Sierra Leone, a small country in Africa, having a population of 7 million, introduced GST in the year 2010. For tax-payer awareness, a song with excellent lyrics and beats was created, called “the GST song”. The GST song lead to an entertaining transition to GST... Read More
With only few days to go for the Goods and Services Tax (‘GST’) to go live, we have enumerated below top 10 key aspects with respect to a smooth and hassle free transition to GST from the existing tax regime: A. CARRY FORWARD OF INPUT TAX CREDITS (‘ITC’) 1) ITC with... Read More
We, the Marwaris of India, traditionally either traders or (chartered) accountants, are inherently of ‘adjustive’ nature. We adjust well with native people wherever we settle and we are also good in making book adjustments! It is another matter that due our book... Read More
As India progresses towards introduction of GST w.e.f 1 July 2017, with the GST Council releasing the rates on goods and services, taxpayers are gearing up and finalising the GST impact analysis on various facets of their business. One of the key areas which merit... Read More
Last week, we discussed in Part-I of this article, the availability of input tax credit (‘ITC’) to traders with respect to unsold stock as on the appointed date, where they are in possession of invoice/prescribed documents evidencing payment of duty. In this Part, we... Read More
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