Introduction of Goods and Service Tax – “One Nation One Tax” would not only lead to change in Indirect Tax Structure, but impact the Business Processes also. Supply Chain Management System comprising Strategic Sourcing, Operations, Logistics, Warehousing, Sales through Intermediaries, etc. needs to be reviewed and mould accordingly in light of Model GST Law. Working… Continue reading How Goods and Services Tax (GST) Strengthening The Tax System
T he spread of Value Added Tax (VAT), also called Goods and Services Tax (GST) has been the most important development in taxation world over in the last half-century. Limited to less than ten countries in the late 1960s, it has now been implemented by over 160 countries worldwide, making it the world’s most commonly… Continue reading Expressive Proposed Goods and Services Tax (GST) Law
GST is expected to play a key role in bringing about more transparency into the system. A very strong infrastructure network would be required to administer GST which would include facility for online payment of tax and e-filing of returns. The GST as a new levy could be a very effective tool and break-through in… Continue reading Goods and Services Tax (GST) is Now Going to Change the Tax System of India
The date of budget presentation having been preponed by about a month from 1st Feb. to 28th Feb. The Finance Ministry must be flooded with numerous suggestions concerning, inter-alia, income tax measures, to be incorporated in the act I.T. Act, 1961 (Act). Well-known experts suggested various budget ideas. These are: Increase overall tax deduction to… Continue reading Budget 2017 expectation on tax exemption from various experts
One person company is a concept introduced in India by the Companies Act, 2013. The concept opens up new vistas of business opportunities and particularly spectacular possibilities for sole proprietorship and entrepreneurs who can enjoy the advantages of limited liability and the benefit of separate legal entity as well. One Person Company of sole-proprietor and… Continue reading Concept of One Person Company (OPC) for New Age Entrepreneurship
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