GST 2017


Invoice matching is a unique and critical requirement of the GST regime. Therefore, we can understand that the businesses are worried about how to handle GST Bill Numbering under GST regime. What does the law say about bill numbering? The law requires you to maintain continuous numbering for your documents and not repeat the utilized numbers in a financial year. These rules apply to all documents such as Sales Invoice, Credit Notes, and Debit Notes. However, the law permits you to have a different book series number for different nature of bill or bill of different branches within the stateKeep Reading
A country rarely praised for its efficient bureaucracy, India has managed its biggest administrative reform in years pretty well. Its new goods-and-services tax, replacing 40 other taxes and levies, came into force earlier this month without undue disruption. This policy deserves to be a great success — but to make the most of it, the government still has work to do. Prime Minister Narendra Modi’s previous big idea — declaring 86 percent of India’s banknotes void overnight — took the public by surprise and caused the economy to seize up. Employers couldn’t pay wages and workers couldn’t buy even basicKeep Reading
International best practices in relation to GST compliance- Is India compliant? M S Mani and Amit Sarker (with technical inputs from Krupa Shah) In the world of digitized supplies and electronic commerce, one of the fundamental principle that any jurisdiction wishes to adopt is effectiveness and fairness in taxation system thereby acting as a support for businesses. In addition, the potential for tax evasion and avoidance needs to be minimized while keeping counteracting measures proportionate to the risks involved. In the above context, the framework, administration and compliances under the much awaited Goods and Services Tax (‘GST’) of India, wouldKeep Reading
No restaurant can charge GST at 28 per cent, the tax department reiterated HIGHLIGHTS Taxman clarifies on rates of GST for restaurants Food served at restaurants attract tax at two rates of 12%, 18% under GST GST rates for restaurants include both CGST and SGST Next time you dine at a restaurant, do check your bill to see if the proper GST or goods or services tax rate has been levied. The tax department has come out with clarifications on rates of GST for restaurants. The clarification comes in the wake of many people flooding the social media, seeking clarityKeep Reading
Refund can be claimed in Goods and Services Tax (GST) in the Following Situations 1) Export of Goods or Services ( Including Deemed Export) 2) Refund of Unutilized Input Tax Credit 3) Refund from Manufacturing / Generation/ Production – tax free supplies 4) Excess payment due to mistake and inadvertence 5) Finalization of Provisional Assessment 6) Refund for Tax payment on transactions by UN bodies,CSD Canteens, Para-military forces canteens, etc 7) Refund of pre deposit in case of Appeal. Export of Goods or Services (Including Deemed Export) A. In case of exports of goods and! or services out of IndiaKeep Reading
By MS Mani When a person is driving a car and is in traffic, what does the speed of their car depend on? The traffic ahead of them or the immediate car in front of them? The above example is illustrative of GST wherein the cars behind you in traffic are like vendors to your business and the cars ahead of you are like your clients. Similarly, if the person is surrounded in a sea of traffic, can they move without all the cars around them moving? That is exactly the GST ecosystem and the way traffic on the roadsKeep Reading