Posted on

List of Items Exempted From GST in India 2018

The Goods and Services Tax (GST), which is being hailed by the government as the biggest tax reform in the Indian history since independence, has been implemented in the country on 1st July 2017. The ruling government rolled out GST in a special midnight session

The ruling government rolled out GST in a special midnight session organized in the central hall of parliament. The event was attended by the President, Prime Minister, Chief Ministers and MPs of both Houses. However, the Congress and several other opposition parties were absent as in to boycott the session. Read More

caportal
Posted on

What is IGST, SGST, CGST, UTGST?

Understanding CGST SGST UTGST IGST

Goods & Service Tax, commonly known as GST, is a new tax system launched to replace the various taxes already in place at the state level and central level in India. GST has been introduced with the aim to devise a one tax system for all good and services throughout the country. In reality, though, there are different types of taxes in the GST system, which is why people are confused about the whole taxation process and the right tax to fill. Read More

caportal
Posted on

GST impact on Businessman: Reasons that Making Businessmen Fearful

GST Impact on Businessman Traders

Goods and Services Tax has been effective since July 1 that will lead to GST impact on businessman and traders. There are many such provisions which are making businessmen fearful of this tax regime. Traders are also fearful that GST may lead to the infamous ‘Inspector Raj’ in the country.

In the GST law, there is a provision of arresting the businessman due to unlawful profits and tax inconsistency, it is being believed that due to this, the employees of the tax department will get special rights to inspect, raid and seizure on the business premises. Read More

caportal
Posted on

Tax Rates Before And After GST – Product Wise List Available

Here are the categories where GST taxation has applied. Click on the one your are interested in and find out the difference between old and new tax rate.

GST rate changes for 29 Goods and 53 Services announced in 25th GST council meeting, held on 18th January 2018 in New Delhi.

Download PDF Notification: GST Rate Changes in 25th GST Council Meeting

Changes in GST/IGST rate on certain goods as approved by GST Council in 23rd meeting on 10th November 2017 in Guwahati. Read More

caportal
Posted on

Impact Of GST On The Banking Sector In India

GST On The Banking Sector

The prevailing cascading taxation structure has been replaced by the GST regime, making the slogan of ‘One Nation, One Tax’ a reality. As expected it is making its impact on the each and every business sector including the service sector. In the service sector, specifically the financial services, NBFCs, and Banks, which is based on funds and insurance are deeply impacted. Read More

caportal
Posted on

GST Impact On Property, Real Estate and Construction In India

GST Impact on Property in India

The Goods and Services Tax was rolled out on July 1st by President Pranab Mukherjee and Prime Minister Narendra Modi, transforming India on the principle of ‘One Nation, One Market, One Tax’. The new tax regime has subsumed a host of indirect taxes by implementing a simpler tax on goods and services. Whether you are a buyer, seller, developer, intermediary, financier or investor, GST will impact everyone in the real estate sector in many ways. Read More

caportal
Posted on

GST on Petroleum products in India, List of Items Excluded from GST

GST on Petrol in India

How will GST effect petrol prices? Petroleum products including petrol, diesel, natural gas, kerosene, crude oil, fuel, etc., have been kept outside of GST cover, as of now. In the present scenario, three different taxes are being levied on the petrol prices – VAT, Excise duty, and the commission of dealers.

This is in addition to the actual price of the petrol, and the consumer is the one to pay all these taxes along with the cost of petrol. However, it is being hoped that the petroleum products may also be soon included under the GST which may reduce their prices effectively. Read More

caportal