Whitepapers



What records must be maintained under GST?

Section 35 of the GST Act explains the record-keeping requirements. In addition, in April 2017 the central government released draft rules for GST accounts and records (draft record rules), which lists additional GST accounting and record-keeping requirements. Learn more Continued

GST glossary: Defining important terms

Section 2 of the Goods and Services Tax (GST) Act deals with definitions, phrases, and expressions that are necessary to ensure proper implementation and interpretation of the law. Some of the major terms that are beneficial to businesses and consultants are compiled here. Continued

Consequences of GST Non-compliance - Offenses and Penalties

In this whitepaper, we will examine some of the monetary penalties and prosecution provided under the Central Goods & Services Tax Act, as of April 12, 2017. Continued

GST readiness: IT strategy guide for businesses

A primary area where businesses need to enact change to ensure a smooth transition is in their IT infrastructure. Here is a guide about GST readiness: IT strategy. Continued

Restrictions on input tax credit under GST

The Model GST Law (MGL) prescribes several restrictions on input tax credit. Let’s examine these restrictions one by one. Continued

HSN codes for Goods and Service Tax (GST) in India

Under GST regime, there’s a desire for more uniform classification – not just on the national level but internationally.  Hence the move to HSN for goods and the Service Accounting Code (SAC) system for services. In this whitepaper, we’ll focus on HSN codes under GST. Continued

Role of GSP and ASP in GST India

Under GST regime, GSTN will create GSPs and a new category of service providers known as Application Service Providers (ASPs). Let's find out role of these two providers. Continued

Compliance Automation Needed for GST Forms

The implementation of GST creates a huge compliance burden for business entities. Manufacturer or service provider, taxpayers need to file numerous forms every year for each registered entity. This whitepaper delves into the complexity of the new tax regime’s never-ending GST forms and reveals how technology can simplify compliance. Continued

TDS Provisions for MVAT Works Contracts

In this post, we will explore how the TDS Provisions under Maharashtra VAT (Value Added Tax) act affects employers and contractors. While a seemingly small provision of MVAT Works Contracts, non-compliance can mean significant penalties and interest. Continued

New MVAT Automation - Returns and CST Forms

Maharashtra government replaced manual data entry and VAT & CST filing with New MVAT automation from financial year 2016-17. Here are changes in new process. Continued

All you want to know about GST

The Indian taxation system for goods and services is defined by a cascading, distorted tax structure which leads to misallocation of resources, hampering productivity and slower economic growth. To remove this hurdle, a unified and a simple tax system like GST (Goods and Service Tax) is needed to unite the nation. Continued

GST in India and Beyond

Goods and Services Tax, or GST, is a common transactional tax type globally. In this whitepaper, we will explore the concept of GST as it applies around the world, then delve into the specifics of how GST relates to India. Continued

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