The Goods and Services Tax in India – New Issue of India Briefing Magazine Out Now
In this issue:
- What You Need to Know About the GST
- Register Your Business for the GST
- How to Determine Time, Value, and Place of Supply
The government of India introduced the Goods and Services Tax (GST) on July 1, 2017 – replacing numerous federal and state levies and paving way for a simplified tax structure in India.
The GST is a comprehensive, multi-stage, destination-based tax that is imposed on every valuable addition. The new GST system has reduced the number of taxes, removed tax barriers across states, and created a single uniform market across India.
Companies can now do business anywhere in the country without having to comply with multiple state regulations. They can set up their own warehouses to optimize cost and improve customer services. The procedure for GST registration is centralized and standardized. Moreover, the GST treats exports as zero-rated supplies, which means no tax will be payable on exports of goods or services.
In this issue of India Briefing, we first introduce the various provisions of the GST system to help companies understand and implement GST compliance for their businesses. Next, we enumerate the rules and regulations for registering under GST, as well as penalties for noncompliance. Lastly, we discuss the concept of time, value, and place of supply that can help firms determine their GST liability under different situation and circumstances.
The enormous scale of India’s GST reform means that not all aspects of the tax can be assessed in this magazine. For readers looking for more information on GST in India, please contact our tax experts at Dezan Shira & Associates, or consult related content, available on India Briefing website.
Dezan Shira & Associates has an experienced team of tax accountants, lawyers, and ex-tax officials that can help your business on a wide spectrum of tax services in India.