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Due Dates: GSTR 3B, GSTR 1, (GSTR 9, and GSTR 9C) and GSTR 4 Respectively as Follows: 20 March, 11 March , 31 March and 18 Apr 2020 (Read a Guide)
The single largest contributing Sector to the Indian Economy is the Agriculture. It alone accounts for up to 16% of the Indian GDP. GST was supposed to have more of a greater indirect impact on the Agriculture Sector.
GST directly or indirectly affects all sections of the economy. Agriculture industry is too not an exception. Transportation is one factor that has a direct impactful effect on Agriculture. The GST rate levied on agricultural products is 5%.
In simple words, a work contract is basically an agreement of service which may likewise include the supply of products in the execution of the agreement. It is mainly a combined supply of goods and services, where in the agreement between parties, service factor plays the key role.
Generally, a work contract is associated with both immovable and movable properties. For example, if a sub-contractor accepts a sub-contract of the work of the building, it will be a contract of work in regards to immovable property. In the same manner, if a compound supply in reference with the movable property like fabrication/painting/annual maintenance contracts etc. is approached, then the same would come surprisingly close to the expansive meaning of a works contract. How will GST impact on works contract? Let’s understand here.
The implementation of Goods and Services Tax (GST) as an indirect tax in India has affected almost every major and most minor business sectors of the country. Indian Aviation is one such industry which was affected by the launch of GST. Let’s try to understand the impact of GST on aviation sector, both long term and short term.
The major impact of GST on international and domestic flights was in the form of revised tax rates of airfares. After the launch of GST, the tax rates on both economy and business class airfares were changed. Whereas the tax on Economy class air travels was reduced, the rate on Business class airfares is now higher. Take a look below for GST effect on international and domestic flights.
After the implementation of the GST, we can see both its positive and negative effects on different industries. Many sectors like manufacturing, electronics, telecom, FMCG, education, banking, jewellery, tourism, logistics, IT etc. are the important part of the Indian economy. The positive impact of the GST on such sectors is seen in the form of economic development of the country.
Education is the process of learning new things around you. Education is the necessary right for all to get success, honour and good ideas in life. Education system plays an important role in social development and economic growth of any country.
In this post, we are going to discuss how GST will impact on the education sector and all the services related to education in India.
Are you lacking from the complete information of GSTR 7 return?
This article will let you know every term of GSTR 7 in the simplest way.
All your doubts and myths will be cleared in this post.
GSTR 7 is a monthly return form under the GST, which should be filed for tax deducted at source (TDS) by the tax deductor. GSTR-7 contains all the required information like details of TDS amount, debit entries for TDS, TDS liability, refund claimed if any etc.
Indian Telecom sector with its huge reach across the length and breadth of the country is the second largest in the world in terms of the total number of subscribers. Mobile data consumption in India surpassed the combined usage of the US and China in 2017. This was a paradigm shift in the history of telecom sector. The sector even jumped more than 100 spots to occupy first spot in daily data consumption throughout the world. These are great signs for the industry after a period of necessary consolidation forcing some major mergers and bailouts.