Goods and Services Tax(GST) :

With government targetting GST impementation deadline by 1st April 2017 , we have totally acquainted ourselves with all rules and regulations associated with GST

GST will be a game changing reform for the Indian economy by creating a common Indian market and reducing the cascading effect of tax on the cost of goods and services. It will impact the tax structure, tax incidence, tax computation, tax payment, compliance, credit utilization and reporting, leading to a complete overhaul of the current indirect tax system. GST will have a far-reaching impact on almost all the aspects of the business operations in the country, for instance, pricing of products and services, supply chain optimization, IT, accounting, and tax compliance systems.

In GST regime the center and the states will have one common list of exempted goods and services . At present , while the states put together have around 99 exemted items under VAT, the center has around 250 exempted items under central VAT or excide duty