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It’s a document either online or in paper format in which details of supplier/ purchaser are incorporated like Name of the Sales/ purchaser, registration no. (VAT, Service Tax, UIN etc.)as well as in bill details of sales or purchases like Item name, Quantity, Tax rate, tax amount should be there. There is no specific format for invoices but there are some general formats.
Here in India, the maximum population is middle class and lower middle class where people either belong to service class or they depend on agriculture for their living. In this scenario, the most important question is what will be the impact of GST on a common man or a middle-class family. There are lots of question in the mind of a common man in these days such as : Is there anything new for him or it’s like an old material in a new package? Is there any tax refile for him in new tax provisions or it will increase the prices of goods and services for him?
GST (Goods and Service Tax), is a new tax regime for current taxation system of India. But the important issue is what impact will be done on Indian economy after GST became applicable in India? What is new in GST which will help to us for create a better Indian economy?
In order to engage with the stakeholders and invite comments from the public at large, it has been decided to make available the draft Business Processes of GST.
Big!! Big!!! Big!! the wait is over!! Now GST Act is not a dream for the companies. It will be implemented very soon. After passing bill in Rajya Sabha, the way of GST act became more easy and we can hope that this act will come in working very soon.
Finally, the GST Bill has been approved by the Rajya Sabha and now it will go to the lower house for some rectification in the amendment. After receiving majority upvotes (203 votes) in the house, it is likely to be implemented by the 3rd quarter of 2017. There have been lot of questions regarding the GST among the general public. So, Here we are presenting some common FAQs that will explain every single stage of GST and its benefit.
India’s biggest tax reform has taken place by the introduction of GST. With the idea of ‘One Nation One Tax,’ the tax is warmly welcomed by the majority.
Even after almost a month of the launch of GST in India, people and businesses are still struggling to accept it completely. Let’s see how people from different areas are reacting to GST and what are their concerns.
Biggest indirect tax regime of india, the Goods and Services Tax (GST) is on its way to be adapted worldwide. After its inception, the present tax structure (Sales and Service Tax) will be replaced by the same. The need for GST in India is not only necessary to get rid from the troublesome current scheme of indirect taxes, but principally for reducing a huge number of exemptions, multiple rates and upgrading the tax compliances. Here we are going to put focus on some of the fundamental differences between the two and why the former is very prominent to be introduced soon.
