Goods and Services Tax - GST

The goods and services tax or simply the GST has been introduced in India to reform the current tax structure which is complex and complicated. The main purpose of GST is to reduce the multiplicity of taxes. The cascading effects of double taxation due to unnecessary laws can be dealt with GST. One of the biggest achievements of GST will be the expansion of exports increasing the revenue of the nation. The simple tax regime will bring forth simple price structures decreasing the prices of goods and services. The GST is poised to bring transparency in taxation system and also increasing the employment opportunities throughout India.

One of the main key features of the GST is the compensation plan for the loss of revenue to states for 5 years. All the goods and services will come under this plan except for alcohol for human consumption. The GST will become the destination based consumption taxation which will apply to all goods and services against its manufacture, sale and or services.

The GST will impact the GDP growth rate of the country by increasing it many folds over the coming future. GST will also increase the growth of interstate as well as the inter-country growth of trade amongst the businesses.

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GST Registration

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GST Payment

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GST Refund

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GST Procedure

Registration, Document Preperation, Online Submission

GST Compliances

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GST New Registration

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GST Tax Services

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More GST Services

Registration, Document Preperation, Online Submission

GST Registration

Registration, Document Preperation, Online Submission

GST Impact On Business

Overall Impacts Of GST

One of the most emerging taxes of the future that is added on consumption goods and value added basis is the Goods and Services Tax (...

GST Impact on Tea industry

The two tea associations i.e. the Indian Tea Association (ITA) and the United Planters’ Association of Southern India (UPASI) are worried about the ...

Impact of GST on Pharmaceutical Sector

The current tax structure of our country contains many complications because of the multiplicity of taxes, tax surging, and large number of necessary responsibilities. In ...

Impact of GST on Textile Industry

The textile industry and especially the cotton value chain are going to be affected negatively by the changing GST rates. Although the GST rates are ...

Impact of GST on Telecom Industry

The industry has been transformed in a great way with the model draft of the GST law. It has changed the modern industry due to ...

Impact Of GST On Real Estate Industry

The indirect taxes which are received from the Real Estate Sector are to be soon combined together under the GST regime. There are several reasons ...

Impact of GST on Importers and Exporters

The implementation of the General Sales tax bill has been delayed by our Finance Minister. Due to this, there is a constant amount of anxiety ...

GST Impact On Tourism Industry

Initially, the impact of GST is sure to affect the hospitality industry, which is an important part of the tourism industry. However, it may prove ...

Impact of GST on the Power Sector

India staged a decision to implement GST (unified Good and Services Tax), which was proposed almost 30 years ago, after obtaining nod from both the upper ...

GST Impact on manufacturing sector

Countries which are developing are economically sustained in a major way by the manufacturing sector of the particular country. But though all other developing economies ...

GST Impact on Logistics Industry

As soon as the Goods and Services Tax bill was given a green signal by the parliament, there was a moment of ecstasy for the ...

GST Impact On Automobile Sector

There is a complex system of tax existing in our country due to the multiplicity of taxes, elaborate compliance obligations and cascading of tax. There ...

GST Impact on Energy Sector

If the economy needs to grow then one of its main drivers is the energy sector which, however, is currently affected by policy paralysis and ...

GST Impact On E-Commerce Sector

The most important and painful point of the e-commerce industries is the provision relating to taxes collection at the source. The e-commerce in India is ...

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Learning Center for GST

Are you REALLY Ready for GST?

The INDIAN Government has already announced in the Budget 2014 of the introduction of Goods & Services Tax (GST) in INDIA which will be effective on April 1, 2017. An important question that you need to ask yourself now, is your business GST ready?

Here are 4 challenges your business will face if you are not GST ready:

Heavy penalties and fines for non-compliance

Regardless of the size of your company, the law imposes the same compliance obligations on GST once the registration threshold of RM500,000 of annual turnover is reached...

Inadequate resources

Without adequate knowledge on GST Malaysia, your existing team may not be able to efficiently handle the initial work such as upgrading the accounting and recording system as well as... reconciliations and filings of GST returns.

Your cash flow would be affected

Businesses needs to be aware on the potential cash flow implications of GST and may need to restructure their cash flow so as to prevent having cash flow problem once GST is implemented prevent having...

Procurement

Experiences in other countries such as Australia, Singapore and Thailand have shown that customers generally go on a shopping spree before the introduction of the tax shortly before the introduction of the tax before the introduction of the tax..

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