The GST is about to bring the Indian marketplace into the foray of a single unified tax system – the largest tax reform that the nation has witnessed since independence. The aim of the GST is to subsume all...
An Assocham-Forrester study suggests that India has become a huge e-commerce hub with a total projected revenue growth of INR 12,000 crores in 2020. This sector is said to have a 51% annual growth rate – something the world...
The manufacturing industry in India has been facing a mammoth task of serving almost 14 million retail points and the end customer – in both the rural and the urban markets. The fast-moving consumer goods sector and durable goods...
This article is the first part on the GST Impact on Manufacturers. As a manufacturing hub, India has received a huge boost pursuant to the Make in India campaign as its position on the world map has gone higher...
The point of taxation mechanism is used to ascertain the exact point in time when a tax liability arises on a good or service, and the point therefore when the tax liability is required to be paid, either by...
Previously, we have discussed time of supply for goods regards the forward charge mechanism; here we place focus on the reverse charge mechanism to determine the time of supply of goods. Firstly, it is imperative to understand that service...
Service tax is currently applicable under the current indirect tax regime upon provision of taxable services. The point of taxation helps in ascertaining when the service tax is actually payable to the central government by the recipient or the...
Under the reverse charge mechanism, the time of supply for services is determined by payment of tax credit of the government from the recipient of the services or the buyer of the services – this is different from forward...