Goods and Services Tax Archives - H&R Block| Blog

Goods and Services Tax

July 25, 2017

Due date of July and August 2017 GST Returns – Post GST rollout

Let us have a bird’s eye view for the GST return preparation and due dates for the month of July 2017 and August 2017. There have been widespread concerns over the smooth rollout of GST and there were some glaring concerns from trade and industry. […]
July 25, 2017

Transition Issues – Post GST Rollout

GST will consolidate multiple indirect taxes into one and hence having proper transitional provisions is essential to ensure a smooth transition. This will also ensure that the ITC (Input Tax Credit)/benefits earned in the existing regime are not lost. GST TRAN 1 and GST TRAN […]
July 25, 2017

GSTN portal is ready for invoice uploading from July 24, 2017

This article delineates about the date from when the taxpayers can upload their invoices on GSTN portal and the brief introduction to the process of cross tallying the invoices on GSTN portal. The government launched invoice upload facility on the GST common portal on July […]
July 21, 2017

The Most Popular GST Myths Debunked

After much preparation, debates, and anticipation; GST was rolled out in India on the midnight of 30th June, i.e. on July 1, 2017. The One Nation One Tax formula is being hailed as a positive measure for India by international agencies like Moody’s and the […]
July 17, 2017

New MRP Rules under GST

Many manufacturers and traders are confused about the effect of GST on the MRP of their products, and how the increase or decrease of the same should be articulated to customers. According to recently released government regulations, the businesses are required to put up revised […]
July 12, 2017

TDS and TCS provisions under GST deferred for e-commerce players

The Ministry of Finance has delayed the provisions related to TDS (Tax deducted at source) and TCS (Tax collected at source) for ecommerce players. The move is made in a bid to ensure the smooth rollout of GST. The government has deferred the implementation of […]
July 10, 2017

Which Taxes are not covered under 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 […]
July 7, 2017

How will Taxes Affect Goods which are Returned Post GST Implementation?

In many respects, the Goods and Services Tax (GST) is less a tax reform than a business reform. GST implementation has brought a host of new changes to the taxation regime, but it will also impact the way business is normally conducted. The way goods […]
July 3, 2017

Impact of GST on Cement Industry

GST implementation will bring good news for cement industry in India. Significant tax reduction is being expected by experts for this sector of economy. Currently, the prevalent tax rates are 27-32% but GST will bring the rates down to 18-20%. The new tax system will […]
June 26, 2017

How will Tax Refunds Claimed by Exporters be affected by GST?

Indian exporters are worried about the advent of GST and the liquidity crunch it could create for them. The crunch and issues connected to GST administration could adversely affect their overall competitiveness. The Finance Ministry has recently assured exporters that 90 percent of taxes paid […]