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

Goods and Services Tax

November 16, 2017

The Importance of Using HSN Code Under GST

The amount of time we spend trying to improve our image in the eyes of outsiders is considerable and may not always be understood by everyone.  The implementation of GST in India is one such measure to boost our image to the eyes of the […]
November 13, 2017

Impact of GST on Textile Industry in India

Textile sector of India is one of the top contributors toward the development of the Indian economy, concerning GDP, employment, export promotion, etc. Known as one of the oldest manufacturing industry in the country and the second largest, after agriculture, the textile industry employs both […]
November 13, 2017

Reactions and Results of the 23rd GST Council Meeting

Everyone can relate to the instant relief found in a simple glass of water after having walked in the scorching mid-afternoon sun during summer.  With the conclusion of the latest GST council meeting, many taxpayers will breathe easier and sleep more soundly with the much-awaited […]
November 7, 2017

Impact of GST on Coal and its Consumers

GST is one of the biggest reforms in India that was implemented from the 1st of July, 2017.  Before the implementation, it was assumed that GST would bring a positive change to the entire country and reduce the corruption by eliminating the rotation of black […]
November 6, 2017

Impact of GST on Power Sector in India

India is the world’s third-largest producer and fourth-largest consumer of electricity. In the last couple of years, the power sector witnessed record capacity addition taking the installed generation capacity to more than 330 GW. Considering its role in developing the economy and in achieving universal […]
November 2, 2017

How can you e-Sign your GST Returns?

In the era of Digital India, the country’s new Goods and Services Tax (GST), taking effect 1 July, modernises how registered assessees sign and file their returns – online rather than by hand. Digital signing already prevails with income tax returns and the Ministry of […]
November 1, 2017

Impact of GST on Imports in India

India is one of the fastest growing economy and holds the seventh place for having largest economy in the world. Trade is one of the most significant factors that leads to the growth of a country’s economy. Therefore, it is imperative to keep a tab […]
November 1, 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. […]
October 31, 2017

What Happens if you Pay Wrong GST on Supply?

Under GST, the place of supply determines the tax to be charged on a supply. Based on whether the supply is of goods or services, specific rules have been laid down to determine the place of supply. With GST being implemented on 1st July, 2017, it […]
October 27, 2017

Rules and conditions of Form GST TRAN 1 and TRAN 2

Any business that has not availed Input Tax Credit (ITC) on services or a closing stock can claim credit of tax paid under the pre-GST regime, irrespective of whether they are registered or unregistered under this regime. Depending on the possession of the evidence of […]