goods and services consumed in an economy is arrived at based on certain metrics. In the current tax regime in India, this value is calculated in different ways. An overview is provided in the [...]
This post has been updated on 24 April 2017 to incorporate latest changes. The current state indirect tax regime has provided a simpler compliance for small dealers known as the Composition Scheme. Under this scheme you, Pay taxes only at [...]
Under the current indirect tax structure, the taxable event differs for each type of tax. The taxable events under the current indirect tax structure are captured below: Type of Tax Taxable Event Central Excise Removal of excisable goods VAT [...]
Supply without consideration The following activities are considered as Supply even without consideration, and are liable for tax. Note: A key scenario ‘Supply of goods and or services without consideration between related persons or distinct person’, will be covered in [...]
This post has been updated on 2 December 2016 to incorporate latest changes. August 3rd, 2016 will be recorded as a red letter day in the history of Indian taxation due to the near unanimous passage of 122nd Constitutional Bill in [...]
If you look at the market today, you will notice very often, two or more goods, or a combination of goods and services, are supplied together. This could be due to either of the following reasons: A sales strategy [...]
In our earlier blog GST Impact on Supply without Consideration and Importation of Services, we discussed about supply without consideration and the import of service. This blog discusses, in detail, supplies without consideration between: • Related person • Distinct person [...]
Schedule-II of the model GST law provides clarity on determining the type of supply as supply of goods or supply of services. This aims at eliminating the dilemma that exists in the current indirect tax system, for example, Service [...]
