Direct Tax
Consulting
ESG Advisory
Indirect Tax
Growth Advisory
Internal Audit
BFSI Audit
Industry Audit
Valuation
RBI Services
SEBI Services
IRDA Registration
AML Advisory
IBC Services
Recovery of Shares
NBFC Compliance
IRDA Compliance
Finance & Accounts
Payroll Compliance Services
HR Outsourcing
LPO
Fractional CFO
General Legal
Corporate Law
Debt Recovery
Select Your Location
The concept behind the establishment of the CGST Act was one nation: one tax for manufacturing, trading, and services. Before GST, the tax regime was grossly inefficient. Taxes had cascading effects on businesses and consumers, i.e. there was inefficient breakage of input taxes resulting in the imposition of a tax chain at multiple stages, which at last added to the cost of a product and resulted in the tendency of the businesses and consumers to use corruptive means to avoid paying taxes.
Before GST, multiple laws required multiple compliances and registrations without any interlinkages with one another. It was observed that both central and state governments are taxing one transaction.
Before GST tax used to get levied at three levels, i.e.
These taxable events made taxes overlapping and complicated, resulting in rising issues ultimately burdening courts.
The implementation of GST on 1st July 2017 resulted in multiple benefits. For example –
As per section 2(17) of CGST Act[1], 2017 “Business” includes–
The CGST Act is a major breakthrough in the field of indirect taxation in India. The objective of the government behind the establishment of this Act is to bring all the transactions entered into by a person in return for consideration under the ambit of business and the inclusive definition of business under section 2(17) of CGST Act broadens the scope of business and interprets it in a way that no window is left open for tax invasion and other corruptive practices.
The startup ecosystem in India is very energetic and dynamic. Whether it's disruptive technolog...
The importance of NBFCs, or Non-Banking Financial Companies, has increased in the Indian financ...
With the growing popularity of the investment instrument, Alternative Investment Funds (AIFs) h...
The Securities and Exchange Board of India (SEBI) has recently proposed a review of the categor...
The regulatory organizations in the recent years have focused more on efficiency, investor prot...
Are you human?: 8 + 8 =
Easy Payment Options Available No Spam. No Sharing. 100% Confidentiality
Goods Transport Agency under GST is one of the section under which many searches have appeared. Today in this blog...
31 Mar, 2021
GST Network will be launching a new version of return filing portal on 22nd October, to further ease the process. G...
20 Mar, 2021