GST On Under-Construction Property: Here’s All You Need To Know

GST or Goods and Services Tax is a landmark reform that came into effect from July 1, 2017. This reform aims to eliminate multiple taxes at multiple points of transactions. Hence, you... Read more »

Relaxed GST Enforcement: Three Reasons Behind The Move

Goods and Services Tax or GST has been rolled out in India. However, the process has not been as smooth as it should have been. Businesses have been impacted since the indirect tax... Read more »

GST On Textiles – All You Need To Know

GST or Goods and Services Tax may have come into effect a few days ago, but its effect is far-reaching. Textile industry’s reaction to GST has been largely favourable. However, certain bits like high tax... Read more »

GST On Medicines – All You Need To Know

Goods and Services Tax (GST) is a landmark reform which recently came into effect in India. The aim to roll out such a reform is to ensure there is a single tax... Read more »

Some GST-Related Myths You Should Be Wary Of

It’s a new era of taxation under GST is what the Indian government says nowadays. After all, the landmark Goods and Services tax has come into effect, bringing us closer to the dream... Read more »

Final Day to Avail Pre-GST Offers: Should You Or Shouldn’t You?

There are a number of products on which their makers are offering pre-GST discounts and offers. With GST set to be rolled out in India at midnight tonight, you may wonder whether... Read more »
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Credit Card Bills, Insurance Premiums To Rise After GST- Should You Care?

GST will be effective in India from July 1 onward. While it will lead to reducing cost of a lot of goods and services under its ambit, some of them will see... Read more »

What Is GST? Here’s A Quick Recap

GST or Good and Services Tax is a landmark indirect tax reform that Indian government will roll out on July 1. The intent for such a reform is to cut down on... Read more »

GST Does Not Address These Three Issues!

GST or Goods and Services Tax is a landmark reform that Indian government is about to implement. This system aims to eradicate multiple taxes in favour of a one-time tax. It aims to... Read more »

Goods And Services Tax: Here’s What Will Be Taxed

Goods and Services Tax is a land mark taxation reform. Till now, the taxing of products and services takes place at various touchpoints. Upon the enactment of GST, it will all be... Read more »

Budget 2015: How New Service Tax @14% Will Impact Your Pocket

While Union Budget 2015 is said to be a bold budget, it came with mixed announcements, some of which are positive for the pockets while some are not. Finance Minister Arun Jaitley also... Read more »

How To Pay Excise Duty And Service Tax Online In India?

To pay Central Excise or Service Tax, assesse first have to register to get the assessee code. To register, assessee need to file an application in Form ST-1 (in duplicate) to the... Read more »

Difference Between Excise Duty And Sales Tax

Before moving to understand the meaning of Excise duty and sales tax, lets first understand ‘What are taxes or duties’? Tax or duty is a financial charge which governments imposes on there... Read more »

What Is A Tariff?

A tariff is a tax levied on imports or exports or you can say tariff is a tax imposed on imported goods. The word is derived from the Arabic word taārif, meaning... Read more »

What Are Input Tax And Output Tax

What is Input Tax? Input Tax is an Indirect tax such as VAT(Value added tax) levied on capital goods used directly in the process of manufacturing such as raw materials, spare parts,... Read more »

GST-The Goods and Service Tax is a consumption tax or an indirect tax charged on goods and services. For the purpose of collection of tax, goods and services are divided into 5 tax slabs- 0%, 5%, 18%, and 28%. Some goods and services are not taxed under GST such as electricity, petroleum products, alcoholic drinks, and real estate. They are taxed as per the previous tax regime. A 3% GST is levied on Gold, 0.25% on semi-precious stones and rough precious stones. The purpose of launching GST was to eliminate the multiple cascading taxes charged by the State and the Central Governments. It was implemented to replace a number of indirect taxes with a unified tax and reshape the country’s economy. The GST Council comprises of the finance ministers of all the states and the centre. It governs the rules and regulation related to GST.