GST migration gives migraine to small business owners

Small businesses in India are finding migration to the GST format to be problematic as they have not invested in software and hardware, and continue to run the show with hand-written account books.  Mohan Lal has little time for his business these days as he scurries around with a bunch of papers all the time.…

GST to help drive new-age warehouses for India Inc’s ambitions

New-age warehousing and logistics in India would be midwifed by the Goods and Services Tax (GST), which also aims to transform the South Asian nation into an integrated market for the first time since Independence. Small and often ill-equipped storage space in the country would now give way to neatly stacked, air conditioned warehouses, with…

5 basic things about GST everyone should know

The government is preparing for a July-1 launch for GST, which will change the concept of levy of indirect taxes. With a little more than two months to go, it is important businesses understand this levy and start identifying whether and how it applies to them. If you are a business, it is nearly certain…

For IT industry, GST roll-out a $1 bn business

The Indian IT industry is chasing a $1-billion opportunity with the advent of the GST regime, at a time when the sector is going through a bad patch with a slowing demand environment. Industry observers feel that the GST roll-out will provide the sector an opportunity akin to the Y2K phenomenon, at the turn of…

Tax forum urges FM to protect confidentiality under GST

The All India Tax Advocates’ Forum(AITAF) has asked the government to ensure confidentiality of details furnished by assesses under the new Goods and Service Tax regime. “While framing the GST Rules, adequate safeguards of the information provided by the assessee like records, accounts, returns and statements to the tax under the new tax system must…

10 Key Questions on Demand and Recovery under GST

Under Goods and Services Tax Law, specific provisions have been laid down to levy penalty and interest in case of short-payment/ delayed payment/ non-payment of GST be it bonafide or in case of fraud/ suppression/ mis-statement etc. We take up 10 key questions pertaining to demand and recovery under GST: Q1. What if person chargeable…