GST will change the way India does business: Who will win, who will lose

Indirect taxes in India have driven businesses to restructure and model their supply chain and systems owing to multiplicity of taxes and costs involved. With hopes that the Goods and Services Tax (GST) will see the light of the day, the way India does business will change, forever. 

Total tax collection in India (direct & indirect), currently stands at Rs 14.6 lakh crore, of which almost 34 per cent comprises indirect taxes, with Rs 2.8 lakh crore coming from excise and Rs 2.1 l .. 

Read more at:

Wait, GST is not a reality yet: It still has to cover 7 gruelling steps

NEW DELHI: The Rajya Sabha clearance to the GST Bill, touted as the biggest tax reform since India's Independence, lifted market mood on Thursday, but only briefly. The bill is set to improve the government's revenue and help it achieve better transmission of prices. 

It is expected that certain goods, such as capital goods, would become cheaper by 12-14 per cent, increasing demand for them, raising investment and, thus, economic growth. 

However, the landmark legislation .. 

Read more at:

राज्यसभा से पास होने के बाद भी बहुत पेचीदगियां होंगी जीएसटी की राह में

राज्यसभा में जीएसटी संविधान संशोधन विधेयक पास हो जाने के बाद भी इसे लागू करना बहुत कठिन है
• राज्यसभा की सहमति के बाद संशोधन विधेयक पर कम-से-कम आधे राज्यों की सहमति की जरूरत होगी
• सरकार 1 अप्रैल 2017 से जीएसटी लागू करना चाह रही है, लेकिन एक्सपर्ट्स के मुताबिक यह लक्ष्य पूरा नहीं हो पाएगा
Read More

FAQ on Electronic Accounting System in Excise and Service Tax

  (1)    What is assessee code and is it different from Registration number, “ECC” code and “STC”? 

            They are all one and the same. The assessee code is a 15-character identification number allotted by the system to the Central Excise or Service Tax assessee based on PAN number or a temporary number (in cases where PAN could not be submitted). The 15-character assessee code will be available in the registration certificate issued to the assessee.    

(2)       What is Location Code? How does one get it?  What is Commissionerate code, Division code and Range Code?

Why you should file your tax return by July 31 i.e due date of filing ITR

The due date for filing income tax return for individuals-July 31 - is fast approaching but several people think that if one has paid all one's taxes there is no adverse consequence even if one misses the tax return filing deadline. However, this is not correct. Even if all your taxes have been paid you would still lose out on certain benefits if you do not file your income tax return by the due date. 

Read more at: