Tax & Accounting

Five GST Myths Busted

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By Vasundhara Rastogi

IB-Demystifying the GST

 

The goods and services tax (GST) – the biggest tax reform in India – finally came into existence on July 1, 2017, after 17 years of deliberations between successive ruling governments and opposition parties.

While the Modi government continues its positive propaganda around the GST, several myths and misconceptions remain.

This article notes five key facts for businesses to get a transparent view about how the GST actually functions.

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GST Timeline: 2000-2017

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By Dezan Shira & Associates

After facing 17 years of political set-backs and missing several deadlines, India’s biggest tax reform – the Goods and Services Tax (GST) was launched on July 1, 2017. On successful completion of its one month, we provide you with a timeline of the most historic moments that culminated into the ‘one nation, one tax’ system in India.

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Tax, Accounting and Audit in India 2017-18: New Publication from India Briefing

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By Dezan Shira & Associates

india tax guide 2017-18

Tax, Accounting, and Audit in India 2017-18, the latest publication from India Briefing, is out now and available to subscribers as a complimentary download in the Asia Briefing Publication Store. This edition of the guide includes a detailed introduction of the Goods and Services Tax (GST) that was launched on July 1, 2017. It is a watershed development that represents the complete transformation of India’s indirect taxation structure.

Overall, the publication is designed to introduce the fundamentals of the country’s tax regime as well as the critical accounting and auditing practices in India.

This comprehensive guide is ideal not only for businesses looking to enter the Indian market, but also for companies who already have a presence here and want to stay up-to-date with the most recent and relevant policy and regulatory changes.

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After GST, Services Sector Face New Challenges in India

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By Vasundhara Rastogi

The service sector is a key driver of economic growth in India, contributing to over 50 percent of the country’s overall Gross Domestic Product (GDP). Key services in terms of revenue generation include business activities such as trade, hotel and restaurants, real estate, logistics and warehousing, finance, and insurance.

The Goods and Services Tax (GST) launched on July 1, 2017 is likely to have a significant impact on the growth of these services. This is because it substantially affects the valuation of the service categories, their operations in each state via multiple returns filing, and stringent tax compliance.

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Impact of GST on Imports and Exports in India

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By Vasundhara Rastogi

GST on Imports and Exports in India

The new goods and services tax (GST), launched on July 1, 2017, will change how business is done in India. It is likely to have a significant impact on the international trade of goods through changes in the structure of import and export taxation, and the withdrawal of various indirect taxes and exemptions.

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GST Returns Filing in India: All You Need to Know

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By Vasundhara Rastogi

GST Returns In India

The Goods and Services Tax (GST) will come into effect from July 1, 2017.

Under the new indirect tax system, every business and professional entity in India with an annual turnover exceeding US$31,054 (Rs 20 lakh), and US$15,527 (Rs 10 lakh) in the north-eastern states of India, will be required to obtain GST registration. 

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Indian Government Notifies New Safe Harbor Rules

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By Vasundhara Rastogi

On June 7, 2017, the Central Board of Direct Taxes (CBDT) in India revamped safe harbor rules to align safe harbor margins with industry standards and enlarge the scope of international transactions under it. ‘Safe harbor’ in tax parlance refers to the circumstances under which income-tax authorities accept the transfer price declared by the company, at which it transacts with its subsidiaries or an associated company, without any question.

The new safe harbor rules come into effect from April 1, 2017, and will continue to remain in force for two years, up to the assessment year (AY) 2019-2020. 

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Capital Gains Tax in India: An Explainer

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By Vasundhara Rastogi

In India, any profit or gain arising from the sale of a capital asset is deemed as capital gains and is charged to tax under the Income-tax Act, 1961.  According to the Act, a capital asset is any kind of property held by an individual, such as buildings, lands, bonds, equities, debentures, and jewelry. It excludes stock-in-trade, agricultural land, and certain specified bonds.  

Profits arising from the sale of capital assets is classified as Short-Term Capital Gains (STCG) or Long-Term Capital Gains (LTCG), depending on the period for which the capital asset has been held. 

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