Value Added Tax

Automation to Deal with Demonetization and GST Compliance

Technology is like oxygen to any disruptive change: it gives businesses the fuel to move forward, turning the future into an opportunity rather than a threat. Indian entrepreneurs are currently living in unpredictable times, where the fear of unknown is immense.  Demonetization, which brings us a step closer towards the celebrated Goods and Service Tax […]

Taxes Outside the Purview of GST

The new Goods and Services Tax (GST) is the biggest indirect tax reform in India since independence. It is often assumed to be a complete unification of all indirect taxes currently levied in India by Central and State governments, but the reality is a little different. Though it is true that most major indirect taxes […]

Interstate Branch Transfer Issues Under Maharashtra Value Added Tax (MVAT)

In today’s global economy, many companies are part of complex supply chains, with different constituents residing in different locations. The interstate branch transfer of stock throughout the supply chain can present complex tax challenges to companies. For example, what items are taxable, and under which circumstances? Which forms must companies obtain and fill out, in […]

By |November 25th, 2016|Indirect Tax, Service Tax, Value Added Tax|

Scrapping 500 & 1000 notes: A Move Towards GST Success

The joke on Twitter sums it up nicely:

India prepared for Hillary and Trump, Modi came out of syllabus.

Until 8th November, 2016 midnight, 86 percent of currency by value in India consisted of higher-denomination currency notes of Rs 500 and Rs 1000. A day after the government announced that they were scrapping 500 & 1000 notes, Finance […]

By |November 11th, 2016|Goods and Services Tax, Indirect Tax, Service Tax, Value Added Tax|

GST Challenges for Ecommerce in India

Today, ecommerce companies in India are mired in a plethora of taxes, including VAT, CST, Excise, Service Tax, and TDS, with multiple taxes applicable on any given transaction. The complexities of logistics and reverse logistics, advertising and promotion services, software products, music, and eBooks makes it even harder to differentiate between goods and services in […]

GST Impact On Businesses In India

GST is a single tax on the supply of goods and services, which will make India a unified common market. GST will replace all current indirect taxes with a multi-point consumption tax.

The introduction of a GST is certainly going to have a huge impact on the nation as a whole, which will include small and […]

By |October 19th, 2016|Goods and Services Tax, Indirect Tax, Service Tax, Value Added Tax|

Opportunities for CAs under GST Regime

GST: The Game-Changer
Goods and Service Tax (GST) will radically change the way business is done in India. Professionals who render services to businesses will face a different practice environment in new tax regime.

Because of this, it’s crucial for both dealers and professionals to understand the winds of change and prepare themselves for unfolding opportunities and […]

By |September 26th, 2016|Goods and Services Tax, Indirect Tax, Service Tax, Value Added Tax|

GST India Shaping up – How We Got There

16 seems to be a magic number for the mother of all tax reforms, Goods and Services Tax (GST), as after 16 years of to and fro, GST India has got a green flag with 16 states ratifying the act. Finally a distant dream is becoming a reality soon. Here is an interesting infographic showing […]

By |September 24th, 2016|Goods and Services Tax, Indirect Tax, Service Tax, Value Added Tax|

Amnesty scheme under MVAT and its lesser known benefits

A new amnesty scheme has been rolled out for dealers under the Maharashtra VAT Act, but businesses seeking amnesty need to move fast, as the application and payment period closes on 30 September 2016. This scheme will help dealers to recover disputed dues that were placed on hold by the appellate authority. In this article, […]

By |September 3rd, 2016|Indirect Tax, Value Added Tax|

Maharashtra VAT Returns Filing Calendar for Fiscal Year 2016-2017

In Maharashtra, VAT (Value Added Tax) registration is compulsory for dealers with sales over Rs. 10 lakhs. Upon registration with the state sales tax department, dealers will be allotted a unique 11 digit TIN (Taxpayer Identification Number).

Dealers then need to prepare and file VAT e-returns through the MVAT state portal. Based on the nature of […]

By |August 26th, 2016|Value Added Tax|