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GST, Migration of Tax -

The first and foremost task for you, as a business registered under the current law, is transiting to GST. While it is important to know the fundamentals of GST, it is also very critical for you to understand GST transition provisions available, and take the necessary actions to ensure a smooth transition to GST and leverage on transition benefits. You will need to review your accounting and reporting procedures, procurement, logistic decisions, and so on in advance to avail the appropriate GST input tax credit.   Today, the manufacturing, sales and service activity are governed by a separate indirect tax...

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GST, Migration of Tax -

Transition provisions in GST have undergone significant changes in the Revised Draft Model GST Law published on 26th November 2016. This post has been updated with changes in the revised draft law.   On the date of transitioning to GST, broadly there will be business who fall under any of the following categories: Businesses not liable to be registered under the current law, but are liable for registration under GST Business which are engaged in the manufacture or sale of exempted goods or services First stage dealer or a second stage dealer or a registered importer   1.Businesses not liable...

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