Companies Act 2013

After years of debate, the Indian Parliament passed its first major change of the country’s corporate law in more than 50 years, which includes several important provisions that modernize India’s corporate governance rules. more>>

A Game Changer- Goods & Service Tax ( GST)


GST aims to make India a single market with common tax rates and procedures and remove the economic barriers, between States, thus paving the way for an integrated economy at the national level. By subsuming most of the Central and State taxes into a single tax and by allowing a set-off of prior-stage taxes for the transactions across the entire value chain, it would mitigate the ill effects of cascading, improve competitiveness and improve liquidity of the businesses. GST is a destination based tax. It follows a multi-stage collection mechanism. In this, tax is collected at every stage and the credit of tax paid at the previous stage is available as a set off at the next stage of transaction.

GST is expected to bring buoyancy to the Government revenue by widening the tax base and improving the taxpayer compliance. GST is likely improve India’s ranking in the Ease of Doing Business Index and is estimated to increase the GDP growth by 1.5 to 2%.

The taxpayers would not be required to maintain records and show compliance with a myriad of indirect tax laws of the Central Government and the State Governments like Central Excise, Service Tax, VAT, Central Sales Tax, Octroi, Entry Tax, Luxury Tax, Entertainment Tax, etc. They would only need to maintain records and show compliance in respect of Central Goods and Services Tax Act and State (or Union Territory) Goods and Services Tax Act for all intra-State supplies (which are almost identical laws) and with Integrated Goods and Services Tax for all inter-State supplies (which also has most of its basic features derived from the CGST and the SGST Act).

A FAQ on GST is available in the ‘Downloads’ section of this website

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